Minimum age
18 years
CBD Al Islami Wakala Investment Deposit
CBD Al Islami Wakala Investment Deposit is a Sharia-compliant term deposit from AED 10,000 for one month or longer. Expected profit is paid at maturity.
At a glance
Account access
See opening stepsCBD Al Islami Wakala Investment Deposit is an Islamic term deposit based on an agency arrangement. Under Wakala you appoint the bank as your agent, and it invests your money in Sharia-compliant activities for an agreed fee. You place AED 10,000 or more, in dirhams or US dollars, for a term that starts at one month, with no upper limit on the amount. When you make the deposit, the bank tells you the expected profit rate, and it confirms the principal, the term and that rate in a written advice. Profit is paid at maturity. This is the main contrast with the CBD Al Islami Mudaraba Investment Deposit, where profit is declared and paid every quarter.
Who can open it
Residency
UAE resident or national
Fees and balance
Minimum deposit
AED 10,000
Profit
Profit is paid at maturity. Deposit terms start from 1 month. No profit if encashed before completing 1 month. Auto renewal at maturity is not available.
In plain words
- 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 expected profit rate for your deposit is given to you by the bank at the time you place the funds. It is a target, not a guarantee. The bank invests the money and pays you profit at maturity up to the expected rate. If the investment earns more, the bank keeps the excess. If it earns less, you receive only the profit the investment produced, and the deposit itself is not guaranteed: a loss is carried by the depositor in proportion to the investment. Timing matters as well. A deposit withdrawn before it has completed one month earns no profit. After one month, the bank has the right to reduce the expected profit partly or fully on an early withdrawal.
Benefits
Upfront Expected Profit Rate
Bank states the expected profit rate when you place the deposit
AED And USD Deposits
Deposits accepted in UAE dirhams and US dollars
Online and Mobile Banking
Free online and mobile banking with a 24/7 contact centre
Shariah-compliant
Banking model
How to open
Application steps
1.Check you are a UAE national or UAE resident aged 18 or above.
2.Ask a CBD branch or your relationship manager for the expected profit rate.
3.Provide your national ID or valid passport, residence visa and Emirates ID.
4.Complete the Master Wakala Agreement, which records the offer and your acceptance.
5.Sign your maturity instructions and place AED 10,000 or more.
6.Keep the confirmation advice stating the principal, term and expected profit rate.
Good to know
Good option for
Savers who want a Sharia-compliant deposit with an expected profit rate quoted at the outset and a single payout when the term ends.
Consider another account if
You want the deposit to roll over without action from you, or to pay profit during the term. Compare other Islamic accounts.
At maturity
The deposit does not renew automatically. The money is returned according to the maturity instructions you sign when the deposit is opened. To renew, you accept a new offer from the bank as your agent.
Frequently asked questions
Get answers to common questions about the CBD Al Islami Wakala Investment Deposit