Booster Wakala Deposit Account Booster Wakala Deposit Account

Booster Wakala Deposit

Grow your deposits.
Earn up to 5.00% with Booster Wakala Deposit.

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Key Benefits

Flexibility
Flexibility

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

profits
Profits

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

Check Facility
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.
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Profit Rates

Tenor Profit Payment Frequency Expected Profit Rates (p.a)
AED USD
1 Year Monthly 4.70% 4.60%
Quarterly 4.75% 4.65%
Half-Yearly 4.80% 4.70%
Yearly 5.00% 4.90%
2 Years Yearly 3.20% NA
3 Years 3.20% NA
4 Years 3.20% NA
5 Years 3.20% 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

*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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