Minimum age
18 years
CBD Al Islami Premium Saver Deposit
CBD Al Islami Premium Saver Deposit is an 18-month Wakala savings plan from AED 5,000 a month. Expected profit and a bonus are paid together at maturity.
An existing account with CBD is required, such as CBD Al Islami Current Account.
At a glance
Key facts
Monthly ContributionAED 5,000
Tenures18 months
Profit PayoutAt maturity
CBD Al Islami Premium Saver Deposit is a Sharia-compliant savings plan that runs for 18 months. You fix a monthly amount of AED 5,000 or more, and a standing order transfers it from your CBD current or savings account into the plan. It is structured on Wakala: the bank acts as your agent, pools your money with other depositors' funds and its own, and invests it in Sharia-compliant financing and investment activities for a fee. The plan aims for an expected profit, plus a bonus linked to the profit accrued over six months. Both are paid in one go when the plan matures. It runs in dirhams only, and you cannot top it up once it has started. For a smaller monthly amount, the CBD Al Islami Bonus Booster Deposit starts at AED 1,000 a month over 36 months.
Who can open it
Residency
UAE resident or national
Fees and balance
Minimum monthly contribution
AED 5,000
Profit
Profit is paid at maturity. Total expected yield of 2.59% at maturity after 18 months. The bonus equivalent to 6 months’ accrued profit is lost if any monthly contribution is missed. Early withdrawal pays no bonus and reduces accrued expected profit by 100% within 6 months, 50% between 7 and 12 months, and 25% between 13 and 18 months. No top-ups. Principal is not guaranteed.
Available deposit tenures
- 18 months
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
- 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
How your profit is worked out
The yield shown for this plan is a total for the whole 18 months, set against your average deposit, and it is an expected figure. It combines the profit that accrues month by month with the bonus. The bonus is equivalent to the profit accrued over six months and is paid only at maturity, and only if no monthly payment was missed. Leaving early is costly on a sliding scale. Withdraw in the first six months and all of the accrued expected profit is removed. Withdraw between months 7 and 12 and half is removed. Withdraw between months 13 and 18 and a quarter is removed. In every early withdrawal the bonus is lost. As with other Wakala products, returns are paid up to the expected rate, any excess stays with the bank, and the principal is not guaranteed.
Benefits
Maturity Bonus
Bonus equivalent to six months of accrued profit, paid at maturity if no payment is missed
Standing Order Funding
Monthly contribution collected by standing order from your CBD account
Shariah-compliant
Banking model
How to open
Before you apply
1.An existing account with the bank is required.
2.Minimum monthly contribution: AED 5,000.
Application steps
1.Hold an individual AED current or savings account with CBD.
2.Complete the application form and provide your national ID or valid passport, residence visa and Emirates ID.
3.Fix your monthly amount, from AED 5,000.
4.Set up the standing order when you sign up.
5.Check that the first monthly transfer has reached the deposit.
Good to know
Good option for
Savers who want a Sharia-compliant plan and can commit AED 5,000 or more a month, every month, for 18 months.
Consider another account if
There is a chance you will need the money before the plan matures. An early withdrawal removes the bonus and some or all of the accrued expected profit. A CBD Al Islami Savings Account keeps your money accessible.
The standing order is your responsibility
Payments can only be made by a standing order from your CBD current or savings account, set up when you sign up. Making sure it runs on the due date is your responsibility. If the order fails in any month, a penalty applies to the profit accrual and the bonus at maturity is lost, so keep the linked account funded ahead of each date.
Frequently asked questions
Get answers to common questions about the CBD Al Islami Premium Saver Deposit