Educational Video Guides Opening a Wakala Deposit

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How to open a Wakala Deposit on the ADCB Mobile Banking App.

  1. Log in to your ADCB Mobile Banking App
  2. Navigate to the ‘Islamic Deposits’ section
  3. Tap ‘Open Now’ to start setting up a Wakala Deposit
  4. View the features and benefits, then tap ‘Continue’ to proceed
  5. Select the currency for your Wakala Deposit
  6. Choose the type of Wakala Deposit you prefer
  7. Tap ‘View Details’ to learn more about the selected Wakala Deposit type
  8. Review the important information about the product, then tap ‘Continue’
  9. Select the product and tap ‘Continue’ to proceed
  10. Review and agree to the Key Facts Statements
  11. Tap ‘Continue’
  12. Select the ‘Source Account’ from which the deposit amount will be deducted
  13. Enter the ‘Deposit Amount’ and select the ‘Tenor’
  14. Tap ‘View all deposit rates and tenors’ to see the profit rates for different deposit durations
  15. Expand to view more details
  16. Profit rates displayed in the video are indicative. Please review the actual rate at the time of opening the Wakala Deposit
  17. Tap ‘Continue’ to proceed
  18. Set maturity instructions by selecting an option
  19. Choose the account where the profit will be transferred
  20. Choose tenor for reinvestment
  21. Tap ‘Continue’ to proceed
  22. Review and confirm the details of the Wakala Deposit
  23. Review and agree to the Terms & Conditions
  24. Tap ‘Close’
  25. Tap ‘Continue’
  26. Complete the authentication process using a one-time password
  27. Congratulations! Your Wakala Deposit Account has been successfully created

Click here to learn more about Wakala Deposit.


Disclaimer

Please note that the ADCB Mobile Banking App is regularly updated to enhance user experience. As a result, the app’s interface may differ slightly from the visuals shown in this tutorial. For the most accurate experience, ensure you are using the latest version of the app.

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Did you know?Pre- mature withdrawal charge

In the event of a withdrawal before the minimum tenor of the deposit, no expected profit shall be paid. If the deposit is redeemed after the minimum tenor but before the end of the deposit tenor, profit will be computed at 1% per annum less than the applicable expected profit rate for the actual tenor and will be payable for the actual number of days the Wakala Deposit was maintained. Unless provided otherwise in any application or supplemental Terms and Conditions of a specific Wakala Deposit product. Always check the Key Fact Statement to understand the charges on your Deposit.

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Knowledge quiz When managing risk and returns in Wakala Deposits, is the profit rate guaranteed?