E-Savings Account Wakala Agreement: (Agreement) is executed online between

(1)   Emirates Islamic Bank (PJSC) of P.O. Box: 6564, Dubai, United Arab Emirates (EIB / . Agent); and
(2)   Emirates Islamic Bank E Savings Account Holder(s). (whether a sole or joint account the Principal);

Each a Party and collectively the Parties.


The Principal appoints the Agent to invest the Principal's funds in Shari'a compliant Investments. The Principal's funds will comprise part of the Agent's general pool of investment deposits, where such funds will be invested by the Agent, in compliance with the rules and principles of Shari'a as defined by the Shari'a Fatwa and Supervisory Board of the Agent.



1.1   Definitions
  In this Agreement, including the recital and the Schedules, unless the context otherwise requires and except as otherwise defined herein, the following terms shall have the following expressions:
  "Account" means an EIB E-Savings Wakala Account opened through BankNET/Online Banking by the Principal;
  "Actual Profit" means the actual amount of profit which is achieved by the Agent and due to the Principal as calculated in accordance with Clause (17.7);
  "AED" and "Dirham" means the lawful currency of the United Arab Emirates;
  "Agency Fee" means the sum of amounts payable by the Principal to the Agent which is calculated on daily basis as per the below formula:
  Rate of Expected Profit x [Daily Balance - Minimum Balance during the Profit Accrual Period];
  BankNET/Online banking means the online banking service offered to EIB customers;
  "Business Day" means a day (other than a Friday or a Saturday) on which banks in Dubai are open for general business;
  "Calendar Quarter" means the relevant Gregorian Calendar commencing 1 January, 1 April, 1 July and 1 October of each year;
  "Expected Profit" means such amount over and above the Investment Amount that may be due to the Principal as stated on the EIB website (as amended from time to time) for the relevant Investment Slab;
  "Investment" means the investment of the Principal's funds by the Agent with the expectation of generating the Expected Profit for the Principal during the Investment Period;
  "Investment Amount" means the amount invested by the Agent (on behalf of the Principal) pursuant to this Agreement which can vary on a daily basis subject to deposits and withdrawals from the Account;
  "Investment Offer" means the approval by the Agent to open the Account;
  "Investment Period" means the period from the date of opening the Account up to and including the date when Investment Amount is fully withdrawn upon which the Account will be automatically closed;
  "Investment Slab" means the investment slabs described in Clause (17.2) (as amended from time to time);
  "Minimum Balance" means dirhams five thousand (AED 5,000.00) to be maintained daily in the Account for the entire Calendar Quarter to qualify for accrual of Profit;
  "Maturity Proceeds" in relation to the Investment means the sum payable by the Agent to the Principal, which for the avoidance of doubt means the aggregate of the Investment Amount and the Actual Profit;
  "Principal's Acceptance" means the Principal's acceptance of the Agreements terms and conditions as described in Clause 20;
  "Profit " means the profit achieved by the Agent on the Investment Amount calculated in accordance with the Clause (17.1);
  "Profit Accrual Period" subject to Clause (17.5) means each day from the Account Opening Date to the Account Closing Date;
  "Profit Calculation Period" means each Calendar Quarter;
  "Profit Distribution Date" has the same meaning defined in Clause (17.6); and
  "UAE" means the United Arab Emirates.
1.2   Interpretation
  (clauses and schedules) a reference to Clauses and Schedules are references to clauses and schedules of this Agreement;
  (documents) a reference in this Agreement to any other agreements and documents shall be construed as a reference to such agreements or documents as amended, supplemented or restated, novated or replaced from time to time;
  (headings) clause headings are inserted for convenience only and shall not affect the construction of this Agreement;
  (person) a reference to person shall include natural and legal persons;
  (singular) words denoting the singular number shall include the plural and vice versa;
  (statute) any reference in this Agreement to any statute or statutory provision shall, unless the context otherwise requires, be construed as a reference to such statute or statutory provision as the same may have been or may from time to time be amended, modified, extended, consolidated, re-enacted or replaced;
  (time and date) a reference to a time or date in connection with the performance of an obligation by a Party is a reference to a time and date in the Emirate of Dubai, United Arab Emirates, even if the obligation is to be performed or is performed elsewhere.


