Minimum deposit
USD 5,000
DIB USD Wakala Deposit
DIB USD Wakala Deposit is a US dollar term deposit from USD 5,000 for 1 to 12 months, with expected profit of 3.9% to 4.7% a year paid at maturity.
An existing account with DIB is required, such as DIB Al Islami Current Account.
At a glance
Key facts
Minimum DepositUSD 5,000
TenuresFlexible
Profit PayoutAt maturity
The USD Wakala Deposit lets you keep savings in US dollars and earn profit on them without converting to dirhams. The minimum is USD 5,000, placed as one lump sum for 1, 3, 6, 9 or 12 months. It is the dollar form of DIB's Retail Wakala Deposit and is covered by that deposit's Key Facts Statement. You appoint the bank as your agent to invest the money in Sharia-approved activities, and the profit is paid at the end of the term. There are no maintenance fees on the deposit. You need an existing DIB current or savings account, and the deposit is opened at a DIB branch.
Fees and balance
Monthly fee
Free
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: 45%.
Available deposit tenures
| Tenure | Annual rate |
|---|---|
| 1 month | 3.9% |
| 3 months | 4.1% |
| 6 months | 4.3% |
| 9 months | 4.5% |
| 12 months | 4.7% |
| Tenure | Annual rate |
|---|---|
| 1 month | 3.9% |
| 3 months | 4.1% |
| 6 months | 4.3% |
| 9 months | 4.5% |
| 12 months | 4.7% |
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
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
USD 470
profit over 1 year
4.7%
a year
profit earned over time
Unlike the dirham version, the rate does not change with the size of the deposit. The bank sets the expected rate from the past results of its Wakala investments and cannot fix it in advance. If the investment earns less, you are paid what it earned.
Benefits
US Dollar Deposit
Savings are placed and repaid in US dollars.
Reinvestment at Maturity
The deposit amount can be reinvested when the term ends.
Shariah-compliant
Banking model
How to open
Before you apply
1.An existing account with the bank is required.
2.Minimum deposit: USD 5,000.
Application steps
1.Hold a DIB current or savings account.
2.Visit a DIB branch.
3.Complete the Wakala application form and provide your Emirates ID, passport and, for expatriates, residence visa.
4.Choose a tenure of 1, 3, 6, 9 or 12 months.
5.Place USD 5,000 or more as a lump sum.
Documents and terms
Good to know
Good option for
People who hold or earn US dollars and want a short Sharia-compliant deposit without moving into dirhams.
Consider another account if
You want a term longer than 12 months, or you want to apply online. The dollar deposit stops at 12 months and is opened in branch.
Frequently asked questions
Get answers to common questions about the DIB USD Wakala Deposit