What are the profits rates available on Booster Wakala Fixed Deposit?

Following are the profits rates on this account. Deposit Length (in years) Expected Profit (in %) Annual Expected Profit (in %) One 2.00 2.00 Two 4.40 2.20 Three 7.20 2.40 Four 12.85 2.57 (Updated as on July 2, 2019)

Emirates Islamic Bank Fixed Deposit Account

Bank Accounts in the UAE

The Emirates Islamic Bank Fixed Deposit accounts offer safe and convenient ways of saving and managing funds to the account holder. There are a host of benefits offered on these accounts which include high-profit rates, early withdrawals, availability of accounts in multiple currencies and many more.

Following are the types of fixed deposit accounts offered by the Emirates Islamic Bank.

Booster Wakala Deposit
Investment Term Deposit
Flexi Term Deposit

Features & Benefits of Emirates Islamic Bank Fixed Deposit Account

Here are the basic features & benefits of the different types of Emirates Islamic Bank Fixed Deposit accounts.

Booster Wakala Deposit

The account helps in giving a boost to the deposits of the account holder. They can earn a higher profit rate equal to 2.57 percent per annum (maximum) with this bank account. Following are some benefits of this fixed deposit account.

Currency: This bank account from Emirates Islamic Bank is available only in the UAE Dirhams.
Early Withdrawal: The account holder can opt for early withdrawals. If this withdrawal is done before the completion of six months, then they are not eligible to earn profits. If the deposited amount is withdrawn before the agreed date of maturity, the prevailing savings rate will be applicable.
Profit Payout: The bank offers competitive profit rates on this Emirates Islamic Bank Fixed Deposit account. The profits on this account are paid out on an annual basis.

Investment Term Deposit

This fixed deposit is a distinctive profit-bearing account, which lets the account holder invest in their future as well as the future of their family. The profits on this account are created and distributed through the common Murdaraba pool.

Currency: This type of fixed deposit account is available in both AED as well as USD.
Flexible Tenure: The bank offers flexible deposit durations to the account holder on this Emirates Islamic Bank Fixed Deposit account.
Online and Phone Banking: The account holder can conveniently conduct, manage, and view their transactions online. The phone banking feature gives them access to their accounts no matter where they are.
SMS Alerts: The Emirates Islamic Bank sends the account-related updates to the account holder via SMS.

Flexi Term Deposit

This nine-month flexible investment deposit is a combination of flexibility as well as profits. The account holder can enjoy high profits along with the flexibility to access their funds on this Emirates Islamic Bank Fixed Deposit as and when they require.

Early Withdrawal: If the withdrawal is made between 0-3 months, the savings profit rate for that quarter(s) for every completed calendar month is offered.If the withdrawal is made between 3-6 months, the profit rate of 3 months on investment fixed deposit for that calendar quarter(s) along with the savings profit rate for every completed calendar month subsequently is offered.
Profit Adjustment: The profit adjustments are done to the profit that has already been paid depending upon the nine months of the previous quarters. The Flexi profit rate is credited to the account already for arriving at the final payment.

Eligibility Criteria to Open an Emirates Islamic Bank Fixed Deposit Account in UAE

To open this Emirates Islamic Bank Fixed Deposit, the applicant has to fulfill some eligibility requirements. Listed in the table are the eligibility requirements for opening different types of fixed deposits.

Fixed Deposit Account Name	Eligibility Requirements
Booster Wakala Deposit	Minimum Balance Required: AED 25,000 Availability: To individuals (minors included) and joint accounts and for businesses (including partnerships, sole proprietorship, Limited Liability, and Joint Stock Companies)
Investment Term Deposits	Minimum Balance Required: AED 10,000 Availability: To individuals (minors included) and joint accounts and for businesses (including partnerships, sole proprietorship, Limited Liability, and Joint Stock Companies)
Flexi Term Deposit	N/A

Documents Required to Open an Emirates Islamic Bank Fixed Deposit Account

To open this Emirates Islamic Bank Fixed Deposit, the applicant has to a few documents to the bank. Listed in the table are the documents required for opening different types of fixed deposits.

