Emirates Islamic, one of the leading Islamic financial institutions in the UAE, today launched ‘Booster Wakala Deposit,’ offering higher expected profit rates up to 2.57 per cent per annum.

With this product, Emirates Islamic aims to provide its affluent customers with a Shari’a compliant market leading Wakala deposit proposition that strengthens their savings portfolio, the bank said.

Customers can open their Booster Wakala Deposit with a minimum balance of Dh100,000 and can expect profit rates annually ranging from 2.00 per cent for one year; up to 2.57 per cent for five years, it said.

Wasim Saifi, deputy CEO - consumer banking and wealth management at Emirates Islamic, said: “Our Booster Wakala Deposit is a highly competitive and excellent savings proposition. With an expected profit rate, our customers can plan their future needs in a safe and sound manner. We expect this campaign to be well-received by customers and encourage them to make the most of this opportunity. Going ahead, Emirates Islamic will continue launching solutions that offer market leading returns on investments and savings to our customers.”

The bank offers Booster Wakala Deposit where the bank will act as the ‘Wakeel’ for the investor (the ‘Muwakeel’) and manage the investment for a fixed tenure and expected profit rate, it said.

Earlier this month, Emirates Islamic announced increased profit rates on its Investment Term Deposits for the first quarter of 2017, reflecting the bank’s strong financial performance in the early part of this year and its commitment to sharing this success with its customers.

The bank has also received significant recognition for its mass segment savings products, recently winning The Banker Middle East’s ‘Best Savings Account’ award for its flagship Emirates Islamic Kunooz Savings Account, which encourages customers to save and rewards them significantly with monthly grand and daily prizes worth over Dh12 million a year. - TradeArabia News Service