Existing account
You need an active Current or Savings Account to link the deposit to.
ADCB Islamic Wakala Deposit
ADCB Islamic Wakala Deposit invests AED 50,000 or more for 1 to 12 months, with expected profit of 2% to 4% a year paid when the deposit matures.
An existing account with ADCB is required, such as ADCB Islamic Current Account.
At a glance
Account access
No debit card included.
Open in the app.
An existing account with the bank is required.
A Wakala deposit is the Sharia-compliant counterpart of a fixed deposit, built on an agency contract. You appoint ADCB Islamic Banking as your agent, hand over a fixed sum for a fixed term, and the bank invests it for you in Sharia-compliant assets. When the term ends, the bank pays you the profit the investment made and keeps a fixed agency fee. If the profit is above a benchmark agreed at the start, the bank may keep the excess as an incentive. This deposit needs AED 50,000 or more and an existing current or savings account. Smaller sums can go into the Wakala Century Deposit.
Who can open it
Fees and balance
Minimum deposit
AED 50,000
Profit
Profit is paid at maturity. No profit if redeemed before 30 days. Later early redemption uses the lower of the actual-tenor profit rate minus 1% per annum and the booking-tenor profit rate minus 1% per annum, paid for the actual days held. Any excess profit already paid is recovered from the linked account.
Available deposit tenures
| Tenure | Annual rate |
|---|---|
| 1 month | 2% |
| 2 months | 2% |
| 3 months | 3.25% |
| 6 months | 3.25% |
| 9 months | 2.2% |
| 12 months | 4% |
| 13 months | – |
| Tenure | Annual rate |
|---|---|
| 1 month | 2% |
| 2 months | 2% |
| 3 months | 3.25% |
| 6 months | 3.25% |
| 9 months | 2.2% |
| 12 months | 4% |
| 13 months | – |
Expected annual profit rates
In plain words
- Profit rate
- An Islamic account does not pay interest. It pays you a share of what the bank earns on your money. The profit rate is that share as a yearly percentage of your balance. More on this
- Wakala
- A contract in which you appoint the bank as your agent to invest your money on your behalf. More on this
- Tenure
- The length of time you agree to leave the deposit in place. You choose it when you open the deposit, and the rate you get depends on the tenure you pick. More on this
- Paid at maturity
- Maturity is the day the term you chose ends. The profit is paid then, together with the amount you deposited. More on this
What your money earns here
Tenure
12 months
Uses the expected profit rates. The amount and the rate stay the same for the whole period, and the profit is paid out, not added to the balance. Try other rates
AED 2,000
profit over 1 year
4%
a year
profit earned over time
The rate is called expected because the deposit is an investment: neither the profit nor the amount you put in is guaranteed, and any loss falls on the customer. Profit is paid into your linked account. At renewal the deposit takes the expected rate offered on that day, not your original one.
Benefits
Expected Profit at Maturity
Expected profit of up to 4% a year, paid with the deposit at the end of the term.
Booked in the App
Opened under Accounts & Deposits in the ADCB Mobile Banking App.
Foreign Currency Deposits
Available in dirhams, US dollars, British pounds and other currencies.
Shariah-compliant
Banking model
How to open
Before you apply
1.Open in the app.
2.An existing account with the bank is required.
3.Minimum deposit: AED 50,000.
4.No debit card included.
Application steps
1.Make sure you hold an active Current or Savings Account.
2.In the ADCB Mobile Banking App, open Accounts & Deposits.
3.Switch to Deposits and tap new deposit.
4.Select the Wakala deposit and apply.
5.Choose the source account, the amount and the term.
6.Set the maturity instruction, either automatic rollover or payout, and the account for the profit.
7.Review your selections and confirm.
Good to know
Good option for
Savers with AED 50,000 or more who want a Sharia-compliant alternative to a fixed deposit and can commit for 3, 6 or 12 months, where the expected rates are highest.
Consider another account if
You want profit paid during the term. The Monthly / Quarterly Profit Wakala Deposit does that from AED 25,000.
Deposits in a foreign currency
If you book the deposit in a currency other than the dirham, the exchange rate risk is yours. The bank does not bear any loss arising from foreign exchange.
Frequently asked questions
Get answers to common questions about the ADCB Islamic Wakala Deposit