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 cent per annum.
Available on investment amounts ranging from AED100,000 to AED 5 million, 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.
About Emirates Islamic Bank :
Established in 2004, Emirates Islamic Bank opened its doors with the clear goal of offering discerning customers Islamic finance solutions. Combining the best in Shari’a compliant services with the strongest levels of customer care and efficiency, the bank has established itself as a major player in the highly competitive financial services sector in the UAE. Offering products and services developed on the highest ethical standards, it gives customers the transparency they seek in a strong, honest financial partner.
Emirates Islamic Bank offers a comprehensive range of products and services across the Retail, Corporate and Investment Banking spectrum. Its network has expanded to reach 50 branches and more than 100 ATMs across the UAE. In the fast growing area of online and mobile banking, the bank has established itself as an innovator, becoming the first Islamic Bank to launch a mobile banking app and the first bank in the Middle East to launch an App on the new Windows 8 mobile platform.
Emirates Islamic Bank has received numerous accolades, both regionally and in the international arena, including recognition “Best Islamic Bank, UAE” by two extremely prestigious publications, World Finance and CFI. In 2013, the bank was recognized as a “Superbrand 2013”. In addition, it has also been recognized by Sheikh Mohamed Bin Rashid Business Award and Ethos Award for best Islamic bank for Customer Service in the UAE. These awards are recognition of the high levels of customer satisfaction as well as an acknowledgement of the bank’s strong record of performance, growth and market leading banking practices. For further information please visit www.emiratesislamicbank.ae.