Wakala deposit is a convenient investment tool
A deposit in an Islamic bank is a partnership between the Customer, his capital, and the Bank’s investment knowledge and experience.
The Customer entrusts the Bank with the management of its funds and acts as an investor. The Bank carefully invests in unrestricted projects and subsequently shares the profits with the Customer.
Terms and rates for the Wakala deposit for corporate customers are determined individually.
The Bank in carrying out its agency activities on behalf of the Customer shall act dutifully in performing its obligations as per the Wakala agreement.
The Bank takes it upon itself to act in the interests of the Customer, to manage his assets in good faith and with the same degree of care it uses when carrying out its own similar transactions.
In case of non-performance of obligations or negligence and misconduct with respect to the Customer's interests, the Bank is obligated to reimburse all actual costs and expenses, excluding opportunity profit and cost of funding, incurred by the Customer due to the failure of the Bank to comply with the terms of the Wakala agreement.