In the ever-dynamic financial landscape of the UAE, businesses and individuals continually seek secure and profitable investment options. A lot of these people turn to Wakala deposit accounts as they offer a safer financial net and help maximize savings with minimum risk. Wakala accounts offer attractive features and benefits that can help grow wealth over a fixed period of time.
Wondering how does Wakala deposit account works? Click here to find out all that you need to know about Wakala Investment Accounts in UAE.
If you are in search of the finest & best Wakala deposit accounts, then you are in the right place. In this article, we will delve into the best Wakala deposit accounts available in the UAE, highlighting their unique features and advantages. This would help you make a comparison and make an informed choice.
Let’s jump straight into the details!
Best Wakala Deposit Accounts in UAE
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Emirates Islamic Booster Wakala Deposit
Emirates Islamic Bank offers one of the best Wakala deposit account named the Booster Wakala Deposit. Key features of this savings account include:
- Flexible Tenures
You can choose a period that best suits your personal preferences, ranging from one year to five years.
- Competitive Profit Rates
The fixed Deposit Account by Emirates Islamic provides attractive profit rates on your fixed money deposits. You can earn up to 4.50% interest on your savings and receive profits annually.
There is also an option to withdraw the profits before the maturity date.
- Minimum Deposit
A minimum deposit of AED 25,000 is required to open the account. Account holders can deposit up to 5 million of savings in their Booster Wakala Deposit account.
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Dubai Islamic Bank Wakala Deposit Accounts
Dubai Islamic Bank (DIB) offers a range of Wakala Deposit accounts to help businesses and individuals get a boost in their investment returns and earn more with their deposits. Their Wakala deposit accounts allow account holders to earn monthly and annual profits on their investments.
You can choose from a wide selection of fixed deposit accounts according to your financial needs and demands.
Here is a list of DIB Wakala deposit accounts to grow your savings in UAE.
Advance Profit Payment Wakala
- 100,000 AED deposit
- 12 months tenure
- AED 4,900 expected profits
- 90% yearly anticipated profit returns
USD Wakala Deposit
Save your money in USD and expect to earn high profits over a flexible tenure.- flexible deposit options
- minimum 5,000 USD deposit
- 30% expected profit rate per annum
- Profits returns are paid at the time of maturity
Recurring Wakala Deposit
Grow your savings over a fixed period of time with fixed monthly payouts.- Minimum 1,000 AED deposit per month
- Flexible tenures
Monthly Payment Wakala Deposit
Get monthly profit returns on your deposit payments.
- Minimum deposit of 25,000 AED
- Available only in UAE dirhams
- Monthly pay-outs
- 5% expected profits per annum
Maximiser Wakala Deposit
Grow your savings faster with a fixed short-term scheme.- 4 % expected profit returns per annum for 18 months
- Fixed deposit period of 18 months
- Available only in AED
- Minimum deposit of 10,000 AED
Long-Term Wakala Deposit
Get higher returns on your long-term investments.- Reinvest option available
- No fees for account maintenance
- A fixed deposit period of 5 years
- Minimum deposit of 5,000 AED
- Expected profit 3.25% per annum
Retail Wakala – AED
Utilize different tenure options for your long-term investments and earn maximum profits.- Reinvest option available
- A minimum deposit of 25,000 AED required
- No account maintenance fees
Al Islami Investment Deposit
Enjoy flexible tenures along with higher profit returns for your investment.- Eligible for minors
- Multiple currencies available for investment
- Higher profit rates
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Sharjah Islamic Bank Flexi Long-Term Deposit Account
Get higher earnings with flexible returns on your investments with Flexi Long Term Deposit Account by Sharjah Islamic Bank. The multi-currency account can be a good option to grow your wealth and earn passive income.
Here are the key features of the Flexi account:
- Flexible deposit tenures ranging from 24 to 36 months
- Minimum deposit of AED 200,000 AED or 50,000 USD
- Maximum deposit of AED 100,000,000 or an equivalent USD amount
- Monthly, quarterly, semi-annually, annually, and at maturity pay-outs options are available.
- A whopping 70% finance against the invested amount.
- 25% profit rate per annum
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Abu Dhabi Islamic Bank’s Investment Deposit Account
Invest your money with ADIB’s Investment Deposit Account for a fixed tenure and reap higher profit rates on your investment. This account can be another good option if you are looking to secure your funds and earn a good profit from it.
Key features of the account are as follows:
- A high and attractive profit rate is available as compared to regular savings accounts.
- Flexible investment periods where you can choose to invest for one, three, six, nine, or twelve months.
- After maturity, the funds are invested where you get the opportunity to either transfer your profits to another account or add them up to the capital amount to reinvest.
- You can also avail of any of the available financing options at ADIB that are equivalent to the sum of money you have initially invested with the bank.
- It’s a Shari’a-compliant account where the account holder will bear losses and profits as specified in the agreement.
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Mashreq Bank Wakala Deposit Account
Mashreq Bank’s Wakala Deposit Account is another attractive option to grow your savings safely and securely. You can get attractive profit rates and increased flexibility to withdraw your funds at any given time.
Here are the key features of the Wakala Deposit Account:
- Flexible periods ranging from 7 days to 5 years
- Investments can be made using AED and foreign currencies including USD and GBP.
- You can withdraw your funds at any time even before maturity with no additional charges or penalties.
- A minimum investment of 10,000 AED is required.
- You must be 18 years old or older to open a Wakala Deposit account with Mashreq Bank.
