Minimum age
18 years
Mashreq Islamic Wakala Convenience Account
Mashreq Al Islami Wakala Convenience Account pays an expected 1.5% a year on balances from AED 3,000, credited monthly, with unlimited withdrawals.
An existing account with Mashreq is required, such as Mashreq Islamic Current Account.
At a glance
Key facts
Monthly Fee
AED 26.25/month below AED 3,000
Account TypeSavings
Holding CurrencyAED
Account access
Debit card included.
Open in the app.
An existing account with the bank is required.
The Wakala Convenience Account is Mashreq Al Islami's easy-access savings account. You keep money in it, in dirhams or US dollars, take it out whenever you like, and receive profit every month. Wakala means agency. You appoint the bank as your agent, the Wakil, to invest your money in Sharia-approved activities, and the profit comes from those investments. Existing customers open it in Mashreq Online or Mashreq Mobile with no paperwork, and each customer can hold one. Its conventional counterpart is the Mashreq Daily Bonus Account.
Who can open it
Minors
A child under 18 can apply together with a guardian.
Fees and balance
AED 3,000 is the number to remember, for two reasons. Below it the account earns no profit. And if everything you hold across your accounts with the bank adds up to less than AED 3,000 on any day of a calendar month, you are charged a fall-below fee of AED 26.25 the following month. That fee is set at relationship level, so it is charged once per customer and a balance in another account counts towards the total. A salary of AED 5,000 or more transferred to your account lifts it for that month. Closing this account is free.
Monthly fall-below fee
AED 26.25
How to avoid the monthly fee Meet any one of these conditions.
- Keep a balanceBalance of AED 3,000 or more
- Other exemptionsCharged at relationship level if the combined daily balance across Mashreq accounts is below AED 3,000, unless a monthly salary of at least AED 5,000 is transferred.
Account closure fee
Free
In plain words
- Fall-below fee
- A monthly charge for holding less than the balance the bank asks for. Here it is AED 26.25, charged in a month when your balance is under AED 3,000. It is not charged in a month when you stay at or above that amount. More on this
Profit
AED and USD accounts are offered; the debit card is provided for AED accounts only.
How profit works
PayoutMonthly
Calculated onEnd-of-day balance
Eligible balanceFrom AED 0 · Up to AED 2,999
- Anticipated
How profit works
PayoutMonthly
Calculated onEnd-of-day balance
Eligible balanceFrom AED 3,000
- Anticipated
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
- Balance bands
- The rate changes with how much you hold. Each band is a range of balance with its own rate. More on this
- Which balance counts
- The return is worked out each day on what is in the account at the end of that day, so money counts from the day it arrives until the day it leaves. More on this
What your money earns here
Held for
1 year
Anticipated.
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 150
profit over 1 year
1.5%
a year on this balance
profit earned over time
Withdrawals do not reduce what you have already earned, so there is no cost to dipping in beyond the lower balance earning less from then on. The rate is described as anticipated because it is what the bank expects its investments on your behalf to produce.
Benefits
Monthly Profit Payout
Profit is calculated on the daily balance and credited to the account every month.
Unlimited Withdrawals
Transfers and debit card withdrawals are unlimited, with no loss of profit.
Free Debit Card
A complimentary debit card gives access to the savings in an AED account.
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.Debit card included.
Application steps
1.Hold an active Current or Savings Account with Mashreq Al Islami.
2.Sign in to Mashreq Online or Mashreq Mobile.
3.Open a Wakala Convenience Account in AED or USD. No paperwork is needed.
4.Keep AED 3,000 or more in it so that profit starts.
Good to know
Good option for
Savers who want a Sharia-compliant account with monthly profit and no limit on withdrawals, and who expect to hold at least AED 3,000.
Consider another account if
You can lock money away for a set term. A Wakala Deposit sets an expected profit rate for a fixed term.
The dollar version has no card
You can hold the account in AED or in USD. The debit card comes with the AED account only, so a dollar balance is managed through Mashreq Online and Mashreq Mobile. No chequebook is provided in either currency.
Frequently asked questions
Get answers to common questions about the Mashreq Islamic Wakala Convenience Account