Minimum deposit
AED 25,000
DIB Advance Profit Payment Wakala Deposit
DIB Advance Profit Payment Wakala Deposit pays the expected profit 15 days after booking, on AED 25,000 or more placed in dirhams for 6 or 12 months.
An existing account with DIB is required, such as DIB Al Islami Current Account.
At a glance
With most deposits you wait until the end to be paid. This one turns that around. DIB pays the expected profit for the whole term up front, 15 days after you book the deposit, and returns your original amount at maturity. You place a lump sum of AED 25,000 or more in dirhams for either 6 or 12 months. The upfront payment is made on account. In other words it is an advance against the profit the Wakala investment is expected to make, paid by the bank from its own funds, and it is reconciled against the final profit when the deposit matures. If you would rather be paid in instalments, see the Monthly Profit Payment Wakala Deposit.
Fees and balance
Profit
Profit is paid upfront. On-account profit is provisional and paid 15 days after booking. Early liquidation profit entitlement: days 1–30: 0%; 31–60: 25%; 61–90: 30%; 91–180: 35%; 181–365: 40%.
Available deposit tenures
| Tenure | Annual rate |
|---|---|
| 6 months | 4.45% |
| 12 months | 5% |
| Tenure | Annual rate |
|---|---|
| 6 months | 4.45% |
| 12 months | 5% |
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 upfront
- You receive the profit for the whole term on the day you place the deposit, not when the term ends. 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 1,250
profit over 1 year
5%
a year
profit earned over time
The advance is calculated from the expected rate on the full term. Because you have already been paid, breaking the deposit early costs more visibly than on other deposits. The bank recalculates the profit you are entitled to for the days the money was actually invested, which is a fraction of the expected profit, and deducts the difference between that and the advance from the amount it returns to you. If you withdraw in the first 30 days there is no profit entitlement, so the whole advance is recovered.
Benefits
Upfront Profit Payment
The expected profit for the term is paid on account 15 days after the deposit is booked.
Automatic Renewal Option
The principal can be reinvested for the same tenure when the deposit matures.
Shariah-compliant
Banking model
Fully digital, no branch visit
Account opening
How to open
Before you apply
1.Open in the app.
2.An existing account with the bank is required.
3.Minimum deposit: AED 25,000.
Application steps
1.Confirm you have a DIB current or savings account.
2.Apply at a branch or Wealth Management Centre, or through online or mobile banking as an existing account holder.
3.Fill in the Wakala application form and provide your Emirates ID, passport and residence visa.
4.Choose 6 or 12 months and a maturity instruction.
5.Place AED 25,000 or more in one payment. The on-account profit follows 15 days after booking.
Documents and terms
Good to know
Good option for
People who are sure they can leave AED 25,000 or more untouched for 6 or 12 months and want the profit in hand near the start.
Consider another account if
There is any chance you will need the money early, because much of the advance would have to be returned, or you want a term other than 6 or 12 months. The Retail Wakala Deposit offers more tenures.
Frequently asked questions
Get answers to common questions about the DIB Advance Profit Payment Wakala Deposit