Dubai Islamic Bank (DIB) has introduced four new Wakala Deposit products to help customers meet their savings goals faster.
The products include the Long Term Wakala Deposits, DIB Maximizer Deposits, Monthly Payout Wakala and Recurring Wakala Deposit.
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The newly launched products, which are in line with clients’ preference for various schemes in terms of tenures and profit rates, offers accelerated and competitive profit rates to enable customers to increase their returns and meet savings goals faster.
The Long Term Wakala Deposits requires a minimum deposit of AED25,000 ($6806.5), offers a 15.25% profit rate on a five-year, or 8% profit rate on a three-year tenure.
DIB Maximizer Deposits, an 18-month facility, requires a minimum deposit of AED10,000, developed on step-up profit rates of up to 6%.
The Monthly Payout Wakala requires a minimum deposit of AED 25,000. The product is especially designed to meet the needs of customers seeking monthly profit payments with flexible deposit terms ranging from 3, 6, 9, 12, 18, 24 to 36 months.
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By GlobalDataThe Recurring Wakala Deposit is developed to meet clients’ needs for specific savings goals, requiring a fixed amount to be deposited on a monthly basis.
DIB chief of consumer banking Sanjay Malhotra said: "With our new product variants, customers can choose between different structures depending on their needs and expectations. Our team of experts is available to advise clients and work with them to select products that best meet their needs."