This Agreement is subject to the Agent accepting the Principals application to open the Account made through BankNET/Online Banking and transfer into the Account of at least dirhams five thousand (AED 5,000.00) by the Principal.


3.1   Subject to Clause 2 above, the Agent is hereby appointed to be the agent and attorney in fact of the Principal to do all acts in its capacity as agent unless otherwise indicated with respect to the Investments through purchase agreements, sales agreements or other agreements as fully as the Principal could do itself and to negotiate on the Principal's behalf with any applicable parties in relation thereto.
3.2   The Agent shall be acting as agent for the Principal with respect to executing Investments contemplated herein only on a limited basis. Except as expressly provided for in this Agreement or where required by law, the Agent shall not have any authority to represent or bind the Principal, or purport to do so.
3.3   The Agent will execute and deliver, on behalf of the Principal, such purchase agreements, sales agreements and other agreements necessary to effect the Investments, and all other certificates and documents as the Agent may deem necessary or desirable for the Principal in connection therewith.
3.4   The Agent hereby agrees with the Principal that it shall in performing its obligations under this Agreement look after the interests of the Principal and act dutifully and in good faith and shall administer Investments with the same degree of care as it exercises with regard to similar Investment which it would administer on its own account. The Agent shall be liable to the Principal if it acts in bad faith or with reckless indifference to the Principal's interest and shall compensate the Principal in respect of all actual costs and expenses suffered or incurred by the Principal as a consequence of the Agent's failure to comply with any of the terms and conditions of this Agreement.
3.5   In consideration of the Agent acting as agent and attorney of the Principal, the Agent shall be entitled to deduct from the Actual Profit all costs, liabilities and expenses incurred by the Agent together with the Agent's Fee, for so acting.
3.6   The Principal shall bear all the risks associated with the acts of the Agent relating to an Investment except such risks resulting from the Agent's wilful misconduct, gross negligence or breach of the terms and conditions of this Agreement.


4.1   The Business Day prior to entering into the Investment, the Agent shall notify the Principal of the Expected Profit that the Principal may expect to achieve on the Investment and the Principal accepts such notification by the Agent listing the Expected Profit on its website which shall be available daily to the Principal (as amended from time to time). Any amount that the Agent earns in excess of the Expected Profit will be retained by the Agent as an incentive after the deduction of the Agency Fee at the time of payment of the Actual Profit.
4.2   The act of applying to open the Account online is to be treated as notification by the Principal of its desire to enter the Investment, the approval of the Agent to open the Account shall be treated as the Agent's Investment Offer.
4.3   The Principal acceptance of the Investment Offer is evidenced by the transfer of the initial deposit into the Account and the maintenance of a daily balance until withdrawal of all funds from the Account.
4.4   The Agent shall arrange for payment and collection of funds arising pursuant to the Investment on behalf of the Principal and is hereby authorised to execute and deliver any instruments or transfers which are necessary in connection therewith.
4.5   The Agent shall be entitled to withdraw from an Investment at any time if atf such time any representation or warranty made by the Principal pursuant to Clause 6 below is not true and accurate or becomes inaccurate.
4.6   Once the Investment Amount has been paid to and invested by the Agent on the Principal's behalf, the Agent undertakes to pay the Actual Profit based on the results of the Investment to the Principal for each Gregorian Calendar Quarter and free from any deductions, set off or withholdings of any kind.
4.7   The Agent is authorised to act on all instructions provided by the Principal on the Account through BankNET/Online Banking. If any instructions are unclear or if the Agent receives conflicting instructions, the Agent may choose not to act upon them or any of them until the ambiguity or conflict has been resolved to the Agent's satisfaction. The Agent has no obligation to verify that any instructions are genuine.
4.8   If the Agent agrees to act upon telex, telephone, facsimile, electronic communication, electronic-mail, letter or other form of instructions, the Agent shall be authorised to act upon such instructions, purporting to be issued by, or believed by the Agent to be issued by, the Principal. The Principal acknowledges and assumes all risks associated with communication of instructions by such methods and waives, releases and discharges the Agent from any and all claims, obligations or rights that the Principal has or may have against the Agent in relation to or arising out of such instructions. The Agent shall not be required to obtain confirmation or make enquiry as to the genuineness of the instructions. The Agent may, however, without being obliged to do so and at its sole and absolute discretion, decline to act upon such instructions and/or request verification of instructions by means of a confirming telephone call to the Principal.
4.9   The Principal hereby acknowledges and consents that in the event the Principal has granted a security over the Maturity Proceeds in favour of the Agent to secure their payments and obligations (or those of a third party(ies)) under a facility agreement(s) granted by the Agent, (notwithstanding any election made by the Principal to the contrary in the Principals Acceptance), the Investment shall continue so long as the facility(ies) remains outstanding in whole or in part and the security shall be a continuing security until all payments and obligations under the facility(ies) are settled in full.


