Islamic Term Deposit FAQs l Frequently Asked Questions UAB l UAB Deposits l United Arab Bank

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Under which Islamic Concept does this product fall?

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.

Can I withdraw my deposit at anytime?

Yes, any deposit amount booked under the Islamic Flexi Term Deposit can be withdrawn at anytime.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.

How is the Profit computed in case of early termination?

This product is proposed as a 1, 2 or 3 years’ deposit facility.

Anticipated rates across the time buckets are pre-indicated.
No penalty will be charged.

Example 1: A customer decides to place AED 1,000,000 in a 2 years’ deposit @ 4.70% expected profit. If the customer withdraws funds after 6 months, then Wakil incentive will be reduced on pro-rata basis according to 6 months’ indicative profit rate to 4.00%.

Example 2:A customer decides to place AED 1,000,000 in a 3 years’ deposit @ 4.50% 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 2.60% for 100 days.

Is it possible to have this product in other currencies?

We are offering rates only in AED, for this particular product.

Is there a maximum deposit amount for the Flexi-Fixed Deposit?

Yes, commercial accounts can invest up to a maximum of AED 20 million. We have no maximum limit for personal accounts.

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You can reach us using any of the following numbers

UAB Toll Free	800 474
International callers	+971 6 5987332
Sadara Toll Free	800 72 32 72
Sadara international	+971 6 5987333

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