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When it comes to ensuring that your
liquid assets are invested in an ethical and interest free manner we're the
experts. If you're looking for a higher profit rate and more flexibility apply
for our Wakala Treasury Deposit account.
To open a Wakala Treasury Deposit account you will need to have opened a
Current Account with us
How the Wakala Treasury Deposit Account Works
The account is operated under the Islamic Finance principle of Wakala which
is an “agency agreement” where we would act as the agent to achieve an agreed
expected rate of profit for an agreed number of days. As an agent we will
monitor the investment very closely on a daily basis to make sure that we
achieve the expected profit rate agreed with the client. If at any point (for
any reason), we are not able to achieve the expected profit rate, we will
terminate the agreement and will return the deposit plus the profit accrued on
the deposit up until the date of termination. This process minimises the risk to
your investment, as a reduction in returns below the agreed profit rate will
result in termination of the agreement. However, you will still benefit from the
profit accrued up until that point.
Features and Benefits
- A minimum deposit of £50,000 is required.
- Available in Pounds Sterling, US Dollars, and Euros (the minimum
requirements for “foreign currency deposits” should be the equivalent value of
£50,000 depending on the currency exchange rate on the date of the deposit)
- Competitive Halal profit rates on your savings.
- Profits are paid on maturity.
- Profit will be paid gross.
- Funds must be available in the nominated account at the time of agreeing the
rate and term of the deposit. Deposits may be made into the nominated account by
cheque or by direct account transfer.
- Available to Personal customers, Businesses, Charities, and
Masjids.
- You will not be able to terminate the agreement, add or withdraw funds
before the maturity date.
- The money will be invested only in Sharia’a compliant investments.
- This account has been approved by our Sharia’a Supervisory
Committee.
To open an
account or for more information click here
Alternatively, please call our Treasury Dealing Team from Monday to Friday
9am to 5pm on 0121 452 7331.
Sharia'a Approval - Certificate of Endorsement
Our Wakala Treasury Deposit Account has been approved by
our Sharia'a Supervisory Committee.
Certificate of
Approval for the Wakala Treasury Deposit account |
