Key Fact Statement (KFS) – Term Deposits

Click here to open the KFS pdf document for signature

This product is a term deposit account that provides returns on the funds you place with us for a speciﬁc period. This KFS provides the key product features,indicative information about the features, proﬁt, fees and charges of this product. You need to have a current or savings account linked to the Deposit.

Product Information

Investment Term Deposit

A proﬁt-sharing partnership contract between you as a capital provider (Rab-ul-Mal) and the Bank as a fund manager (Mudareb), in a joint investment.

Booster Wakala Deposit

An agreement where you authorise the Bank as your Wakil- “agent, to invest funds in Shariah approved activities for proﬁt.

Multi-currency Wakala Deposit

An agreement where you authorise the Bank as your Wakil “agent, to invest funds in Shariah approved activities for proﬁt.

Shariah basis

Mudaraba

Wakala

Investment and Management of funds

Refer to the website for the Investment weightages

Refer to the Wakala agreement / online terms & conditions

Refer to the Wakala agreement

Applicable for

UAE residents

UAE residents and non-residents and minors

UAE residents and non-residents

Currency

AED and USD

AED and USD (other major currencies maybe offered)

Minimum Deposit Amount

AED 10,000

AED 25,000 up to AED 5 Million
USD 10,000 up to USD 1.5 Million

AED 500,000

Available Tenors

3,6,9,12,24 months

3 and 6 months
1, 2, 3, 4 and 5 years

1 week to 5 years

Profit payout frequency

Actual realized profit will be paid latest by 28th of the month following each quarter or after the Emirates Islamic Asset Liabilities Committee (ALCO)

Upfront, Monthly, Quarterly,
Half-yearly and Yearly

Upfront, Monthly, Quarterly,
Half-yearly and Maturity

Product variants offered

Investment Term Deposit
Flexi-Term Deposits

Expected Proﬁt rate (indicative)*

Tenure	AED	USD
3 months	0.45% - 0.75%	0.25% - 0.30%
6 months	0.50% - 0.70%	0.30% - 0.35%
9 months	0.55% - 0.65%	0.30% - 0.40%
1 year	0.60% - 1.05%	0.40% - 0.55%
2 years	0.75% - 0.95%	0.55% - 0.60%

Proﬁt rates are indicative and based on the previous rates declared

Profit rates published for previous quarters are not guaranteed.

Please refer to following link for details on participating factors on Common Mudaraba Pool: https://www.emiratesislamic.ae/-/media/ei/pdfs/general/ei_mudaraba_pool.pdf

Applicable: For the latest expected profit rates, please visit our website for up-to-date information.

Applicable: please contact your RM or Branch for expected profit rate.

Redeeming a fixed deposit prior to maturity

For Investment Term Deposits

In case of early redemption before the maturity date the prevailing Savings account profit rate shall be applied. Any profits paid will be recalculated and deducted from the principal.

For Flexi-Term Deposits

Withdrawal Between 0- 3 Months	Withdrawal Between 3- 9 Months
Savings profit rate declared for the concerned quarter(s) for each completed calendar month.	3 Months Investment Term Deposit profit rate declared for the respective calendar quarter(s) plus Savings profit rate for each subsequent calendar month completed.

Note: Profit adjustments will be done to the profit already paid based on previous quarters 9 months "Flexi" profit rate already credited to the customer's account to arrive at the final payment.

In the event of early redemption, the profit rate applicable to the Investment Savings Account prevailing at the time of redemption shall be applied to deposit for the actual period it was maintained, regardless of the originally agreed profit rate. Any profits already paid will be recalculated and deducted from the principal.

* Profit rates (where applicable) are subject to change. Please refer to the website for the latest, declared profit rates.

Additional Information
Bank, without referring to the Customer, may debit the Customer's accounts with any charges, expenses, or commission payable against the banking services rendered in accordance with the approved and announced banking charges and commissions.
Bank may from time to time, and at its sole discretion, change or amend any of the Terms and Conditions pertaining to this product. Such changes will be communicated to you with a 60-day prior notice.
At the time of booking the Term Deposit, where automatic renewal facility is provided, you have a choice to either automatically renew the deposit or have the amount credited to the linked Bank account upon maturity.
The Bank's Terms and Conditions (including any relevant applications and documents) shall be read and implemented in line with this KFS.
You can contact the Bank for any enquiries, assistance or complaints at any of its branches or by visiting its website https://www.emiratesislamic.ae/

Warning
You are required to provide the Bank with copies of your updated documents at all times (Emirates ID, Passport, Visa, Trade License, etc.) Not providing these documents might result in the charges, transactions being restricted, account being blocked, or account being closed.
In case your Term Deposit is placed under lien for a finance or other credit product, you will be unable to access funds till the finance or credit product is closed.
In the event of your failure to meet our terms and conditions before and during your relationship with us, there will be consequences which may include restriction, blockage or closure of your account.
Important link
For Key Fact Statement and other important information visit (https://www.emiratesislamic.ae/en/key-information/)

Key Fact Statement (KFS) – Term Deposits

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