IslamicFinance.de

Emirates Islamic has launched of a five year Wakala investment option, with an expected profit rate of 2.5 per cent per annum. Launched with the objective of encouraging customers to focus on long term savings, Emirates Islamic’s five year Wakala investment option is available on amounts starting from AED100,000 up to AED25 million. By offering an annual profit rate similar to what is to be paid for Zakat, Emirates Islamic is enabling Muslim customers to use their funds wisely to meet their Zakat obligations. Meanwhile all customers can benefit from the attractive profit rates. The five year Wakala requires customers to ensure that the amount invested remains locked-in for a period of five years, as early liquidation would mean loss of profit.