Emirates Islamic Bank, one of the leading Islamic financial institutions in the UAE, announced the launch of a four year Wakala investment option for customers, with an expected profit rate of 2.57% per annum.
Available on investment amounts ranging from Dhs100,000 to Dhs5m, Emirates Islamic Bank’s latest product closely follows the launch of the 3-year special Ramadan Wakala, that was introduced earlier this year. The four year Wakala investment option differs from conventional Wakala investments, with the profits being paid out on an annual basis to customers.
According to Sharia, a Wakala is a contract between the customer and the bank, where the bank as the Agent has the responsibility to perform a certain task (such as invest in Sharia-compliant goods and/ or financial assets) on behalf of the customer usually for payment of a fee or a commission.
“As a responsible bank focused on community-related initiatives, Emirates Islamic Bank is encouraging its customers to take advantage of such products and develop a culture of saving,” said Faisal Aqil, Deputy CEO – Consumer Wealth Management, Emirates Islamic Bank. “To this end, we are launching a variety of Sharia-compliant savings products, which we are confident will inspire greater saving trends among customers.”
While the amount invested will be for a period of four years, the profits will be paid annually to the customers.
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