Wakala Treasury Deposit

Wakala helps generate competitive returns for large, bespoke investments.  This account is for Premier and Commercial customers only.

To open a Wakala Treasury Deposit account you will need to be an existing Premier or Commercial customer.

The account is operated under the Islamic Finance principle of wakala (agency agreement). Al Rayan Bank will act as your agent to achieve an agreed expected profit rate over an agreed number of days, monitoring the investment on a daily basis.

All Wakala Account holders are covered by the Financial Services Compensation Scheme, the UK government backed scheme which guarantees UK savers’ eligible deposits up to £85,000.

Features & benefits

  • A minimum deposit of £250,000 is required
  • Available in Pounds Sterling, US Dollars, and Euros (the minimum amount for foreign currency deposits should be an equivalent value of £250,000, calculated using the currency exchange rate on the date of the deposit)
  • You must be an existing Premier or Commercial customer
  • Profits are paid on maturity
  • Funds must be available in the nominated account at the time of agreeing the expected profit rate and term of the deposit. Deposits may be made into the nominated account by cheque or by direct account transfer
  • You will not be able to terminate the agreement, add or withdraw funds before the maturity date
  • The money will be invested only in Sharia compliant investments

How to apply

To apply for our Wakala Treasury Deposit Account you must:

  • Be an existing Premier or Commercial customer
  • Be able to deposit a minimum of £250,000 (or the equivalent if it is a foreign currency deposit)

You can apply for a Wakala Treasury Deposit Account by speaking to your existing Relationship Manager.

For your own benefit and protection, you should carefully read the Wakala Treasury Deposit Account Special Conditions and Consumer Banking Terms and Conditions before you complete the application. These documents and other important documentation can be found in the Further reading section.

To view PDFs you need the Adobe Acrobat Reader. This program is available free of charge from the Adobe websiteAl Rayan Bank is not responsible for the content of external websites.

Forms and leaflets

Application forms

Terms and conditions

For your own benefit and protection, you should carefully read the following important leaflets before you complete the application:

Further information

The following information leaflets should also be read: 

To view PDFs you need the Adobe Acrobat Reader. This program is available free of charge from the Adobe websiteAl Rayan Bank is not responsible for the content of external websites.

Summary Box

Summary box  
Account name Wakala Treasury Deposit
What is the expected profit rate?

On request

Competitive returns for large, bespoke investments.

Your profit is calculated monthly and paid on maturity.

What would be the estimated balance on maturity?

Once you have made the application, we will make you a deposit offer that we can invest the money as your agent for a fixed fee. The deposit offer states the expected profit rate, investment term and the expected profit rate on your deposit. We will be entitled to any profit generated from the investment over the expected profit rate offered to you.

How do I open and manage my account?

To make an application you will need to complete a Wakala Treasury Deposit Account instruction form and appoint us as your agent to invest the funds. Once you have made the application, we will make you a deposit offer that we can invest the money as your agent for a fixed fee. Once you have accepted the offer and we have received the funds, we will set up the account and you will receive a confirmation letter.

You must:

  • Be an existing Premier or Commercial customer
  • Be able to deposit a minimum of £250,000
  • Also available in US Dollars and Euros (the minimum amount for foreign currency deposits should be an equivalent value of £250,000, calculated using the currency exchange rate on the date of the deposit if it is a foreign currency deposit)

You can apply for a Wakala Treasury Deposit Account by contacting your existing Relationship Manager.

For your own benefit and protection, you should carefully read the Wakala Treasury Deposit Account Special Conditions, Consumer Banking Terms and Conditions and Wakala Treasury Deposit product information leaflet before you complete the application. These documents and other important documentation can be found in the Forms and leaflets and Further information sections.

You can make a deposit in any of the following ways:

  • Transfer funds from another account in your name
  • Send a cheque to Al Rayan Bank PLC, PO Box 12461, Birmingham, B16 6AQ with your account number written on the back.
  • Deposit funds at any Al Rayan Bank branch

You can manage your account through our secure Mobile Banking app.

Click to download the Al Rayan Mobile Banking app.

Can I withdraw money?

You will not be able to terminate the agreement, add or withdraw funds before the maturity date.

When your Wakala Treasury Deposit matures, we will pay you back your initial deposit, plus the expected profit amount agreed at the outset. We will credit the funds to your Al Rayan Bank current or savings account according to your preference.

Contact us

If you need to contact us for any reason, please contact your Relationship Manager.

Your right to cancel

Once you have paid your deposit into your Wakala Treasury Deposit, you will not be able to close the account or withdraw any of your funds before the date of maturity.

Additional information As an Islamic Bank, we do not offer you interest on your funds, instead, we undertake Sharia compliant activities with the intention of generating profit.

You might also be interested in...