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Amplify your savings Amplify your savings
People, Person, Adult
  1. Deposits
  2. Saadiq Wakalah Islamic Fixed Deposit Account

Wakalah Fixed Deposits

Amplify your savings with our Saadiq Wakalah Fixed Deposit and support your financial dreams

Benefits of Wakalah Fixed Deposit Account

  • Earn
    Attractive returns

    on your savings

  • Start with
    AED 25,000

    only

  • Choose
    1 to 36 months

    tenure

  • Option to
    renew

    upon maturity

Features of Wakalah Fixed Deposit Account

Flexible deposit tenures

Choose from a minimum tenure of 1 month to a maximum of 36 months. T&Cs apply.

Convenient Banking

Free, 24-hour banking. Online banking and mobile banking allows you to manage your money and complete transactions anywhere in the world, anytime.

Competitive Profit Rates on Wakalah Deposits

Wakalah Deposit offers a Shariah-compliant investment opportunity with a competitive profit rate for our valued clients. With Wakalah, depositors appoint the bank as their agent to invest funds in profitable ventures, ensuring returns are aligned with Islamic principles.

Reinvest upon maturity

Continue to grow your investments for a longer period by choosing to renew your deposits

Application Eligibility

  • Minimum 18 years old

Documents Required

  • Passport
  • Emirates ID
  • Resident Visa

Application Eligibility

  • Minimum 18 years old

Documents Required

  • Passport
  • Bank Statements
  • Proof of Address

  • Minimum Deposit Amount is AED 25,000 or equivalent in foreign currency
  • Minimum tenor is 1 month, and Maximum tenor is 3 years.
  • On early withdrawal the Client will receive up to the anticipated profit rate for the number of days that the deposit was held. The profit calculation is subject to the Wakalah Terms. However, this is subject to a minimum deposit period of 30 days. For withdrawals made before 30 days have elapsed, no profit will be payable and only the principal will be returned.

FAQs

  • What is the underlying Islamic concept used for Saadiq Wakalah Fixed Deposit Account?

    The concept of Wakalah (Agency) is used to offer this product. Saadiq Wakalah Fixed Deposit Account is based on the product structure of Wakalah (Agency). Wakalah means an act of one person (Muwakkil) who appoints another party (Wakil) as one’s representative to handle one’s affairs.

  • How does Saadiq Wakalah Fixed Deposit Account work?

    The client provides funds to the bank and the funds are then invested by the Bank as the Client’s Wakeel (Agent) in Islamic assets. The anticipated profit rate agreed upon with the Client, and any return which is generated above the agreed rate is the Bank’s income.

  • Did the Shariah Board of Standard Chartered UAE approve Saadiq Wakalah Fixed Deposit Account?

    Yes, the Saadiq Wakalah Fixed Deposit Account is approved by the Standard Chartered UAE Internal Shariah Supervision Committee.

  • Does the Bank guarantee the profit?

    The Bank does not guarantee the profit rate; however, it will provide the anticipated profit rate to the client. This anticipated profit rate is an estimation based on the bank’s expertise and historical performance of similar investments. While the bank strives to achieve the projected returns, the actual profit may vary depending on market conditions and the performance of the underlying investments. This approach ensures transparency and aligns with Shariah principles, which prohibit guaranteed returns in profit-sharing investments.

  • What is the minimum amount required to invest in Saadiq Wakalah Fixed Deposit Account?

    To invest in the Saadiq Wakalah Fixed Deposit Account at Standard Chartered Bank, a minimum amount of AED 25,000 or its equivalent in other currencies is required. This investment threshold ensures that clients can benefit from the competitive profit rates and Shariah-compliant financial solutions offered through the Wakalah arrangement. By meeting this minimum requirement, depositors can take advantage of the bank’s expertise in managing and investing funds in ethical and profitable ventures, aligning with Islamic principles and enhancing their financial growth.

  • What are the currencies available to invest in Saadiq Wakalah Deposit Account?

    The Saadiq Wakalah Deposit Account at Standard Chartered Bank offers investment opportunities in four major currencies: USD, EUR, GBP, and AED. This diversity allows clients to choose a currency that aligns with their investment strategy and financial goals.  Each currency option ensures that your investments are managed with the same commitment to Shariah compliance and ethical banking practices, allowing you to grow your wealth in a manner consistent with Islamic principles.

  • Is there any penalty if the Client wants to do an early upliftment?

    No, there is no penalty charged for early upliftment of a Wakalah Deposit at Standard Chartered Bank. Clients have the flexibility to access their funds when needed without incurring any additional fees or penalties. This policy reflects our commitment to providing customer-centric financial solutions that cater to the varying needs and circumstances of our clients. It ensures that clients can maintain liquidity and financial flexibility, allowing them to manage their finances more effectively and with greater peace of mind.

  • What profit will the Client get for early upliftment?

    When a client opts for early upliftment of their Wakalah Deposit, the profit they will receive is adjusted based on the duration for which the deposit was held. Specifically, the client will be entitled to a profit calculated up to the anticipated profit rate, proportionate to the number of days the funds remained deposited. This means that the profit is accrued daily, and upon early withdrawal, the client will receive a sum that reflects the exact period the deposit was active, ensuring a fair and transparent calculation. This approach ensures that clients still benefit from their investment, even if they need to access their funds before the maturity date

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Disclaimer

This is to inform that by clicking on the hyperlink, you will be leaving sc.com/ae and entering a website operated by other parties.

Such links are only provided on our website for the convenience of the Client and Standard Chartered Bank does not control or endorse such websites, and is not responsible for their contents.

The use of such website is also subject to the terms of use and other terms and guidelines, if any, contained within each such website. In the event that any of the terms contained herein conflict with the terms of use or other terms and guidelines contained within any such website, then the terms of use and other terms and guidelines for such website shall prevail.

Thank you for visiting sc.com/ae

 

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