Minimum age
18 years
CBD Al Islami Step-Up Deposit
CBD Al Islami Step-Up Deposit is a 720-day Wakala deposit from AED 10,000. The expected profit rate rises over seven periods and is paid at maturity.
At a glance
Account access
See opening stepsCBD Al Islami Step-Up Deposit is one Sharia-compliant deposit that lasts 720 days. You place AED 10,000 or more in dirhams, with no cap on the amount, and the expected profit rate moves up through seven periods as the deposit ages. It works on Wakala: you appoint CBD Al Islami as your agent, and it invests your money in its Wakala pool together with other depositors' funds and its own. You cannot add to a deposit once it is running, but you can hold several Step-Up Deposits at once. Profit for all seven periods is paid together with your deposit amount when the 720 days are up. For shorter terms with profit paid each quarter, see the CBD Al Islami Mudaraba Investment Deposit.
Who can open it
Residency
UAE resident or national
Fees and balance
Minimum deposit
AED 10,000
Profit
Profit is paid at maturity. Expected annual profit rates for each elapsed period: days 0–180: 0.70%; 181–270: 0.80%; 271–360: 1.00%; 361–450: 1.10%; 451–540: 1.20%; 541–630: 1.30%; 631–720: 1.40%. Each rate applies only to its respective period. Early breakup pays the full allocated rate on completed periods and the preceding period’s rate on the current period.
Available deposit tenures
- 720 days
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
Each expected rate covers one period and is applied to your deposit for the days in that period only. The first and lowest rate covers days 0 to 180, and the last and highest covers days 631 to 720. Your total profit is the sum of the seven periods, so the top rate is not what the deposit earns overall. Ending the deposit early does not wipe out what you have built up. For every period you completed, you are paid that period's full rate. For the period you were in when you left, the days you completed are paid at the rate of the period before it. These are anticipated rates under Wakala: the bank pays returns up to them, keeps any excess as its incentive, and does not guarantee the deposit amount.
Benefits
Seven Rising Profit Periods
Expected profit rate increases across seven periods within the 720-day term
Early Breakup Profit Terms
Completed periods keep their full expected rate if the deposit is broken early
Instant Online Opening
Instant account opening through online banking
Shariah-compliant
Banking model
How to open
Application steps
1.Check you are a UAE national or UAE resident aged 18 or above.
2.Open the deposit through online banking, or complete the account opening application form.
3.Provide your national ID or valid passport, residence visa and Emirates ID.
4.Place AED 10,000 or more in dirhams.
Good to know
Good option for
Savers who want a Sharia-compliant deposit for the full 720 days and like knowing that an early exit still pays profit for the periods already completed.
Consider another account if
You prefer a shorter commitment or profit paid during the term. Other Islamic accounts include savings accounts with quarterly profit and no fixed term.
Frequently asked questions
Get answers to common questions about the CBD Al Islami Step-Up Deposit