Wakala is a Shari'ah compliant contract, in which the customer can authorise the Wakil (the bank) to invest funds in Shari'ah approved activities for profits.

You are allowed to open only one Wakala Savings account per currency.

Please contact your Relationship Manager for profit rates.

To open this account, kindly contact your Relationship Manager. Your Relationship Manager details can be viewed on Mashreq Biz Mobile Banking.

Please click here to see profit calculation illustration.

You need to have an existing active business current account with Mashreq to open a Wakala Savings account.

Cheque book and debit card are not applicable on this account.

Yes

Teller, Outward IPI/IPP/UAEFTS, Quick remittances and SWIFT transfers not allowed