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Dubai Islamic Bank Advance Profit Payment Wakala
Advance Profit Payment Wakala
Features
- This product is built on the Wakala principle—an agency agreement where you (the Muwakkil) appoint the bank (the Wakeel) to invest your funds for a specific profit expectation.
- The defining feature is the "Advance Profit" mechanism. Unlike traditional deposits where you wait until the end of the term, the expected profit is credited to your account immediately after the deposit is booked.
- Tailored for various financial horizons, offering terms of 3, 6, 9, 12, or 18 months.
- Accessible to a wide range of investors with a minimum investment of AED 25,000.
- Available in AED (UAE Dirham) and USD (US Dollar), allowing for geographical and currency hedging.
- Fully approved by DIB’s Internal Sharia Supervision Committee, ensuring that the upfront payment is managed according to Islamic accounting standards.
- Profit rates range from 3.35% to 3.55% per annum, depending on the tenor and investment amount.
Required Documents
- Valid Emirates ID (Original and Copy).
- Valid Passport with a valid Residency Visa (for expatriates).
- You must have an existing DIB Current or Savings Account to receive the upfront profit and the eventual principal return.
- A completed and signed Wakala Deposit Application Form.
- Signed Wakala Contract acknowledging the expected profit rate and terms of the agency.
Main Benefits
- Profit is paid upfront, you can reinvest that capital elsewhere immediately, effectively compounding your returns or meeting urgent cash flow needs.
- Receiving profit today is often more valuable than receiving the same amount 18 months from now, as it preserves the present value of your earnings.
- The account offers higher expected profit rates compared to standard savings accounts, rewarding the commitment of the principal amount.
- Your principal is managed by the world’s first Islamic bank, providing a legacy of stability and professional fund management.
- Ideal for individuals who have a lump sum but need immediate cash for school fees, rent, or other large annual expenses.
- Earn competitive profit rates of up to 3.55% per annum, with higher returns available for larger investments.
Frequently Asked Questions
Q. How is profit paid "in advance"?
A. Under the Wakala principle, the bank provides the expected profit as an upfront payment on the account. This payment is then reconciled against the investment pool's performance at the end of your chosen tenure.
Q. Is the profit rate guaranteed?
A. In Sharia-compliant banking, we provide an "Expected Profit Rate." DIB utilizes its extensive market expertise to manage investment pools with the goal of consistently meeting these expected targets.
Q. What happens if I need to withdraw my funds early?
A. While these deposits are intended to be held until maturity, early liquidation is possible. In such cases, the "Advance Profit" already paid to you, along with a premature withdrawal fee, will be deducted from your principal amount.
Q. Are there any currency restrictions?
A. The product is available to both UAE Dirham (AED) and US Dollar (USD) investors, making it a versatile choice for international financial planning.
Q. What is the minimum investment required?
A. The minimum amount required to open an Advance Profit Payment Wakala Deposit is AED 25,000 (or the equivalent in USD).
Q. Can I renew my deposit?
A. Yes. Upon maturity, you can choose to renew the principal for a new term, and the profit for that new period will once again be paid to you upfront.
Dubai Islamic
Dubai Islamic Bank (DIB), established in 1975 is the pioneer of Islamic banking that has seen a phenomenal growth. The Bank since inception has remained customer-centric organization, where honesty and customized personal service form the basis of all relationships. Though sticking to its root traditions, the bank equally blends with the commitment of innovation, flexibility, and modernity. Every customer of the bank is provided with comprehensive solutions for any financial need.
The bank works with the vision of providing unsurpassed customer service and becoming the world’s largest Islamic banking corporation.
Get in touch with Dubai Islamic Bank Customer Care