Mudaraba Savings Account
Modaraba is a profit-sharing partnership contract between a capital provider (Rab-ul-Mal) and a Mudareb (Fund Manager) in a joint investment. This investment can be a transaction, a project or a fund to generate healthy profits.
Al Wifaq offers the Sharia compliant Savings Account that conveniently helps you save for your future needs. Modaraba Savings s Account is based on the Islamic principle of ‘Mudaraba’ which means you can earn profit on your savings. The profit is declared and credited to your account on a periodic basis.
Benefits and features
- No service charges
- Free monthly e-statements
- Interest rate of 0.03% per annum
- Available in AED and major foreign currencies
- Withdrawal subject to seven days’ notice
Requirements
- Individuals or businesses
- Able to make a minimum deposit of AED 50,000 or equivalent foreign currency
Want to maximise interest on your money? Look at our Fixed Deposits.