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Wakala Deposit

Our Wakala Deposit offers higher returns in a Sharia'h Compliant manner. The bank in its capacity as an Agent has the responsibility to ensure funds are invested in Sharia'h Compliant goods and/or financial assets, yielding attractive returns for the customers.


Features/Benefits

  • Minimum AED 100,000 or equivalent foreign currency
  • Flexible placement period from 1 month to 1 year
  • Anticipated profit rate as per Wakala contract
  • Profit paid to customer upon maturity
  • Automatic rollover facility upon maturity
  • Quick & easy processing
  • Free online banking access
  • Free tele-banking services


Eligibility

  • Minimum investment equivalent to AED 100,000
  • Current or Savings account with Mashreq is mandatory
*Terms & Conditions apply


Documentation

  • Master Wakala Deposit agreement form (first time only) along with the Wakala Deposit Placement request.
  • Passport/Labor Card in original for ID verification


FAQs

  • What will be the Profit rate?

    Anticipated profit rate will be shared by product management team.

  • Is Partial withdrawal possible?

    No.

  • Can a Wakala Deposit be withdrawn prematurely?

    On early withdrawal of funds, due to breakage of any Wakala Deposit by the client, the applicable profit rate for the days funds have remained invested will be the relevant published Mashreqbank sheet rate applicable on the date the Wakala Deposit was made

  • What are the credit facilities a customer can get against term Investment account?

    Not applicable. There is no credit facility (overdraft) against Wakala deposit.

  • Is there any specific document which has to be signed by the customers?

    Yes.
    1. Master Wakala Deposit agreement has to be completed for the first time with Wakala Deposit placement request.
    2. For any subsequent Wakala Deposit renewal from the same customer only the Wakala Deposit placement request is required