Minimum age
18 years
Mashreq Islamic Wakala Deposit
Mashreq Al Islami Wakala Deposit is a Sharia-compliant term deposit from AED 2,500, with expected profit of 2.24% to 3.19% and no early exit penalty.
An existing account with Mashreq is required, such as Mashreq Islamic Current Account.
At a glance
Key facts
Minimum DepositAED 2,500
TenuresFlexible
Profit PayoutAt maturity, upfront, monthly, quarterly or half-yearly
Account access
No debit card included.
An existing account with the bank is required.
A Wakala Deposit is Mashreq Al Islami's term deposit. You place a lump sum of AED 2,500 or more for a term you choose, and the bank, acting as your agent, invests it in Sharia-approved activities. You need an active current or savings account with the bank first. Terms of 1 month to 2 years can be booked digitally, and terms from 1 week up to 5 years are available when booked manually. It mirrors the conventional Mashreq Fixed Deposit in amounts and terms, with one difference that matters if your plans change: leaving early carries no penalty.
Who can open it
Minors
A child under 18 can apply together with a guardian.
Fees and balance
Minimum deposit
AED 2,500
Profit
Profit is paid at maturity, upfront, monthly, quarterly or half-yearly. The AED, USD, GBP and EUR minimum deposit is 2,500; other currencies require 10,000 units. Digital deposits run for 1 month–2 years, and manual deposits 1 week–5 years. Early redemption pays prorated profit at the agreed rate for the elapsed period without penalty; partial withdrawal is not permitted.
Available deposit tenures
| Tenure | Annual rate |
|---|---|
| 1 month | 2.24% |
| 3 months | 1.94% |
| 6 months | 2.29% |
| 9 months | 2.45% |
| 12 months | 2.96% |
| 24 months | 3.19% |
| Tenure | Annual rate |
|---|---|
| 1 month | 2.24% |
| 3 months | 1.94% |
| 6 months | 2.29% |
| 9 months | 2.45% |
| 12 months | 2.96% |
| 24 months | 3.19% |
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
- Paid upfront
- You receive the profit for the whole term on the day you place the deposit, not when the term ends. More on this
What your money earns here
Tenure
24 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 638
profit over 2 years
3.19%
a year
profit earned over time
Each rate is a yearly rate, so a shorter term earns the matching part of it. The rate is called expected because of how Wakala works: the bank invests the money on your behalf and tells you up front the profit rate it anticipates. That agreed rate is the one used for your deposit.
Benefits
Choice of Profit Payout
Take profit upfront, monthly, quarterly, half-yearly or when the deposit matures.
No Early Withdrawal Penalty
Withdraw the whole deposit before maturity with no penalty.
Deposits in Four Currencies Online
Book online in AED, USD, EUR or GBP. Other currencies are booked at a branch.
Shariah-compliant
Banking model
How to open
Before you apply
1.An existing account with the bank is required.
2.Minimum deposit: AED 2,500.
3.No 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.Choose Wakala Deposit, then set the amount, the term and how you want profit paid.
4.Confirm the booking. No paperwork is needed for AED, USD, EUR and GBP deposits.
Good to know
Good option for
Customers who want a Sharia-compliant home for a lump sum, with a stated expected rate and the comfort of being able to exit in full without a penalty.
Consider another account if
You want to add money as you go or take out part of it. A Wakala Deposit is one fixed amount, and the Wakala Convenience Account allows unlimited withdrawals.
Withdrawing before maturity
You can redeem the deposit early, in full only. No penalty is charged. Your profit is worked out at the agreed rate for the days between the booking date and the withdrawal date, so you are paid for the time the money was actually invested.
Minimums in other currencies
The minimum is 2,500 in AED, USD, GBP or EUR. For any other currency it is the equivalent of 10,000, and those deposits are arranged at a branch because online booking covers the four main currencies only.
Frequently asked questions
Get answers to common questions about the Mashreq Islamic Wakala Deposit