Booster Wakala Deposit

Key Benefits

Flexibility

Available in 1,2,3,4 and 5 years tenures

Profits

Profits paid out monthly, quarterly, half-yearly and yearly

Convenience

Can be booked via online and mobile banking

Click Here to view the Key Facts Statement, Schedule of Charges and other important information for this product.

Profit Rates

Tenor	Profit Payment Frequency	Expected Profit Rates (p.a)
Tenor	Profit Payment Frequency	AED	USD
1 Year	Monthly	3.15%	3.05%
	Quarterly	3.20%	3.10%
	Half-Yearly	3.25%	3.15%
	Yearly	3.50%	3.40%
2 Years	Yearly	3.00%	NA

3 Years		3.00%	NA
4 Years		3.00%	NA
5 Years		3.00%	NA

Deposits amounts from a minimum of AED 25,000 up to AED 5 million and USD 10,000 up to USD 1.5 million per booking. Maximum limit of these deposits is AED 10 million (or equivalent) per customer.

Terms and Conditions apply.

Benefits

Available in AED and USD
Early withdrawal option available*
Profit payout on monthly, quarterly, half-yearly and yearly basis
Competitive profit rates
To know more about the other variants of Booster Wakala, click here.

*No profits will be paid if the deposit is redeemed early.

Eligibility

Available to individuals, joint accounts and can also be opened for minors.
Available for businesses including sole proprietorships, partnerships as well as Joint Stock and Limited Liability organizations.

Frequently Asked Questions

Conventional Bank is a financial body which receives money from the depositors against fixed rate of interest and it offers liquidity to borrowers against interest. And it is governed by conventional banking laws.
Islamic Bank is a financial body which executes commercial contracts likes sale, leasing, construction and are governed by Islamic Banking laws which allow for financial bodies to carry on commercial activities for profitable purposes.

In Conventional Banking, Savings Account and Fixed Deposit (FD) are a special type of Savings Account that pays a predetermined interest over a predetermined period of time. The depositors from conventional banks receive Interest from their investments in the form of predetermined interest rates irrespective of bank’s performance.

In Islamic Banking, bank depositors receive their returns depending solely on the bank’s performance. Unlike Conventional Banks, an Islamic Bank acts as an intermediary between the depositor and the financee. As such, Islamic banks declare their profits on a monthly basis as part of their risk sharing scheme “Mudaraba Scheme”.

Interest is certain amount of return from specific sum of money invested over predetermined period of time. This is not permissible as per Shari’a.

Profit is an undetermined return from specific sum of money invested over a predetermined period of time and it may vary from month to month, directly depending on how the bank performs. This is permissible as per Shari’a.

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