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Wakala is a delegated authority where you, as the principal account holder, allow the bank to invest your money in a Shari’a-compliant avenue. A Wakala deposit account combines the benefits of deposit and investments to increase your earnings. With Dubai Islamic Bank's long-term Wakala deposit (3 years), you can maximize the profits earned on your deposits.
At the time of opening the DIB Long-term Wakala deposit account (3 years), the bank informs you about the expected returns based on previous years’ market performance. Even though the market may change which may slightly increase or reduce your returns, usually you receive the expected payout at the end of the tenure. The expected payoff allows you to plan your future better.
Since the bank invests your deposits in the Dubai Islamic Bank Long-term Wakala deposit account (3 years) to the stock market, you may end up making higher profits. A fixed deposit fixes and restricts your returns by minimizing the risks and thus minimizing the profits. Experts believe that one of the major causes for reduced income is the fear of taking risks. They suggest that taking risks is scary but beneficial as well. Besides, this risk is minimized if you stay in the market for longer-term and withdraw just at the right time. The bank takes calculated risks to cautiously invest your DIB Long-term Wakala deposits (3 years) to enhance returns. To earn more, you need to take more risks.
With a DIB Long-term Wakala Deposit account (3 years), you receive a free credit card which is accepted worldwide. This card comes with numerous benefits such as roadside assistance and credit shield cover. You also receive multiple discounts and cashback which enhance your shopping experience. Besides, you also receive instant enrollment to DIB’s Wala’a Dirhams loyalty program. On every monthly credit card payment, you receive 100 Wala’a Dirham and on making 2 or more credit card payments in a month, you earn 200 Wala’a Dirham. Besides, you also become eligible to earn Wala’a Dirham on your Wakala deposits, savings account, current account, and other transactions. With a Long-term Wakala deposit account (3 years), you can earn up to 8,000 Wala’a Dirham at the deposit of 1 million or above. The value of 1 Wala’a Dirham is equivalent to AED 1. You can use Wala’a Dirham to pay your DEWA bills. You can use up to AED 100 for every DEWA bill payment.
The bank invests your deposits to earn profits. Since the bank can invest your deposit further, it does not charge you any monthly or annual account maintenance fee on Long-Term Wakala deposit account (3 years) allowing you to save more money and augment your earnings.
When the tenure of your DIB Long-term Wakala Deposit account (3 years) comes culminates, the bank allows you the option to reinvest your principal and interest to the Wakala deposit account. Such an opportunity for reinvestment ensures that you make the most of your earnings and maximize your profits.
The rate of interest on Dubai Islamic Bank Long-term Wakala Deposit (3 years) is expected to be 1.25% per annum. For a 3-year plan, you can earn interest up to 3.75%
|Penalty in case of premature liquidation|
|Deposit liquidation in < 6 Months||100% of Wakala Profit|
|Deposit liquidation in >= 6 months < 12 Months||75% of Wakala Profit|
|Deposit liquidation in >= 12 Months < 24 Months||50% of Wakala Profit|
|Deposit liquidation in >= 12 Months < 24 Months||40% of Wakala Profit|
|Deposit liquidation in >= 12 Months < 24 Months||30% of Wakala Profit|
|Deposit liquidation in >= 48 Months < 60 Months||20% of Wakala Profit|
|Processing Fee for due diligence and documentation against Investment / Wakala Deposit||Between AED 315 and AED 1,050|
The minimum amount you require depositing to open a DIB Long-term Wakala Deposit account is AED 25,000.
DIB Long-term Wakala Deposit account (3 years) accepts only AED currency. In case you need to open an account using USD currency, consider the USD Wakala deposit account.
You are eligible to open a DIB Long-term Wakala Deposit account (3 years) if you are a UAE resident or National aged above 18 and deposit the minimum required balance amount.
To open a DIB Long-term Wakala Deposit account (3 years) you require:
Please note that the bank may demand other or more documents to verify and open your DIB Long-term Wakala Deposit account.
To open a DIB Long-term Wakala Deposit account (3 years), you can choose offline or online mode.
To open an account offline:
You may also choose an online platform to open the account:
You can also use the online booking facility to comfortably open an account from your home.
Alternatively, you can also choose policybazaar.ae to open the account:
Q1: Is a Long-term Wakala Deposit account (3 Years) Shari’a compliant?
Ans: Yes, the Long-term Wakala Deposit account (3 years) is Shari’a compliant and the investment of the deposit is subjected to Shari’a principles. These principles apply to investment under the Wakala contract.
Q2: Can I withdraw the money before the end of the tenure?
Ans: Yes, you can withdraw the money before the end of the tenure. However, you will be liable to pay a penalty as per the aforementioned prices. (Please refer to fee and charges section)