Ajman Bank Upfront Profit Wakala Deposit Account

Ajman Bank Upfront Profit Wakala Deposit is an Islamic account that follows the concept of ‘wakala’ for generating profit. The account holders can avail profits in advance without having to wait until maturity. An individual needs to invest a minimum of AED 100,000 in the Upfront Profit Wakala Deposit account. Also, the funds are accepted in UAE Dirham only. The investment can be made for flexible tenures ranging from 6 months to 3 years, while the profit gets credited upfront.

Ajman Bank Upfront Profit Wakala Deposit offers withdrawal of the profit amount as per the account holder’s convenience. Like other wakala deposits, expected profit rates are calculated in this account based on the investment and tenure.

Features and Benefits of Ajman Bank Upfront Profit Wakala Deposit

Ajman Bank Upfront Profit Wakala Deposit is an Islamic account and follows the Sharia concept of ‘wakala’. The account offers numerous benefits like availing the profit beforehand, withdrawal of profit amount whenever you wish and much more. Some key features and benefits of Ajman Bank Upfront Profit Wakala Deposits are mentioned below.

• Minimum Deposit - The minimum amount required to invest in Upfront Profit Wakala Deposit is AED 100,000. 
• Flexible Tenure - Ajman Bank offers flexible tenure in Upfront Profit Wakala Deposit account. The term of investment ranges from 6 months to 3 years.
• Upfront Profit - Ajam Bank offers the facility of availing profit in advance. An individual can avail the profit amount right away without having to wait till the tenure ends.
• Profit calculation - The profits in Upfront Profit Wakala Deposit is calculated on the expected profit rates for a set tenure and the initial amount invested.
• Convenient Profit withdrawal - Ajman Bank provides a convenient way for the withdrawal of profits. An individual can transfer the profits to any of his/her accounts anytime.
• Sharia-compliant - Upfront Profit Wakala Deposit is a Sharia-compliant Islamic account and follows the concept of wakala for gaining profits. 
• No Foreign Currency accepted - The Upfront Profit Wakala Deposit account does not accept foreign currencies and is available in UAE Dirham only. 
• Additional Benefits - Ajman Bank also provides an additional current account without any minimum balance requirement and also offers a free debit card to access the funds while on the go.

No Charges or Rewards on Ajman Bank Upfront Profit Wakala Deposit

There are no charges applicable or rewards offered on Ajman Bank Upfront Profit Wakala Deposits.

• No Relationship Charges - A relationship manager is not included in the benefits of the account; thus, no relationship charges are levied on the Ajman Bank Upfront Profit Wakala Deposit account. 
• No Monthly Charges - The bank does not charge any monthly or annual maintenance fee on the Upfront Profit Wakala Deposit account. 
• No Rewards - Ajman Bank does not offer any rewards on the Upfront Profit Wakala Deposit account. 

Eligibility Criteria for Ajman Bank Upfront Profit Wakala Deposit  

An individual needs to fulfil certain eligibility criteria to apply for an Upfront Profit Wakala Deposit account. Following are the basic eligibility criteria to open the account:

• Initial Deposits - An individual needs to invest a minimum of AED 100,000 for opening this account.
• Nationality - Both UAE nationals and expatriates are eligible to open Ajman Bank Upfront Profit Wakala Deposit. However, the expatriates are required to present visa details at the time of application.
• Original Documents - Ajman Bank, at its discretion, may ask for original documents to verify details furnished in the application form.

Documents Required to apply for Ajman Bank Upfront Profit Wakala Deposit Account

An individual needs to submit a few specific documents at the time of opening an Upfront Profit Wakala Deposit account. Ajman Bank may ask for additional documents at its sole discretion during the account opening process. Following is the list of documents required to open Ajman Bank Upfront Profit Wakala Deposit Account.

• Account Opening Form - A duly filled account opening application form will be required at the time of opening the account. An individual can fetch the application form from the official website of Ajman Bank or from the nearest branch.
• Wakala Deposit Agreement - Along with the account opening form, an individual will have to submit the duly signed Upfront Profit Wakala Deposit agreement. 
• Valid Emirates ID - Both UAE nationals and expatriates need to submit a copy of Emirates ID. The bank may ask for the original Emirates ID for validation.
• Valid Passport- A valid passport will be required for both UAE nationals and expatriates. In addition, the expatriates are required to submit the visa page mandatorily.

How to apply for Ajman Bank Upfront Profit Wakala Deposits? 

The application process to open the Upfront Profit Wakala Deposit account is very easy and convenient. An individual can visit the nearest  branch or apply on the bank’s website for opening an account. Below is the rundown of various ways to apply.

• Online Mode - An individual can visit the official website of Ajman Bank and select the Upfront Profit Wakala Deposit account in the ‘account type’. He/She needs to fill in all the details along with the online banking agreement form.
• Offline Mode - An individual can also visit the nearest branch of Ajman Bank and fill the application form and sign the agreement as instructed by the banking personnel.

Frequently Asked Questions 

Q1: What is Ajman Bank Upfront Profit Wakala Deposit account?

Ans: The Upfront Profit Wakala deposit account offers an advance profit on investment where the investor can avail the profit amount and get it transferred to any of his/her accounts immediately.

Q2: How does Ajman Bank Upfront Profit Wakala Deposit work?

Ans: The Upfront Profit Wakala Deposit works by providing advance profit rates to the account holder. An expected profit rate is calculated on the initial amount and the tenure of investment.

Q3: What is the minimum amount of investment required to open Ajman Bank Upfront Profit Wakala Deposit account?

Ans: The minimum amount required to open an Upfront Profit Wakala Deposit account in Ajman Bank is AED 100,000. 

Q4: What is the term of investment in Ajman Bank Upfront Profit Wakala Deposits?

Ans: Ajman Bank offers a flexible tenure of investment ranging from 6 months to 3 years. The account holder is free to choose the duration according to his/her convenience.

Q5: When can I withdraw profits from the Upfront Profit Wakala Deposit account?

Ans: An individual can withdraw the profit amount after the calculation of expected profits and get it credited to any of his/her accounts. 

Q6: Does Ajman Bank accept foreign currencies for Upfront Profit Wakala Deposits? 

Ans: No, Ajman Bank accepts only UAE Dirham to open an Upfront Profit Wakala Deposit account. 

Q7: Can an expatriate apply for Ajman Bank Upfront Profit Wakala Deposit account?

Ans: Yes, an expatriate can also apply for the Upfront Profit Wakala Deposit account. However, he/she needs to submit the visa details mandatorily.

Q8: Is the Upfront Profit Wakala Deposit account Sharia-compliant?

Ans: Yes, the Upfront Profit Wakala Deposits are Sharia-compliant and follows the concept of ‘wakala’.