Islamic Flexi Term Deposit is structured under Islamic Wakala Investment concept by which the Bank (Wakil) acts as an Agent on behalf of the Customer (Muwakil) to invest in the Investment Amount (Deposit Amount) and returns with expected profits according to the tenor of the investment.
Yes, any deposit amount booked under the Islamic Flexi Term Deposit can be withdrawn at anytime.
Redemption of the deposits before maturity is subject to a notice of at least two (2) UAE business days in writing.
Zero profit is paid if deposit cancelled before three months, otherwise applicable rate applied as per the graph.
A: This product is proposed as 6 months, 1-, 2- or 3-years deposit facility.
Example 1: A customer decides to place AED 1,000,000 in a 2 years deposit @ 4.00% expected profit. If the customer withdraws funds after 6 months, then Wakil incentive will be changed on pro-rata basis according to 6 months indicative profit rate to 3.90%.
Example 2: A customer decides to place AED 1,000,000 in a 3 years deposit @ 4.10% expected profit. If the customer withdraws funds after 100 days (which is more than 3 months and less than 4 months), then Wakil incentive will be reduced on pro-rata basis according to the indicated 3 months profit rates resulting a profit of 3.60% for 100 days.
We are offering rates only in AED and USD, for this particular product
Yes, commercial accounts can invest up to a maximum of AED 20 million or USD 10 million. We have no maximum limit for personal accounts.
