Last Updated on 17 March 2026
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Dubai Islamic Bank Recurring Wakala Deposit
Recurring Wakala Deposit
Features
- Wakala Principle: Operates as an agency agreement where the bank acts as your agent (Wakeel) to invest funds in Sharia-compliant assets.
- Entry Point: Minimum monthly contribution starts at AED 1,000.
- Flexible Tenures: Options to save for 12, 24, 36, or 60 months.
- Goal-Based Saving: You set a target "Goal Amount," and the bank calculates the necessary monthly installments.
- Currency: Exclusively available in UAE Dirhams (AED).
- Automated Contributions: Funds are automatically debited from your DIB Current or Savings account via Standing Instructions.
- Profit rates range from 3.45% to 3.70% per annum
- Fixed profit rate based on selected tenure
- Higher tenure options offer comparatively better returns
- You do not get a dedicated relationship manager for this account
- Required to maintain a minimum monthly balance of AED 1,000
Required Documents
- Identity: Original and copy of a valid Emirates ID.
- Residency: Valid Passport and Residence Visa (for expatriates).
- Existing Relationship: You must hold an active DIB Current or Savings Account to link the deposit.
- Mandate: Signed Standing Order Instruction (SOI) form to authorize monthly debits.
- Agreement: Completed and signed Wakala Deposit Application Form.
Main Benefits
- Higher Profitability: Offers competitive expected profit rates compared to standard liquid savings accounts.
- No Hidden Costs: Zero monthly maintenance fees or account opening charges.
- Disciplined Investing: Encourages regular saving habits through automated monthly transfers.
- 100% Profit Payout: Investors who reach their 100% savings goal by maturity receive the full expected profit rate.
- Sharia Integrity: Fully vetted and approved by DIB’s Internal Sharia Supervision Committee.
- The expected profit varies based on the tenure selected. For a tenure of 12 months, the profit rate is 3.45% per annum. For 24 months, the rate increases to 3.60% per annum. For 36 months, the profit rate is 3.55% per annum, while for a longer tenure of 60 months, the profit rate is 3.70% per annum.
Frequently Asked Questions
Q. Is the profit rate guaranteed?
A. In accordance with Sharia principles, the bank provides an "Expected Profit Rate." While not legally guaranteed, DIB utilizes its expertise to meet these targets based on the performance of the underlying investment pool.
Q. Can I liquidate the deposit before the maturity date?
A. Yes, early withdrawal is permitted. However, please note that a premature withdrawal fee applies, and the profit rate will be adjusted downward based on the actual duration the funds remained with the bank.
Q. What happens if I fail to reach my total "Goal Amount"?
A. If your total contributions at maturity are less than the initial goal (due to missed payments), the profit payout is scaled. For example, achieving only 75% to 99% of your goal may result in receiving only 80% of the expected profit.
Q. When and how is the profit paid out?
A. The total principal amount plus the accumulated profit is credited to your linked DIB account as a lump sum upon the completion of the agreed-upon tenure (Maturity).
Q. Can I increase or decrease my monthly installment mid-tenure?
A. No. The monthly installment is fixed at the time of the contract to ensure you stay on track to meet your specific savings goal.
Q. Are there any monthly maintenance fees for this account?
A. There are no monthly management or maintenance fees associated with the Recurring Wakala Deposit, ensuring your full contribution goes toward your savings goal.
Q. Is this account available in foreign currencies?
A. Currently, the Recurring Wakala Deposit is offered only in UAE Dirhams (AED).
Q. Do I need a DIB bank account to start this deposit?
A. Yes. Because the system relies on a Standing Order to automate your savings, you must have an active DIB Current or Savings account.
Q. What is the minimum amount required to start?
A. The minimum monthly contribution required to open a Recurring Wakala Deposit is AED 1,000.
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