Wakala Investment and Deposit Account – High Net worth (WIDA-HNW)
Why WIDA-HNW Account?
The best solution for large deposit amounts where AUB directly invests the funds on the customer’s behalf based on the Sharia’ah principle of Wakala Investment, and in Sharia’ah compliant assets for the specific period desired. Accordingly, the customer becomes entitled to an expected realized return on Maturity Date.
Features & Benefits:
- Percentage of funds investment will be equal to 100% of the credit balance available in the customer’s account.
- Profits should be calculated on daily basis and shall be distributed at the end of every month.
- Funds may be withdrawn from the account through transfers only.
Fees and Commissions:
- Audited financial statements for the last three financial years along with the cash flow statements for these three years
- Legal documents of the customer.
- Customer should be holding a current account.
- WIDA-HNW agreement to be signed.
Fees: Not applicable
Terms & Conditions:
Q & A:
- Minimum credit balance of KWD 25,000/- required for opening the account; or equivalent in foreign currency.
- Maximum credit balance for the account is KWD 25 Million ; or equivalent in foreign currency.
- Minimum credit balance of KD25,000/- to be blocked.
- Q: what if the balance of WIDA-HNW account exceed the maximum account balance of KWD25 Million?
A: The excess credit balance will be transferred to the customer current account.
- Q: What if the customer do not have a current account?
A: Current account will be opened at first then WIDA-HNW account will be opened.