Wakala Treasury Deposit Account
With a Wakala account, IBB acts as your agent to generate profit
Wakala helps generate competitive returns for large, bespoke investments
To open a Wakala Treasury Deposit account you will need to have opened an Islamic Bank of Britain current or savings account. If you do not have a current account or savings account, you can follow this link to view the accounts we currently have on offer, or call our Customer Services team on 0845 145 1200 from Monday to Friday, 9am - 7pm and Saturday 9am - 1pm.
The account is operated under the Islamic Finance principle of Wakala which is an “agency agreement” where we act as the agent to achieve an agreed expected rate of profit for an agreed number of days. As an agent we monitor the investment on a daily basis to make sure that we achieve the expected profit rate agreed. If at any point we are not able to achieve the expected profit rate, we will terminate the agreement and return the initial deposit, plus the profit accrued up until the date of termination. This process minimises the risk to your investment.
Sharia principles mean we do not offer you interest, instead, we make Sharia compliant investments on your behalf to achieve expected profit rates. This arrangement is approved by our Sharia Supervisory Committee. You can view the Certificate of endorsement by following this link.
- A minimum deposit of £50,000 is required
- Profit paid monthly
- Available in Pounds Sterling, US Dollars, and Euros (the minimum amount for foreign currency deposits should be an equivalent value of £50,000, calculated using the currency exchange rate on the date of the deposit)
- Competitive Sharia compliant profit rates on your savings
- Profits are paid on maturity
- 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 compliant investments
To apply for our Wakala Treasury Deposit Account you must:
- Be able to deposit a minimum of £50,000 (or the equivalent if it is a foreign currency deposit)
- Already hold an Islamic Bank of Britain current account or savings accounts
You can apply for a Wakala Treasury Deposit Account in any of the following ways:
- Call our Treasury Dealing Team from Monday to Friday, between 9am to 5pm on 0121 452 7307
By post or at one of our branches
- Simply download, print out and complete the application form, and send it to:
Islamic Bank of Britain plc.
PO Box 12461
- Or return it to your local branch
- If you have fax indemnity in place you can fax your form to us on 0121 452 7208
For your own benefit and protection, you should carefully read the Wakala Treasury Deposit Account Special Conditions and Consumer Banking Terms and Conditions before you complete the application. These documents and other important documentation can be found in the Further reading section.
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Terms and conditions
For your own benefit and protection, you should carefully read the following important leaflets before you complete the application:
The following information leaflets should also be read:
To view PDFs you need the Adobe Acrobat Reader. This program is available free of charge from the Adobe website.