Long-Term Wakala Deposit (3 Years)

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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.

Why you should choose a DIB Long-term Wakala deposit (3 years)?

Anticipated Returns

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.

Higher Returns

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.

Free Credit Card

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.

Zero Maintenance Fee

 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.

Reinvestment

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.

Rate of Interest

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%

Fee and Charges

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

What is the minimum deposit requirement?

The minimum amount you require depositing to open a DIB Long-term Wakala Deposit account is AED 25,000.

Currency Accepted

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.

Eligibility Criteria

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.

What documents are required for opening DIB Long-term Wakala Deposit (3-year) account?

To open a DIB Long-term Wakala Deposit account (3 years) you require:

  • Copy of Emirates ID
  • Visa
  • Passport Copy
  • Recent Salary Certificate
  • Residential Address Proof

Please note that the bank may demand other or more documents to verify and open your DIB Long-term Wakala Deposit account.

How to open a DIB Long-term Wakala Deposit account (3 years)?

To open a DIB Long-term Wakala Deposit account (3 years), you can choose offline or online mode.

To open an account offline:

  • Visit the nearest DIB branch
  • Fill in the form
  • Submit relevant documents
  • Deposit the amount

You may also choose an online platform to open the account:

  • Visit the DIB Long-term Wakala Deposit account (3 years) webpage
  • Click on apply now
  • Enter your details such as name, contact number, email ID, and salary
  • The bank will contact you 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:

  • Visit policybazaar.ae
  • Click on the accounts tab
  • Fill in the e-form 
  • Submit related documents
  • The bank will contact you and open your account

FAQs on Long-term Wakala Deposit 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)

Laxita Gautam
Laxita Gautam63 Posts

Senior Content Writer | She functions on classic British fiction, Japanese manga, and strong americanos. Laxita is tailor-made to create engaging, interactive pieces that offer simplified insights into complex subjects.