5.1   The Principal can invest variable amounts under the Account. Any and all payments into the Account shall constitute an Investment Amount and shall be invested by the Agent. The Principal shall pay any and all Investment Amounts to the Account via online transfers.
5.2   Any withdrawal(s) / deposit(s) by the Principal from / to the Account on any given day shall result in a corresponding reduction / increase is the Investment Amount for the same day(s).


Each Party represents and warrants for the benefit of the other Party from the date of this Agreement
(a) that it has full power and authority to enter into the Investment to which it is, or will be, a party and the execution of this Agreement; and
(b) this Agreement and the Investment contemplated hereunder will be binding and enforceable upon it and will not violate the terms of any other agreement to which it is a party.


7.1   Save for any cost, claims, loss, expense or liability resulting from the gross negligence or wilful default of the Agent, the Principal undertakes to indemnify the Agent against:
  (a) any cost, claim, loss, expense (including legal fees) or liability together with any tax thereon, which it may sustain or incur as a consequence of the occurrence of any default by the Principal in the performance of any of the obligations expressed to be assumed by it in this Agreement; and
  (b) any loss it may suffer as a result of its entering into any Investment by the Principal hereunder.
7.2   Save for any cost, claim, loss, expense or liability resulting from the gross negligence or wilful default of the Agent, the Principal shall hold harmless and indemnify the Agent, its officers, employees and/or agents, against any loss, cost, damage, expense or liability which they or any of them may incur (directly or indirectly) as a result of the Agent, its officers, employees and/or agents, acting upon, delaying or refraining from acting upon instructions of the Principal or purporting to be from the Principal or which the Agent believes to have been issued by or for the Principal.


8.1   All notices and other communications under this Agreement shall be (through BankNET/Online Banking) and or available on Agent's website
8.2   All communications, notices or documents made or delivered by one Party to the other pursuant to this Agreement shall be in the English or Arabic language.


No failure or delay by the Agent to exercise any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise thereof or the exercise of any other right or remedy. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies provided by law.


This Agreement, contain the whole agreement between the Parties relating to the Investments contemplated by it and supersede all previous agreements between the Parties relating to the same Investment.


If any term of this Agreement is found to be unenforceable or contrary to law, it will be modified to the least extent necessary to make it enforceable, and the remaining provisions of the Agreement will remain in full force and effect.


12.1   This Agreement shall be binding upon and inure to the benefit of the Agent, the Principal and their respective successors, permitted assigns, heirs and/or legal representatives (as applicable). The Principal may not assign or transfer any of its rights or obligations under this Agreement without the prior written consent of the Agent.
12.2   The Agent reserves the right to disclose to a potential assignee or transferee or to any other person who may propose entering into contractual relations with the Agent in relation to this Agreement such information about the Principal as the Agent may consider appropriate.


