Minimum deposit
AED 25,000
DIB Monthly Profit Payment Wakala Deposit
DIB Monthly Profit Payment Wakala Deposit pays expected profit every month on a lump sum of AED 25,000 or more, over terms from 3 to 60 months.
An existing account with DIB is required, such as DIB Al Islami Current Account.
At a glance
This deposit is for people who want a regular payment from their savings instead of one sum at the end. You place AED 25,000 or more in dirhams for 3, 6, 9, 12, 18, 24, 36 or 60 months, and the expected profit is paid to you each month while the original amount stays invested until maturity. It is a Wakala deposit, so DIB acts as your agent, invests the money in line with Sharia and takes an agreed fee for doing so. Its sibling, the Retail Wakala Deposit, holds all the profit back until the term ends. An existing DIB current or savings account is required.
Fees and balance
Profit
Profit is paid monthly. Early liquidation profit entitlement: days 1–30: 0%; 31–60: 25%; 61–90: 30%; 91–180: 35%; 181–365: 40%; 366–720: 45%; 721–1080: 50%; 1081–1800: 50%.
Available deposit tenures
| Tenure | Annual rate |
|---|---|
| 3 months | 4.25% |
| 6 months | 4.5% |
| 9 months | 4.65% |
| 12 months | 5.05% |
| 18 months | 4.85% |
| 24 months | 4.9% |
| 36 months | 4.9% |
| 60 months | 4.95% |
| Tenure | Annual rate |
|---|---|
| 3 months | 4.25% |
| 6 months | 4.5% |
| 9 months | 4.65% |
| 12 months | 5.05% |
| 18 months | 4.85% |
| 24 months | 4.9% |
| 36 months | 4.9% |
| 60 months | 4.95% |
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
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 6,188
profit over 5 years
4.95%
a year
profit earned over time
One expected rate applies to each tenure whatever the amount. The monthly payments are made on the basis of that expected rate. Under Wakala the bank cannot guarantee it: you are entitled to the profit the investment actually generates, and anything above the expected rate may be kept by the bank as an incentive. Early withdrawal is where the monthly payments matter most. If you break the deposit, the bank works out the reduced profit you are entitled to for the time held, then recovers what it has already paid you above that amount from the money it returns.
Benefits
Monthly Profit Payouts
Expected profit is paid every month while the principal stays invested.
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.Hold a DIB current or savings account, which the deposit is booked from.
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 and provide your Emirates ID, passport and residence visa.
4.Choose a tenure between 3 and 60 months and a maturity instruction.
5.Place a lump sum of AED 25,000 or more.
Documents and terms
Good to know
Good option for
People who want a monthly payment from a lump sum of AED 25,000 or more and can leave the principal untouched for the full term.
Consider another account if
You do not need income during the term. The Long-Term Wakala Deposit pays at maturity and quotes a higher expected rate for 36 and 60 months.
When the term ends
At booking you tell the bank whether to reinvest the principal for another period of the same length or to close the deposit and return it.
Frequently asked questions
Get answers to common questions about the DIB Monthly Profit Payment Wakala Deposit