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Investment Term Deposit
The deposit Product is based on Shariah concept of Mudaraba. A profit-sharing partnership contract between the customer as a capital provider (Rab-ul-Mal) and the Bank as a fund manager (Mudareb), in a joint investment, and authorise the Bank (as Mudareb) to invest such funds on the basis of unrestricted Mudaraba contract in accordance with the principles of Shariah. The profit entitlement of the depositors under the subject account is determined in accordance with the weightages as notified by the Bank and the average balance of the deposit during the profit distribution is considered for profit distribution, and the Bank, as (Mudareb), shall be entitled to an agreed percentage of the realized net profit of the deposits. In case of any loss, the depositor (Rab-ul-Mal) shall bear a loss pro-rated against its share in the Common Pool except in cases of misconduct, negligence or breach of contract on the part of the Mudarib, in which case the Mudarib shall bear the loss.
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Booster Wakala Deposit
The deposit Product is based on Shariah concept of Investment Wakala. where you (as principal or Muwakkil) authorise the Bank (as your Wakil- “agent), to invest funds in Shariah approved financing and investment activities.
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Multi-currency Wakala Deposit
The deposit Product is based on Shariah concept of Investment Wakala. where you (as principal or Muwakkil) authorise the Bank (as your Wakil- “agent), to invest funds in Shariah approved financing and investment activities.
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Restricted Wakala Deposit
The deposit Product is based on Shariah concept of Restricted Wakala. Where you (as principal or Muwakkil) authorise the Bank (as your Wakil- “agent), to invest funds in Shariah approved leased assets.
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Recurring Wakala Deposit
The deposit Product is based on Shariah concept of Investment Wakala. where you (as principal or Muwakkil) authorise the Bank (as your Wakil- “agent), to invest funds in Shariah approved financing and investment activities.
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Shariah basis
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Mudaraba
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Wakala
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Wakala
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Wakala
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Wakala
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Investment and Management of funds
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Refer to the website for the Investment weightages
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Refer to the Wakala agreement / online terms & conditions
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Refer to the Wakala agreement
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Refer to the Wakala Agreement
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Refer to the Wakala Agreement
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Applicable for
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UAE residents
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UAE residents and non-residents and minors
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UAE residents and non-residents
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UAE residents and non-residents
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UAE residents and non-residents and minors
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Currency
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AED and USD
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AED and USD
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AED and USD (other major currencies maybe offered)
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AED and USD
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AED and USD
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Minimum Deposit Amount
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AED 10,000
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AED 25,000 up to AED 5 Million
USD 10,000 up to USD 1.5 Million
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AED 500,000
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None
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AED 500
USD 200
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Available Tenors
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3,6,9,12,24 months
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3 and 6 months
1, 2, 3, 4 and 5 years
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1 week to 5 years
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1 month, 2 months, 3 months, 6 months, 1 year, 2 years
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6 months
1, 2, 3, 4 and 5 years
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Profit payout frequency
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Actual realized profit will be paid latest by 28th of the month following each quarter or after the Emirates Islamic Asset Liabilities Committee (ALCO)
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Upfront, Monthly, Quarterly,
Half-yearly and Yearly
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Upfront, Monthly, Quarterly,
Half-yearly and Maturity
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Monthly, Quarterly,
Half-yearly and Maturity
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Maturity
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Product variants offered
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Investment Term Deposit
Flexi-Term Deposits
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NA
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NA
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NA
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NA
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Expected Profit rate (indicative)*
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Tenure
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AED
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USD
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3 months
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0.45% - 0.75%
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0.25% - 0.30%
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6 months
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0.50% - 0.70%
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0.30% - 0.35%
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9 months
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0.55% - 0.65%
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0.30% - 0.40%
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1 year
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0.60% - 1.05%
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0.40% - 0.55%
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2 years
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0.75% - 0.95%
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0.55% - 0.60%
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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: Common Mudaraba Pool (PDF)
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Applicable: For the latest expected profit rates, please visit our website for up-to-date information.
While accepting the deposit, the Bank may provide an expected profit rate that may be generated on the deposit amount provided by you, based on its historical profit generated by the Common Pool or portfolio. EI (as Wakil- “agent) cannot undertake fixed profit rate nor guarantee any minimum investment profit rate as expected. Any profit earned on the Wakala capital in excess of the expected profit rate shall be for the Bank as incentive. Any loss sustained by the Wakala investment shall be borne by the Depositor (as Muwakkil) unless it is proven that EI (as Wakil) had been negligent or had breached the terms of agreement.
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Applicable: please contact your RM or Branch for expected profit rate.
While accepting the deposit, the Bank may provide an expected profit rate that may be generated on the deposit amount provided by you, based on its historical profit generated by the Common Pool or portfolio. EI (as Wakil- “agent) cannot undertake fixed profit rate nor guarantee any minimum investment profit rate as expected. Any profit earned on the Wakala capital in excess of the expected profit rate shall be for the Bank as incentive. Any loss sustained by the Wakala investment shall solely be borne by the Depositor (as Muwakkil) unless it is proven that EI (as Wakil) had been negligent or had breached the terms of agreement.
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Applicable: please contact your RM or Branch for expected profit rate.
While accepting the deposit, the Bank may provide an expected profit rate that may be generated on the deposit amount provided by you, EI (as Wakil- “agent) cannot undertake fixed profit rate nor guarantee any minimum investment profit rate as expected. Any profit earned on the Wakala capital in excess of the expected profit rate shall be for the Bank as incentive. Any loss sustained by the Wakala investment shall solely be borne by the Depositor (as Muwakkil) unless it is proven that EI (as Wakil) had been negligent or had breached the terms of agreement.
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Applicable: For the latest expected profit rates, please visit our website for up-to-date information.
While accepting the deposit, the Bank may provide an expected profit rate that may be generated on the deposit amount provided by you, based on its historical profit generated by the Common Pool or portfolio. EI (as Wakil- “agent) cannot undertake fixed profit rate nor guarantee any minimum investment profit rate as expected. Any profit earned on the Wakala capital in excess of the expected profit rate shall be for the Bank as incentive. Any loss sustained by the Wakala investment shall solely be borne by the Depositor (as Muwakkil) unless it is proven that EI (as Wakil) had been negligent or had breached the terms of agreement.
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Calculation Methodology
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Deposit Amount * Expected Profit Rate * no. of days (based on tenor) / 365 days
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Deposit Amount * Expected Profit Rate * no. of days (based on tenor) / 365 days or 366 days in case of leap year
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Deposit Amount * Expected Profit Rate * no. of days (based on tenor) / 360 days
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Deposit Amount * Expected Profit Rate * no. of days (based on tenor) / 360 days
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Deposit Amount * Expected Profit Rate * no. of days (based on tenor) / 360 days
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Redeeming a fixed deposit prior to maturity
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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
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Withdrawal Between 0- 3 Months
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Withdrawal Between 3- 9 Months
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Savings profit rate declared for the concerned quarter(s) for each completed calendar month.
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3 Months Investment Term Deposit profit rate declared for the respective calendar quarter(s) plus Savings profit rate for each subsequent calendar month completed.
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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.
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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 expected profit rate. Any profits already paid will be recalculated and deducted from the principal.
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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 expected profit rate. Any profits already paid will be recalculated and deducted from the principal.
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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 expected profit rate. Any profits already paid will be recalculated and deducted from the principal.
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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 expected profit rate. Any profits already paid will be recalculated and deducted from the principal.
Note: In case you miss one of your monthly installments, the Bank will not recover that installment from your designated current or savings account for that missed month and your principal at the time of maturity will be reduced accordingly based on the missed month(s)
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