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Dubai Islamic Bank Retail Wakala (AED) Deposit
Retail Wakala (AED) Deposit
Features
- Sharia-compliant Wakala investment structure approved by the bank’s Sharia Supervisory Board
- Competitive expected profit rates linked to deposit amount and chosen tenure
- Fixed investment tenures typically available for 1, 3, 6, 9, 12 and up to 24 months
- Minimum deposit requirement of AED 25,000
- Expected profit credited at the end of the deposit term
- Option to reinvest principal and profit upon maturity
- No account maintenance or service charges
- Facility available for adults as well as minors (through a guardian)
- Clear profit declaration at the time of booking
Required Documents
- Valid passport copy
- Emirates ID for UAE residents and citizens
- Valid residence visa copy (for expatriates, if applicable)
- Completed Retail Wakala Deposit application form
- Proof of income or source of funds, if requested by the bank
- Additional documents may be requested by the bank in line with regulatory or compliance requirements.
Main Benefits
- Enables disciplined savings with attractive expected profit compared to regular savings accounts
- Offers flexibility through multiple tenure options to match short- or medium-term financial goals
- Reinvestment option supports compounding and long-term wealth planning Absence of maintenance fees ensures higher net returns
- Sharia-compliant structure provides ethical and faith-aligned investment comfort
- Suitable for personal, family, and future-oriented savings needs, including accounts for minors
Frequently Asked Questions
Q. What is a Retail Wakala Deposit?
A. It is a Sharia-compliant investment deposit where the customer appoints the bank as an agent to invest funds in approved activities in exchange for expected profit.
Q. When is the profit paid?
A. The expected profit is paid at the end of the selected deposit tenure.
Q. Is the profit guaranteed?
A. The profit is expected but not guaranteed, as returns depend on the performance of underlying Sharia-compliant investments.
Q. Is the principal amount safe?
A. The principal amount is expected to be returned at maturity; however, the profit element is not guaranteed under Sharia principles.
Q. Can funds be added after opening the deposit?
A. No. Once the deposit is booked, additional funds cannot be added to the same Wakala contract. A new deposit can be opened instead.
Q. Is early withdrawal allowed?
A. Early liquidation may be permitted, but profit may be reduced or not paid, depending on the bank’s terms and the remaining tenure.
Q. Who can open a Retail Wakala Deposit?
A. The deposit is available to eligible individuals, including minors through a legal guardian, subject to bank approval.
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