When we think of saving money and earning a profit on that earning, the first option that comes to our mind is by opening a fixed deposit or a recurring deposit account. A fixed deposit requires you to deposit the funds at once, while a recurring deposit account allows you to deposit some amount monthly. However, the interest rate offered on the two accounts is usually the same. Dubai Islamic Bank USD Wakala deposit account combines the benefits of a recurring deposit account and investment account to augment your finances and let you earn more on your funds. It is a unique Wakala account that accepts USD currency for fund deposits.
When you sign up for a Wakala deposit account, you allow your bank to invest the funds deposited in your account to Shari’a compliant market. The bank invests your money in the market and shares the profits earned on your deposits with you.
Imagine! If you knew your future, you would have been able to plan your investments better. But, unless someone invents the time machine to travel to the future, you can rely on, Dubai Islamic Bank to help you to make your financial decision by estimating the expected returns on your USD Wakala deposit account based on past performances. This gives you a better idea of your financial growth during the tenure.
The prospects of changing fortunes always entice us to invest in the market. However, the fear of losing money prevents many from investing in the market directly. Using the DIB USD Wakala Deposit account, you can invest your funds in the market indirectly to earn higher profits. Since the bank is the direct investor, in this case, your financial interests are safeguarded by banks guaranteeing 0% loss on your principal amount. In the worst-case scenario, you may not be able to earn any profits but your principal amount will remain unaffected. Besides, the experts in DIB possessing years of experience in the market deal with the investments ensuring higher earnings for you at lower risk. Also, the reinvestment opportunity available on your DIB USD Wakala Deposit account allows you to expand the earnings on the invested amount.
With the DIB USD Wakala Deposit account, you receive the opportunity to reinvest your principal and interest amount in the Wakala deposit account. You can use this option to mitigate your finances, in case you earn low profits or earn more interest on your funds.
Unlike many other high-interest accounts, the DIB USD Wakala Deposit account is a flexible account that allows you to choose the tenure of your investment. You can select from 1, 3, 6, 9, or 12 months of tenure as per your preference. Besides, you do not need to deposit the entire amount at once. You can choose the monthly payment plan to develop a habit of saving some amount every month and see your money growing monthly.
DIB USD Wakala deposit account allows the bank to earn a profit on your investments. Besides, you do not receive any additional service from the bank till the culmination of the tenure. Owing to the minimum services required on this account, the bank does not charge you any maintenance fee on this account.
The rate of interest on the DIB USD Wakala deposit account is as follows:
|Month||Expected profit rate (Annual)|
Please note that the bank may change the profit rates without any prior notice
|Penalty in case of premature liquidification|
|Deposit liquidation within 30 days||100% of Wakala Profit|
|Deposit liquidation after 30 days||75% of Wakala Profit|
|Monthly Payment Wakala Deposit Penalty in case of premature liquidation||75% of Wakala Profit|
The minimum amount you need to deposit to open a DIB USD Wakala deposit account is AED 5000.
DIB USD Wakala deposit account is a special bank account that accepts payment in US Dollars. In case you need to open the Wakala account using AED, please check other accounts offered by Dubai Islamic Bank.
If you are a UAE resident or national aged 18 or above, you can open the DIB USD Wakala deposit account.
To open a DIB USD Wakala deposit account, you will require the following documents:
The above-mentioned list of documents is not exhaustive. DIB may require more or other documents to open and verify your bank account. Please confirm with the bank.
Both offline and online platform can be used to open Dubai Islamic Bank USD Wakala Deposit bank account
In case you choose to open the bank account offline:
The bank also lets you open a USD Wakala deposit account online:
You can also book a call from the bank online to receive a call back from the bank and open the account
You can also choose to avail of the facility provided by policybazaar.ae to open the DIB USD Wakala deposit account following these simple steps:
Q1: Can I withdraw the deposit before the end of the tenure?
Ans: Yes, you are permitted to withdraw the amount or close your DIB USD Wakala deposit account before the culmination of the decided tenure. However, you will require paying a penalty as per the bank’s norms (Refer to fee and charges section).