Residency
UAE resident or national
FAB Islamic Term Deposit Wakalah
FAB Islamic Term Deposit Wakalah invests AED 500,000 or more for 7 days to 12 months at an expected profit rate. Profit is paid when the deposit matures.
At a glance
Account access
See opening stepsThe FAB Islamic Term Deposit Wakalah is a Sharia-compliant alternative to a fixed deposit for large sums. The minimum is AED 500,000, and you place it for an agreed period of between 1 week and 12 months.
Wakalah means agency. You appoint the bank as your agent to invest the money, and the two of you agree in advance on the profit rate the bank anticipates and on the term. The bank pools your funds with others and invests them in line with Sharia. If your sum is smaller, the FAB Islamic Term Deposit Mudarabah starts at AED 10,000 and shares actual profit instead of working to an anticipated rate. The Wakalah deposit is open to UAE nationals and residents of any age.
Who can open it
Age
There is no age restriction on this deposit.
Fees and balance
Minimum deposit
AED 500,000
Profit
Profit is paid at maturity. No partial withdrawal or withdrawal fee. Early withdrawal within 7 days pays no profit; later withdrawal uses the lower applicable rate between booking and withdrawal dates for the days held. Invested funds are not guaranteed.
Available deposit tenures
7 days
Placement up to and including AED 1 million3.05%
Placement above AED 1 million and up to and including AED 5 million3.1%
Placement above AED 5 million3.15%
14 days
Placement up to and including AED 1 million3.07%
Placement above AED 1 million and up to and including AED 5 million3.12%
Placement above AED 5 million3.17%
1 month
Placement up to and including AED 1 million3.1%
Placement above AED 1 million and up to and including AED 5 million3.15%
Placement above AED 5 million3.2%
2 months
Placement up to and including AED 1 million3.31%
Placement above AED 1 million and up to and including AED 5 million3.36%
Placement above AED 5 million3.41%
3 months
Placement up to and including AED 1 million3.52%
Placement above AED 1 million and up to and including AED 5 million3.57%
Placement above AED 5 million3.62%
6 months
Placement up to and including AED 1 million3.7%
Placement above AED 1 million and up to and including AED 5 million3.75%
Placement above AED 5 million3.8%
9 months
Placement up to and including AED 1 million3.95%
Placement above AED 1 million and up to and including AED 5 million4%
Placement above AED 5 million4.05%
12 months
Placement up to and including AED 1 million4.2%
Placement above AED 1 million and up to and including AED 5 million4.25%
Placement above AED 5 million4.3%
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
Rate option
Placement up to AED 1 million
Placement up to and including AED 1 million.
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 21,000
profit over 1 year
4.2%
a year
profit earned over time
The rate for your size band applies to the entire placement.
Expected has a specific meaning here: it is the rate agreed as the anticipated return on the investment, and the bank does not guarantee the money invested. The bank announces its Wakalah rates daily, so the rate you get is the one agreed on the day you place the deposit.
Benefits
Dirham and US Dollar Deposits
The Wakalah deposit is available in AED and USD.
Profit Paid at Maturity
Profit is paid when the deposit matures, for terms from 1 week to 12 months.
Shariah-compliant
Banking model
How to open
Good to know
Good option for
UAE nationals and residents with AED 500,000 or more to place for a year or less, who want a Sharia-compliant deposit with the anticipated profit rate agreed up front.
Consider another account if
You have less than AED 500,000, you need a capital guarantee, or you may need the money before the term ends. Other Sharia-compliant options are listed under Islamic accounts.
If you end the deposit early
A Wakalah deposit cannot be partly withdrawn. If you end it early you take out the whole amount, and there is no withdrawal fee. Ending it less than 7 days after placement earns no profit. After 7 days, profit is paid for the days held, at the lowest applicable rate between the day you booked and the day you withdraw.
Frequently asked questions
Get answers to common questions about the FAB Islamic Term Deposit Wakalah