- Minors can apply for a Wakala account with a registered guardian.
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Abu Dhabi Commercial Bank Wakala Deposit Account
Get total flexibility and high-profit returns with the ADCB Wakala Deposit Account. You can enjoy flexible investment periods and get attractive expected profit rates on your investments made with the bank.
Here are some key features of the account
- A minimum deposit of 5,000 AED is required.
- Account holders can get up to 4.60% expected profit rate per annum (for both AED and USD investments)
- Funds withdrawn before the maturity period may not be eligible for the profits as per the bank’s policy.
- You can invest funds using AED, USD, and GBP.
- Flexible tenures are available ranging from one week to 500 days.
- All UAE residents, citizens, and non-residents are eligible to open the Wakala Deposit Account.
- You can withdraw profits at times of your choice. Monthly, quarterly, and at-maturity withdrawal options are available.
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Al Hilal Bank Wakala Deposit
With Hilal Bank’s Shariah-compliant Wakala Deposit Account, you can expect a competitive expected return on your investments. The bank offers flexible tenures and provides ease of management to invest and withdraw funds.
Here are some of the notable features of the Wakala Deposit Account managed by Hilal Bank:
- A minimum deposit of 5,000 AED is required to open an account.
- Flexible tenure options of up to 12 months are available
- There is an option to invest funds in multiple currencies including AED and USD.
- Minors, individuals, and joint account holders are eligible to open a Wakala deposit account.
- Higher expected returns are available for account holders who invest for longer tenures.
- Free mobile and online banking facility is available for all account holders.
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Emirates NBD Wakala Deposit Account
You can now earn Shariah-compliant profits on your investments with Emirates NBD Wakala Deposit Account. The bank is offering flexibility to choose the tenure along with other benefits for individuals and businesses looking to invest funds in the UAE.
Here is a list of key features of the account:
- Option to invest using multiple currencies including AED and USD.
- A minimum deposit of 4 million AED is required.
- Individuals and self-employed residents/nationals are eligible to open the account.
- You can choose from a range of flexible tenures including 1,3,6,9, or 12 months.
- An authorized Wakil will help in healthily investing your funds.
- Profits can be withdrawn upon maturity.
- The profit rate varies according to the capital investment amount.
- All UAE residents, citizens, and non-residents with salaried or other types of accounts with Emirates NBD are eligible to open a Wakala Deposit Account.
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Commercial Bank of Dubai Wakala Investment Deposit
Now you can plan your long-term investments with variable tenure options of your choice with CBD’s Wakala Investment Deposit Account. If you are looking to secure your savings for a long time and wish to earn decent profits from your funds, then you may consider making a fixed deposit investment with the Commercial Bank of Dubai.
Here is a list of key features and benefits of the Wakala Investment Deposit Account offered by CBD:
- A minimum deposit of 1,000 AED is required.
- There is no cap on the maximum deposit amount for investment.
- You can enjoy flexible deposit tenures starting from 1 month.
- Auto reinvestment option upon maturity is not available
- You can withdraw your funds before maturity with no penalties.
- Multiple currencies are allowed for investment including AED and USD.
- Free mobile and internet banking is available for all account holders.
- All individuals and registered businesses in UAE are eligible to open an account.
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First Abu Dhabi Bank Elite Islamic Investment Deposit Account
The last one on our list of best Wakala Deposit Accounts in UAE is FAB’s Elite Islamic Investment Deposit Account. You can grow your investments with good profit returns with fewer risks involved.
Here are the key features of the account:
- Investments are made on the Islamic Principles of Wakala and Mudarabah
- It’s a profit-bearing investment account and the money deposited into the account is not guaranteed by the Bank.
- Profits will be paid on a mutually agreed-upon profit-sharing ratio. The rate of profits may change depending on the investment performance.
- Investment tenure ranging from 1 to 12 months is available.
- Earned profits can be withdrawn upon maturity and reinvestment can be done for an additional tenure.
- A minimum deposit of 500,000 is required for the Islamic Investment Account.
- All UAE nationals and residents are eligible to open a Wakala Deposit Account at FAB.
- Profits are distributed every month
- Applications for account opening can be sent online quickly and simply.
International Wakala Deposit Accounts
Outside the UAE, three notable banks are offering Shariah-compliant fixed deposit accounts to help individuals and businesses in the UAE invest their funds.
- The HSBC Expat Account is offering a generous 4.4% expected profit rate with a minimum investment of 18,365 AED.
- Natwest International’s US Dollar Fixed Deposit account is offering a whopping interest rate of 5.08% on a minimum deposit of 36,730 AED.
- DBS Singapore’s Foreign Currency Fixed Deposit Account offers investors an opportunity to earn a 4.5% expected profit return on their investments. The bank requires a minimum deposit of 36,730 AED to open a Wakala account.
Final Word:
Wakala Deposit Accounts in the UAE present lucrative opportunities for individuals and businesses to grow their savings while adhering to Islamic banking principles. These savings accounts offer flexible tenures, attractive profit rates, and convenient online management options. Increased flexibility and competitive features make Wakala Investment accounts a preferred choice for investors and residents who seek stability and profitability in their financial endeavors.
Before you select a Wakala deposit account, we recommend consulting a financial advisor to determine the best for your financial goals and risk tolerance. The details and features mentioned in the article can change at any time at the discretion of the bank without any prior notice. It is advisable to visit the official website of the financial institution with which you wish to open a Wakala account.
Also read: 10 Best Halal Investment Options in UAE