Emirates NBD Wakala Deposit Account

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Emirates NBD Wakala Deposit is an Islamic bank account in which the customer authorises the bank (Wakil) to invest funds in Sharia-approved profit generating activities. The bank, in return, provides expected profit rates based on the initial amount and the tenure of investment. With a wide range of services under its exclusive Islamic banking window, Emirates NBD Wakala Deposit offers secure banking and healthy profit.

Emirates NBD Wakala Deposits provides a flexible tenure of up to 12 months with a minimum deposit requirement of AED 4 million. The investment can be made in AED and USD. In addition, the account is available for both individuals and non-individuals (business entities).

Feature and Benefits of Emirates NBD Wakala Deposit Account

Emirates NBD Wakala Deposit offers services through a dedicated Islamic banking channel known as Emirates Islamic or AWAI. Moreover, the bank is one of the most significant financial institutions in the region with more than 190 branches and 690 digital kiosks. Given below are some of the key features and benefits of the Emirates NBD Wakala Deposit Account.

  1. Flexible Tenure of Investment - Emirates NBD offers flexible tenure of investment on Wakala Deposits for 1, 3, 6, 9, and 12 months. The investors get the freedom to choose the term of the investment as per their suitability.
  2. Sharia-Compliant Account - Emirates NBD Wakala Deposit account is completely sharia-compliant, where the investor (the customer) gives authority to the wakil (the bank) to invest the funds in Sharia approved profit-making activities.
  3. Expected Profit Rate - The bank offers an expected profit rate that is paid at the end of maturity. The profit rates are calculated on the initial investment amount and the duration for which the funds are deposited.
  4. Available in Foreign Currency - Emirates NBD Wakala Deposit account accepts USD apart from UAE Dirham, making it easier for both UAE residents and non-resident to open the Wakala Deposit account.
  5. No Premature Closure - Emirates NBD does not allow premature closure of Wakala Deposit accounts.
  6. No Partial Withdrawal Allowed - Emirates NBD does not allow partial withdrawal from the Wakala Deposit account. The amount including the profit is paid out at the time of maturity.
  7. Available for Individuals and Non-Individuals - Emirates NBD Wakala Deposit accounts are available for both individuals (citizens) and non-individuals (business entities).
    - Professional Team to Manage Funds - With a large investment in Wakala Deposits, Emirates NBD manages your funds with a team of professionals who invest in Sharia-compliant profit-generating assets, ensuring the security of your funds and peace of mind.

Eligibility Criteria to Apply for Emirates NBD Wakala Deposit Account

The customers need to fulfil certain eligibility criteria to open a Wakala Deposit account. Following are some basic eligibility requirements to open an Emirates NBD Wakala Deposit account.

● Minimum Deposits - A minimum deposit of AED 4 million or USD 1 million is required to open an Emirates NBD Wakala Deposit account.

● Nationality - Both residents and non-residents of UAE along with GCC Nationals are eligible to apply for the Emirates NBD Wakala Deposit account.

● Individual Type - Both individuals (citizens) and non-individuals (business entities) can open a Wakala Deposit account.

Documents Required to Open a Wakala Deposit Account in Emirates NBD

Below is the list of documents required to open an Emirates NBD Wakala Deposit account.

Individual Type Documents Required
UAE National/Resident

● Original and copy of Emirates ID for the records

● A copy of the passport ● A copy of the salary transfer letter or appointment letter

Non-Resident of UAE ● An original and copy of valid passport ● Latest utility bill ● Latest bank statement ● Residence address as per the home country record
GCC National ● An original and copy of valid passport ● An original and copy of the work permit or labour ID or ● A valid UAE National ID
Illiterates ● Two passport size photograph

Non-Individuals (Business Entities)

● A commercial or federal registration certificate ● A business commencement certificate (for joint-stock companies) ● Power of Attorney (if Applicable) ● A copy of passport of the authorised signatories ● BOD resolution that specifies the title and designation of the official who is opening the account ● Additional documents regarding business activity may be required as per the sole discretion of the bank
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Note: The bank may ask for additional documents at its sole discretion to open the bank account.

How to open an Emirates NBD Wakala Deposit Account?

Opening a Wakala Deposit account in Emirates NBD is a convenient process. An individual willing to apply for the account can visit the nearest branch or log in to Emirates NBD’s official portal. Once the application process is complete, the account gets activated within two working days. Given below are the ways to open an Emirates NBD Wakala Deposit account.

● Opening Emirates NBD Wakala Deposit Online - An individual can visit the website of Emirates NBD and apply online. Subsequently, the individual has to fill in personal details and the bank representative will contact him/her for further account opening process.

● Opening Emirates NBD Wakala Deposit Offline - An individual can also visit the nearest branch of Emirates NBD along with all the prerequisite documents. The banking personnel will guide him/her through the application process.

Frequently Asked Questions

Q1: What is a Wakala Deposit account?

Ans: A Wakala Deposit account is a Sharia-compliant Islamic account, where the customer (investor) authorises the Wakil (the bank) to invest the funds and earn profit through Sharia-approved activities.

Q2: What are the currencies accepted in the Emirates NBD Wakala Deposit account?

Ans: Emirates NBD Wakala Deposit accepts currencies in UAE Dirham (AED) and US Dollars (USD).

Q3: What is the minimum deposit required to open an Emirates NBD Wakala Deposit account?

Ans: It requires a minimum deposit of AED 4 million or USD 1 million to open a Wakala Deposit account.

Q4: How is the profit rate calculated on investment in the Emirates NBD Wakala Deposit account?

Ans: Expected profit rates are provided to the customers at the time of fund deposits. These profit rates are calculated based on the amount of investment and the tenure for which it is invested.

Q5: What is the term of investment for the Emirates NBD Wakala Deposit account?

 Ans: Emirates NBD offers a flexible term of investment on its Wakala Deposit account that ranges from 1 month to 12 months.

Q6: Can I withdraw a partial amount from my Wakala Deposits in Emirates NBD?

Ans: No, partial withdrawals are not allowed in Emirates NBD Wakala Deposit account.

Q7: Can I withdraw my funds before maturity from the Emirates NBD Wakala Deposit account?

Ans: No, you cannot withdraw funds from the Wakala Deposit account prematurely. The principal and the profit amount will be paid only after the maturity period.