Minimum deposit
AED 25,000
DIB Long-Term Wakala Deposit
DIB Long-Term Wakala Deposit locks AED 25,000 or more for 36 or 60 months, at an expected profit of 5% or 5.2% a year paid in full at maturity.
An existing account with DIB is required, such as DIB Al Islami Current Account.
At a glance
This is DIB's deposit for money you can put away for years. There are two terms, 36 months and 60 months, and the minimum is a lump sum of AED 25,000 in dirhams. Nothing is paid during the term. The whole of the earned profit comes in one payment at maturity, together with your original amount, and you can choose to have the principal reinvested at that point. As with DIB's other Wakala deposits, the bank invests the money as your agent and quotes an expected rate when you book. If you want long terms with profit paid out along the way, the Monthly Profit Payment Wakala Deposit also runs to 60 months.
Fees and balance
Profit
Profit is paid at maturity. Early liquidation profit entitlement: days 1–30: 0%; 31–60: 25%; 61–90: 30%; 91–180: 35%; 181–365: 40%; 366–720: 50%; 721–1080: 60%; 1081–1440: 70%; 1441–1800: 80%.
Available deposit tenures
| Tenure | Annual rate |
|---|---|
| 36 months | 5% |
| 60 months | 5.2% |
| Tenure | Annual rate |
|---|---|
| 36 months | 5% |
| 60 months | 5.2% |
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
60 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 6,500
profit over 5 years
5.2%
a year
profit earned over time
The rates are expected rates: the bank bases them on the past performance of its Wakala investments and cannot guarantee them. You are entitled to what the investment actually earns, and the bank may retain anything earned above the expected rate as its incentive. You never receive the full expected profit unless you stay to maturity.
Benefits
Three and Five Year Terms
Tenures of 36 months and 60 months, with earned profit paid in full at maturity.
Reinvestment at Maturity
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.Open a DIB current or savings account first if you do not hold one.
2.Apply at a branch or Wealth Management Centre, or through online or mobile banking as an existing account holder.
3.Complete the Wakala application form, with your Emirates ID, passport and residence visa.
4.Choose 36 or 60 months and tell the bank whether to reinvest the principal or close the deposit at maturity.
5.Deposit AED 25,000 or more in one amount.
Documents and terms
Good to know
Good option for
Savers with AED 25,000 or more set aside for a goal three or five years away, who do not need income from it in the meantime.
Consider another account if
You cannot be sure the money will stay put for the full term. A Retail Wakala Deposit of up to 24 months limits how long you are committed.
Frequently asked questions
Get answers to common questions about the DIB Long-Term Wakala Deposit