Wakala Deposit

Attractive profit rates & flexibility

& freedom to withdraw anytime

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7 days – 5 years

Flexible time periods

Available in Foreign Currency

USD & GBP

Premature withdrawal

& no penalties

Available in Foreign Currency

Wakala Deposits can be booked in not only AED, but in USD & GBP currencies too. Competitive profit rates available.
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Eligibility

Minimum investment  AED 100,000 or USD 27,500 or GBP 25,000
Mashreq Al Islami Account Customers who already hold an active Current or Savings Account with Mashreq Al Islami
Age Must be 18 years old and above. A minor (below the age of 18) can apply along with a guardian
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Easy booking & withdrawal

Book and withdraw your Wakala Deposit (FD) at any time. For early withdrawal, the profit rate of the last completed tenor is applicable on the Wakala booking date. You won't be charged any penalty.
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Free Online, Mobile & Telebanking access
It’s good to know there are several methods to access funds wherever you are in the world.
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Available for minors
A minor can apply for a Wakala Deposit along with a guardian.

You will need

Absolutely no paperwork! Simply open the deposit account through Mashreq Online/Mashreq Mobile
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Are you ready to apply?

Still got questions?

The profit rates are available on Mashreq Online/Mashreq Mobile or contact us on +9714 424 4411. The profit is paid out on maturity.
No. Partial withdrawal is not possible. However, you can withdraw the entire Wakala Deposit prematurely without any charges.
Yes, you can avail a Credit card facility against your Wakala Deposit.
You must have existing Mashreq Al Islami Current or Savings Account to apply for a Wakala Deposit.
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.

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