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Dubai Islamic Bank USD Wakala Deposit
USD Wakala Deposit
Features
- Conducted entirely in US Dollars (USD), offering a natural hedge for those with international liabilities or USD-based income.
- Investors can enter the market with a minimum deposit of USD 5,000.
- Short and medium-term liquidity options are available, with tenures ranging from 1, 3, 6, 9, to 12 months.
- Depending on the term, profit can be distributed monthly, quarterly, or at maturity, providing tailored cash flow.
- It has a Sharia Certification which is fully governed and approved by the DIB Internal Sharia Supervision Committee.
Main Benefits
- For the discerning investor, the benefits of this USD-denominated vehicle extend beyond simple interest.
- Holding assets in USD protects against the devaluation of local currencies in volatile emerging markets.
- Traditionally, these deposits offer higher profit rates than standard USD savings accounts, as the bank can utilize the funds for longer-term, Sharia-compliant trade finance and assets.
- You benefit from DIB's 45+ years of experience; the bank acts as your agent, leveraging its vast portfolio to meet expected profit targets.
- There are typically no management or maintenance fees, ensuring the gross profit remains as close to the net profit as possible.
- For existing DIB customers, the deposit can be linked directly to their USD accounts for automated maturity settlements.
Frequently Asked Questions
Q. Is the profit rate on USD deposits guaranteed?
A. Under Sharia law, a guaranteed return is not permitted as it would resemble Riba (interest). Instead, DIB provides an "Expected Profit Rate." However, the bank has a stellar historical record of meeting or exceeding these expectations through its professional investment pools.
Q. Can I withdraw my USD before the maturity date?
A. Yes, early liquidation is permitted. However, it is subject to a premature withdrawal fee, and the profit earned will be recalculated at a lower rate based on the actual period the funds were held.
Q. What is the minimum amount to open this deposit?
A. The minimum threshold is USD 5,000, making it an elite but accessible product for those looking to diversify their currency holdings
Q. Are there any monthly management fees?
A. No. DIB does not charge a monthly fee for maintaining the USD Wakala Deposit. The bank’s compensation is typically derived from any profit generated above the expected profit rate (the "Incentive Fee").
Q. What happens at the end of the tenure?
A. Upon maturity, the principal plus any remaining profit is credited to your linked USD account. You may also choose to auto-roll the principal into a new tenure at the prevailing market rates.
Q. Can I open this account if I only have a Dirham (AED) account?
A. You must have a USD account to book the deposit. DIB can easily facilitate the opening of a USD savings account and perform the currency conversion, though it is advisable to check the prevailing exchange rates first.
Q. Is this product available for corporate entities?
A. Yes, the USD Wakala Deposit is a popular choice for both individual investors and corporate entities looking to manage their USD liquidity in a Sharia-compliant manner.
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