Fixed Deposit Account Name	Eligibility Requirements
Booster Wakala Deposit	For Existing Bank Customers: Agreement of Booster Wakala (signed) For New Bank Customers: Duly filled application form For UAE Nationals: Original and copy of Passport or Khulasat Al Qaid For Expats: Original and copy of Passport with a valid Visa for residence For Entities:Company profile & valid documents (legal) including- Commercial registration Business and Trade License Copy of Passports of all owners Certificate of Chamber of Commerce Partnership documents or AoA (Articles of Association) 3-years financial statements (audited/in-house) 12-months bank statements Request Letter for facilities Other documents (as per the discretion of the bank)
Investment Term Deposits	Duly filled application form For UAE Nationals: Original and copy of Passport or Khulasat Al Qaid For Expats: Original and copy of Passport with a valid Visa for residence
Flexi Term Deposit	N/A

Fixed Deposit Account Name

Eligibility Requirements

Booster Wakala Deposit

For Existing Bank Customers:

Agreement of Booster Wakala (signed)

For New Bank Customers:

Duly filled application form
For UAE Nationals: Original and copy of Passport or Khulasat Al Qaid
For Expats: Original and copy of Passport with a valid Visa for residence

For Entities:Company profile & valid documents (legal) including-

Commercial registration
Business and Trade License
Copy of Passports of all owners
Certificate of Chamber of Commerce
Partnership documents or AoA (Articles of Association)
- 3-years financial statements (audited/in-house)
- 12-months bank statements
- Request Letter for facilities
- Other documents (as per the discretion of the bank)

Investment Term Deposits

Duly filled application form
For UAE Nationals: Original and copy of Passport or Khulasat Al Qaid
For Expats: Original and copy of Passport with a valid Visa for residence

Flexi Term Deposit

How to Open an Emirates Islamic Bank Fixed Deposit Account?

Following are the ways in which the applicant can open the Emirates Islamic Fixed Deposit in the UAE.

They can open their account through the online banking portal of the bank.
The applicant can avail the phone banking option for opening their bank account.
They can also visit the nearest branch of the Emirates Islamic bank for opening their savings bank account.

How to Close an Emirates Islamic Bank Fixed Deposit Account in UAE?

The account holder can simply put a request for the closure of the Emirates Islamic Fixed Deposit account either online, through phone banking, or offline by visiting the branch of the bank.

Fill the form with required details like name, the fixed deposit number, bank account details, and more. Submit these documents with the bank and the request will get processed.

As soon as the FD account is closed, the money in that account is credited to another account of the account holder. The money is given to the account holder in cash if asked for.

The provisions of early withdrawal may apply if the account holder is closing the account before its maturity.

Emirates Islamic Bank Fixed Deposit Account FAQs

Following are the profits rates on this account.

Deposit Length (in years)	Expected Profit (in %)	Annual Expected Profit (in %)
One	2.00	2.00
Two	4.40	2.20
Three	7.20	2.40
Four	12.85	2.57

(Updated as on July 2, 2019)

Yes, the Emirates Islamic Bank Fixed Deposit accounts are available to the minors too.

Yes, you can go for a joint account. Both of you can operate the joint account either independently or jointly. But, for requests such as closing or opening of accounts, you have to provide joint authorizations. No joint account can be opened with any person who is below 18 years old.

The instruction for withdrawals can be given through the “Request/FD Instruction” feature. If you have a joint account, the instructions are processed after getting authorization for the same by the joint holder. The request that is sent by the originator is forwarded to the joint holder automatically for approval.

The second party or joint account holder then has to log in and select the same option that was requested by the originator. Then he has to approve the instruction pending approval. After the request is approved by the second party, the application is forwarded to Emirates Islamic bank for processing.

In case the joint account holder rejects the application, then the originator receives an intimation and the bank will not process the request.

The profits on this Emirates Islamic Bank Fixed Deposit account are paid out on an annual basis.

The Murdaraba pool is a joint investment pool amongst the shareholders and depositors of Emirates Islamic Bank.

The profit adjustments are done to the profit that has already been paid depending upon the nine months of the previous quarters. The Flexi profit rate is credited to the account already for arriving at the final payment.

This Emirates Islamic Bank Fixed Deposit is available in UAE Dirhams as well as US Dollars.

Account Types

Bank Wise Account

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