Rest assured, your deposit is secure with us. With your authorization, we are committed to investing the deposited amount at an anticipated and mutually agreed-upon profit rate, ensuring a transparent and beneficial investment experience for you.
- Minimum amount to open account: KD 3,000 only.
- Deposit period: one month, 3 months, 6 months and 12 months.
- Available in Kuwaiti Dinars and other major currencies.
- Profit is calculated on the same day a deposit is established in Kuwaiti Dinars, and after one working day for deposits in foreign currencies.
- No minimum balance charges.
- Profits are distributed at the maturity date.
- It is possible to obtain funding in exchange of blocking an amount of the deposit.
- Free online banking.
- Valid Civil ID card.
- FATCA & CRS.
- KYC (Know Your Client).
- AML (Anti-Money Laundering).
Can I get a debit card?
No debit card is issued for this deposit.
What is the minimum required deposit?
The minimum amount is KD 3,000
Can I move funds in the account (withdrawal / deposit) during the deposit period?
You cannot move the account funds until the maturity date.
- The Client may not withdraw his investment deposit based on Wakala investment contract before its maturity date agreed with the Bank. Should the Client wish to withdraw his deposit before its maturity date agreed with the Bank, and the Bank so consents, the following rules for the calculation of profit shall be applied:
A. Unrestricted Wakala-based KD Investment Deposit shall be subject to the terms for calculation of profits on saving accounts on the basis of investment Wakala (Hassadi).
B. Unrestricted Wakala-based Investment Deposits in foreign currency shall be subject to the rules for the calculation of profits applied to investment saving account in foreign currency - Al-Safa Annual Account in foreign currency.
C. Unrestricted Wakala-based Yearly KD Investment Deposits with monthly payments shall be subject to the term for calculation of profit on saving account on the basis of the unrestricted monthly Wakala Deposit.
D. Unrestricted Wakala-based 2 year KD Investment Deposits with monthly payments shall be subject to the term for calculation of profit on the basis of the yearly Wakala FD if the withdrawal is done after completion of 12 months term, if withdrawal is done prior to completion of 12 months calculation is to be based on unrestricted monthly Wakala Deposit.
E. Unrestricted Wakala-based 3 Year KD Investment Deposits with monthly payments shall be subject to the term for calculation of profit on the basis of the 2 years Wakala FD if the withdrawal is done after completion of 24 months term, if withdrawal is done prior to completion of 24 months calculation is to be based on unrestricted yearly Wakala Deposit and if withdrawal is done prior to completion of 12 months calculation is to be based on unrestricted monthly Wakala Deposit. The Client shall be deemed to have waived in favor of the Bank the difference between the profit realized on his investment deposit and the profit distributed to him, and the Cus-tomer shall be charged with the loss incurred during the participation of his investment deposit from the date of its creation to date of its withdrawal before its maturity date.
- The investment Wakala deposit term shall be spontaneously extended for a similar term or terms according to the announced rates at the Bank at that date without notice or warning whereby the invested amount can be reinvested with or without profits at the discretion of the Bank for the similar term(s) unless the Bank received written instructions from the Client for non-renewal of the deposit of at least five business days be-fore its maturity date.
- Withdrawing from the investment deposit account by cheque is not allowed, and no credit or ATM card may be issued to the account.
For Terms and Conditions click here