| Minimum Balance Required | Annual Return | Features | |
|---|---|---|---|
Noor Bank - Wakala Deposit Account
|
Minimum Balance Required: AED 25,000 | Annual Return: 3.05% | Features: Islamic Finance, Sharia Compliant, Online Banking, Multiple Currencies, Islamic Banking |
Noor Bank's Wakala Investment Deposit earns you higher profits on a minimum deposit of AED 25,000, making it ideal for quick returns and long-term investment. Further, you can finance up to 90% against your deposit, which is available in AED, EURO, GBP or USD.
Features:
- Choose from a 1-month, 3-month, 6-month, 9-month, 12-month, 24-month, or 36-months term.
- Profit payout options available monthly, quarterly, at maturity or upfront.
- Automatically renew at maturity, or on request.
- Up to 90% finance against your deposit, at competitive rates.
Profit rates:
- 1-month term: 1.6%
- 3-month term: 2.10%
- 6-month term: 2.35%
- 9-month term: 2.50%
- 12-month term: 2.55%
- 24-month term: 2.80%
- 36-month term: 3.05%
** Calculator Definitions
Amount:
The total amount of money borrowed, also referred to as the principal amount.
Rate (%):
This is the annual interest rate on the product which is equivalent to APR, which is going to be calculated in this example.
Years:
This is the original term or length of the product, stated in years.
Effective Monthly Payment:
This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%):
The Calculated Annual Percentage Rate (APR) is determined using the annual interest rate of the product plus fees and other costs. This rate may differ from bank to bank. APR is useful when comparing two or more products with different interest rates and fee structures.
