Investment Wakalah Program

 Investment Wakalah Program

05-12-2024

Are you looking for the best investment bank account?


If you are looking for the best and easiest way to invest, Bank Albilad is your destination.
Now you can get higher returns through our Shariah compliant  Investment Wakalah program.

What Are You Waiting For?  
Open your Investment Wakalah account now via Albilad App , Al Bilad net 
We are also pleased to open Investment Wakalah account for you when you visit any of Bank Albilad branches located all over the Kingdom
 

What are the features of the investment account?

  • No fees
  • Higher returns on your money. 
  • Ability to open the investment account online without the need to visit the branch or by visiting Bank Albilad branches located all over the Kingdom
  • A sharia compliant alternative option to the conventional investment deposits. 
  • Available in two currencies: Saudi riyal - US dollar.
  • Flexible investment periods; one month - 3 months - 6 months - 12 months until 2 years. 
  • Ability to cancel your investment before the due date **
  • Ability to select auto renewal with principal only
  • Ability to select auto renewal with principal and profit
  • Low-risk investment account
  • Available for Saudis and non-Saudi 


​Example of a profit distribution for Investment Wakalah account in SAR

 

Number of months13
6121824
Minimum amount100,000100,000100,000
100,000100,000100,000
Anticipated Profit Rate4.91882%
5.23840%5.19174%
5.01010%
4.60820%4.14890%
Number of Investment Days30 90 180 360 540 720
Anticipated Profit Return to the Customer in SAR409.90
1,309.60
2,595.87
5,010.10
6,912.30
8,297.80

Calculation of Anticipated Profit Amount: (Investment Amount x Number of Days* in the Investment Period x Expected Profit Rate %) / (360)
*1 Month = 30 days, 3 Months = 90 days, 6 Months =180 Days, 12 Months = 360 days, 18 Months =540 days, 24 Months = 720 days
The above mentioned Expected Profit Rates are provided as an indication and it does not guarantee the same Profit Rates shall be available at the time of Investment. These Expected Profit Rates are based on Wakalah and change every day. 


Example of a profit distribution for Investment Wakalah account in USD


Number of months13612
Minimum amount30,00030,00030,00030,000
Anticipated Profit Rate4.15740%
4.14417%4.25291%4.10612%
Number of Investment Days30 90 180 360
Anticipated Profit Return to the Customer in USD
103.94
310.81
637.94
1,231.84
Calculation of Anticipated Profit Amount: (Investment Amount x Number of Days* in the Investment Period x Expected Profit Rate %) / (360)
*1 Month = 30 days, 3 Months = 90 days, 6 Months =180 Days, 12 Months = 360 days, 18 Months =540 days, 24 Months = 720 days
The above mentioned Expected Profit Rates are provided as an indication and it does not guarantee the same Profit Rates shall be available at the time of Investment. These Expected Profit Rates are based on Wakalah and change every day. 

How can I open the investment account online via Albilad app?

  • Log in to Albilad app
  • Choose Investment Wakalah under Accounts 
  • Create New Account -> Apply Now
  • Then choose the account from which the Investment amount will be deducted (Current account / Albilad account)
  • Input the investment amount and choose investment period 
  • Complete the steps to open the account

How can I open the investment account online via Albilad net?

  • Log in to  Albilad net
  • Choose an Investment Wakalah from the main menu.
  • New Wakalah Issuance
  • Then choose the account from which the Investment amount will be deducted (Current account / Albilad account)
  • Input the investment amount and choose investment period 
  • Complete the steps to open the account.


What are the conditions for an investment account?


  • The customer must be at least 18 years’ old.
  • Any individual customer can benefit from an Investment Wakalah account if he already has a Current account.
  • The minimum entry amount for investment is SAR 100,000 or USD 30,000.
  • When choosing to auto renew the Wakalah contract, the contract will be renewed according to the initial selected tenor, and the expected profit rate will be updated based on the rate available in the system on the day of contract renewal and so on.
  • In the event that the client chooses to renew the Wakalah contract with the profits, the profits will be added to the principal amount and invested for the same investment tenor and so on. The customer will receive the principal and profit on cancellation of the contract for the completed investment tenor. 
To view the full terms and conditions, click here

** In case of cancellation of the Investment Wakalah program before the due date, no profits will be granted for the period between the investment contract start and the withdrawal of the investment amount.

FAQs


Is the investment Wakalah account consistent with the sharia committee standards?

The sharia committee of Bank Albilad has approved the product, and all Bank Albilad products are subject to their approval.

 What is the minimum term for Investment Wakalah account?

The minimum term of Investment Wakalah account is one month.

What is the maximum period for Investment Wakalah account?

The maximum period for Investment Wakalah account is 2 years.

What is the expected profit that I can earn from Investment Wakalah account?

The expected profit rate in the Investment Wakalah account varies according to the investment period and the amount.

What is the minimum amount required to open Investment Wakalah account?

One hundred thousand Saudi riyals / thirty thousand US dollars (SAR 100,000 or USD 30,000)

 Who can open Investment Wakalah account?

Currently, any individual customer of AlBilad can open the  Investment Wakalah account through his account in Albilad App or Albilad Net and Albilad Branches 

Can the customer withdraw the Investment Wakalah account before the expiration of the period?

Yes, the customer can withdraw the amount in the Investment Wakalah account before the specified period ends, but there will be no profit paid to the customers

 Are there any fees for opening Investment Wakalah account?

Currently there is no fee.

 Do I have to visit the branch to open Investment Wakalah account?

No, you can only open an account through Albilad App or Albilad Net and Albilad Branches 

What are the requirements for opening Investment Wakalah account?

You just need to have a current account with Bank Albilad.

Can I open more than one Investment Wakalah account?

Yes, it is possible to open up to 5 accounts in one day

 What currencies can Investment Wakalah be opened in?

The Saudi Riyal and/ US Dollar

How has the Investment Wakalah account changed to an account in which zakat is not due?

The assets that’s the investment amounts are invested in has been changed to non-Zakatable assets.

Does the bank pay zakat on behalf of the customer?

 No, the bank does not pay zakat on behalf of the customer, but rather the invested amounts are invested in non-Zakatable assets

Does the non-obligation of zakat include all periods available for investment in the account?

Yes, because the money is invested in non-Zakatable assets.

Is there a Sharia approval for this enhancement?

Yes, the approval of the Sharia Committee of Bank Albilad was obtained for this, and all Bank Albilad products are subject to the approval of the Sharia Committee.

Does the non-obligation of zakat occur from the first day of investment in this account?

No, the non-obligation of zakat applies to investment amounts in the account start from  15-10-2023

Can the bank pay zakat to me while I pay it myself?

No, because the exemption is linked to non-Zakatable assets

Will there be an adjustment to the current anticipated profit rate?

No, there will be no adjustment to the current anticipated profit rate.

Are there any amendments to the current agreement?

No, only the assets where investments are placed has been changed. however, renewing the subscription or entering into a new deal requires signing the new agreement.


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