Booster Wakala Booster Wakala

Booster Wakala Deposit

Earn expected profit rate up to 3.25% p.a.

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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 3.00% 3.05%
Quarterly 3.05% 3.10%
Half-Yearly 3.10% 3.15%
Yearly 3.25% 3.25%
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.

*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.

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

  • A Conventional Bank is a financial body which receives money from the depositors against a rate of interest and offers liquidity to borrowers against interest. It operates on an interest-based system and is governed by conventional banking laws.
  • An Islamic Bank is a financial body which executes Shariah-compliant commercial contracts like sale, leasing, and construction. It operates on a risk, profit-sharing and trade-based system and is governed by Islamic Banking laws under the supervision of the Internal Shariah Supervision Committee.

  • In Conventional Banking, Savings Accounts and Fixed Deposits (FDs) are types of accounts that pay a predetermined interest rate over a predetermined period of time. Depositors in conventional banks receive Interest on their investments at predetermined rates, regardless of the bank’s performance.
  • In Islamic Banking, depositors earn returns based on the bank’s actual performance. Unlike Conventional Banks, an Islamic Bank acts as an intermediary between the depositor and the party being financed. As such, Islamic banks declare their profits on a monthly-basis under a profit/risk-sharing scheme known as the “Mudaraba or Wakala Scheme”.

  • Interest is a fixed return on a specific sum of money invested over a predetermined period of time (not permissible as per Shariah.).
  • Profit is an undetermined return on a specific sum of money invested over a predetermined period of time. It may vary from month to month, directly depending on the bank’s actual performance (permissible as per Shariah.).
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