This Agreement may be amended without the prior consent of the Principal. However, the Principal will be notified via any medium deemed fit by the Agent


14.1   Investments by the Principal hereunder shall be made:
  (a) in the case of a Investment Amount, in the currency in which the Account is opened by the Principal
  (b) in the case of any cost, expense or tax, in the currency in which such cost, expense or tax was incurred;
  (c) in the case of any fee or other amount, in the currency in which such fee or other amount is expressed to be payable.
14.2   If any sum due from the Principal pursuant to this Agreement o (Sum) or any order or judgement given or made in relation to a Sum has to be converted from the currency in which the Sum is payable (First Currency) into another currency (Second Currency) for the purpose of
(i) making or filing a claim or proof against the Principal,
(ii) obtaining an order or judgement in any court or other tribunal or
(iii) enforcing any order or judgement given or made in relation hereto, the Principal shall as an independent obligation indemnify and hold harmless the Agent from and against any loss suffered as a result of any discrepancy between
(a) the rate of exchange used for such purpose to convert the Sum from the First Currency into the Second Currency and
(b) the rate or rates of exchange at which the Agent may in the ordinary course of business purchase the First Currency with the Second Currency upon receipt by it of the Sum.


This Agreement may be executed in any number of counterparts, which together shall form one and the same Agreement.


This Agreement shall continue with full force and effect until terminated by either Party which, in the case of the Agent, shall be by email notification via BankNET/Online Banking and in the case of the Principal will always be as a result of withdrawal of all funds from the Account.


17.1   Profit = Investment Amount x Profit Accrual Period x Expected Profit Rate
17.2   Investment Slabs
17.2.1 AED 5,000 to AED 50,000;
17.2.2 AED 50,001 to AED 3,500,000;
17.2.3 AED 3,500,001 to AED 25,000,000;
17.2.4 > AED 25,000,001
17.3   The Expected Profit for each Investment Slab (as amended from time to time) will be made available on Bank's website.
17.4   Subject to Clause 17.5, the Profit Accrual Period for the Account is one Quarter commencing from the 1st day of January, April, July and October
17.5   Profit shall not accrue for the following Periods / events:
17.5.1 For any part month within the relevant Calendar Quarter; or
17.5.2 For whole of the relevant Calendar Quarter if the Minimum Balance is not maintained.
17.6   Profits arising from the Account shall be credited to the Account no later than the 25th day of the month following the Quarter for which the profit is being distributed (Profit Distribution Date).
17.7   Actual Profit = Profit - Agency Fee:
Actual Profit will be disbursed into the Principal's Account in accordance with Clause (17.6)
17.8   All charges, commissions and fees are exclusive of Value Added Tax or any other similar sales tax (VAT). The Customer hereby agrees to pay an amount in respect of any applicable VAT.


This Agreement shall be governed by and construed in accordance with the laws of the Emirate of Dubai and the Federal laws of the UAE to the extent that they do not conflict with the principles & rules of Shari'a. The Parties hereby irrevocably submit to the exclusive jurisdiction of the courts of Dubai to hear and determine any suit, action or proceeding and to settle any disputes which may arise out of or in connection with this Agreement


19.1   Drawings from the Account shall be made through online access only. Online Transfers between accounts may be performed and pay orders /demand drafts may be issued;
19.2   The Principal acknowledges and accepts that no cheque book or debit card will be issued for the Account Quarterly e-statement may be provided;
19.3   The Principal will be able to deposit funds in the Account through online transfers
19.4   The Account shall be subject to a maximum number of debit transactions as determined by the Agent from time to time and if the number of debit transactions is exceeded then the entire balance in the Account for the month in which the maximum number of transactions was exceeded shall not participate in the relevant Profit Accrual Period.
19.5   Where the maximum number of transactions is exceeded in any given Accrual Period, the Agent shall charge a fee for each transaction exceeding this limit until the end of such Period.
19.6   At EIB's sole discretion the Expected Profit, minimum balance requirements, Investment Slabs, Profit Accrual Period and any other terms and conditions of the Account are subject to change at any time after seven (7) days prior notice by EIB to the Principal notifying him/her of the such changes.
19.7   The Account is subject to the EIB Banking Services terms and conditions and Online Banking (BANKNET/ONLINE BANKING) terms and conditions and in the event of a conflict between these terms and conditions and the aforementioned terms and conditions, these Account's terms and conditions shall prevail.


I/We accept and agree to the above terms and conditions by electronically accepting this Agreement and confirm that the profit on the Investment Amount, will be credited in Principal's Account on the Profit Distribution Date.