How does the Wakala Treasury Deposit Account Work?
You appoint Islamic Bank of Britain to act as your agent to undertake Sharia'a compliant investments on your behalf.
The process is as follows:
| Step 1 |
If you are not an existing customer of IBB, you will need to open a current account with us. Then complete a Wakala Deposit Request Form.
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| Step 2 |
| You can either send the completed form to us by post, deliver by hand to one of our branches, or send it by fax if you already have fax indemnity in place on your account. |
| Step 3 |
Upon receipt of your completed request form, our Treasury Department will contact you to offer you the target profit rate on your deposit for the stated period of time.
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| Step 4 |
| Upon acceptance of this offer (and availability of the required funds in your nominated IBB account), the funds will be collected from your nominated account and the Wakala Treasury Account will be set up. You will receive a confirmation letter from us. |
| Step 5 |
According to the Wakala Treasury agreement, you appoint us as your agent to invest the funds. We, as an agent, will invest the money on your behalf to achieve the target profit rate agreed with you.
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| Step 6 |
| We will monitor the investment on a daily basis to ensure that we achieve the target profit rate, previously agreed with you. |
| Step 7 |
On maturity we will pay back the deposit plus the agreed profit and credit the funds to your nominated IBB account.
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