Minimum monthly contribution
AED 1,000
DIB Recurring Wakala Deposit
DIB Recurring Wakala Deposit is a monthly savings plan from AED 1,000 a month over 12 to 60 months, with expected profit paid when the plan matures.
An existing account with DIB is required, such as DIB Al Islami Current Account.
At a glance
Key facts
Monthly ContributionAED 1,000
Tenures12–60 months
Profit PayoutAt maturity
The Recurring Wakala Deposit is a savings plan, not a lump-sum deposit. You pick a fixed monthly instalment of AED 1,000 or more and a term of 12, 24, 36 or 60 months, and a standing order moves the instalment from your DIB account each month. When you book, the instalment multiplied by the number of months becomes your goal amount, and the profit you receive depends on how much of that goal you have paid in by the end. Each instalment is invested under Wakala, with the bank acting as your agent. The plan does not renew. It closes at maturity and pays out. If you already have the full sum, the Retail Wakala Deposit invests it all from day one.
Fees and balance
Profit
Profit is paid at maturity. Full profit is paid when the goal is achieved at maturity. Goal completion 75% to below 100% pays 80% of profit; 50% to below 75% pays 65%; 25% to below 50% pays 50%; below 25% pays 25%. 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 |
|---|---|
| 12 months | 5.05% |
| 24 months | 4.95% |
| 36 months | 4.95% |
| 60 months | 5.1% |
| Tenure | Annual rate |
|---|---|
| 12 months | 5.05% |
| 24 months | 4.95% |
| 36 months | 4.95% |
| 60 months | 5.1% |
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
How your profit is worked out
The expected rates are 5.05% a year for 12 months, 4.95% a year for 24 and 36 months, and 5.1% a year for 60 months. Profit is worked out month by month on the total you have contributed so far, so early instalments earn for longer than late ones, and the total is paid at maturity. Full profit is paid only if you reach your goal amount. If you miss instalments and finish below the goal, the bank pays a reduced share of the profit, set in steps according to how much of the goal you reached, with the smallest share for less than a quarter of it. Closing the plan early reduces profit separately, on a scale that rises with the time elapsed, and pays nothing within the first 30 days.
Benefits
Monthly Savings Plan
A fixed instalment of AED 1,000 or more is saved every month for 12, 24, 36 or 60 months.
Free Standing Instruction
The monthly instalment is collected by a standing instruction that is set up free of charge.
Shariah-compliant
Banking model
How to open
Before you apply
1.An existing account with the bank is required.
2.Minimum monthly contribution: AED 1,000.
Application steps
1.Hold a DIB current or savings account for the instalments to be taken from.
2.Visit a DIB branch or Wealth Management Centre.
3.Decide your monthly instalment of AED 1,000 or more and a tenure of 12, 24, 36 or 60 months. Together they set your goal amount.
4.Complete the Wakala application form and the standing order setup form.
5.Provide your Emirates ID, passport and, for expatriates, residence visa.
Documents and terms
Good to know
Good option for
People building savings from monthly income who can keep up a fixed instalment of AED 1,000 or more for the whole term.
Consider another account if
Your income is irregular. Missed instalments leave you short of the goal amount and reduce the profit paid.
Opening is in person
Applications are taken at DIB branches and Wealth Management Centres. You sign a Wakala application form and a standing order form, and you need an existing DIB current or savings account.
Frequently asked questions
Get answers to common questions about the DIB Recurring Wakala Deposit