Wakala Treasury Deposit

Wakala helps generate competitive returns for large, bespoke investments.

To open a Wakala Treasury Deposit account you will need to have opened an Al Rayan Bank current or savings account.

If you do not have a current account or savings account, please view the accounts we currently have on offer, or call our Customer Services team on 0800 4086 407 from Monday to Friday, 9am - 7pm and Saturday 9am - 1pm.

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.

Should we not think we will achieve the expected profit rate, the initial deposit, plus the profit accrued to date, will be returned to you. 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.

Sharia principles mean we do not offer you interest, instead, we make Sharia compliant investments on your behalf to achieve expected profit rates. This arrangement is approved by our Sharia Supervisory Committee. You can view the Certificate of endorsement by following this link.

Features & benefits

  • A minimum deposit of £50,000 is required
  • Available in Pounds Sterling, US Dollars, and Euros (the minimum amount for foreign currency deposits should be an equivalent value of £50,000, calculated using the currency exchange rate on the date of the deposit)
  • Competitive Sharia compliant profit rates on your savings
  • Profits are paid on maturity
  • Funds must be available in the nominated account at the time of agreeing the rate and term of the deposit. Deposits may be made into the nominated account by cheque or by direct account transfer
  • Available to personal customers, businesses, charities, and masjids
  • 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 able to deposit a minimum of £50,000 (or the equivalent if it is a foreign currency deposit)
  • Already hold an Al Rayan Bank current account or savings accounts

You can apply for a Wakala Treasury Deposit Account in any of the following ways:

By phone

  • You can call our Customer Services team on 0800 408 6407 on Monday to Friday, between 9.00am and 7.00pm, and on Saturdays, between 9.00am and 1.00pm.

By post or at one of our branches

  • Simply download, print out and complete the application form, and send it to:

Al Rayan Bank PLC
PO Box 12461
Birmingham
B16 6AQ

By fax

  • If you have fax indemnity in place you can fax your form to us on 0121 285 1782

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 able to deposit a minimum of £50,000
  • 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)
  • Already hold an Al Rayan Bank current account or savings accounts

You can apply for a Wakala Treasury Deposit Account in any of the following ways:

By Phone;

  • You can call our Customer Services team on 0808 250 7611 on Monday to Friday, between 9.00am and 7.00pm, and on Saturdays, between 9.00am and 1.00pm.

By post or at one of our branches;

  • Simply download, print out and complete the application form, and send it to:

Al Rayan Bank PLC

PO Box 12461

Birmingham

B16 6AQ

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
  • Take your cheque to one of our branches, or send it to Al Rayan Bank PLC, PO Box 12461, Birmingham, B16 6AQ with your account number written on the back.

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 you can;

  • Call us on 0800 4086 407 from Monday to Friday, 9am to 7pm or on Saturday, from 9am to 1pm.
  • Send us a secure message through our Mobile Banking app.
  • Visit one of our branches.
  • Write to us at; Al Rayan Bank PLC, PO Box 12461, Birmingham, B16 6AQ.
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.

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