Wakala Deposit Account

Taqwa has prepared many schemes for benefit of the general public, Wakala Deposit A/c is also one of such schemes. The term “Wakala” literally means an Agent or Agency to whom the “Muwakkil” (client) assigns his powers and appoint as “Wakeel” (agent) so that he can carry out some specific job on his behalf. In fact, in case of Wakala Deposit or Wakala Investment/Finance, the role of “Muwakkil” is passive, as he praccally does not take part in business acvies at any stage. There are two (2) types of Wakala agreements: Wakala Deposit: Under this agreement the customer deposits his amount with Taqwa. This is a type of agreement where an account holder appoints Taqwa (as agent) to carry out investment acvies, who claims that under wakala scheme “through Taqwa Islamic Banking short term/long term investment can be done in an impressive and result oriented manner.” And Taqwa accepts the deposit according to the predetermined terms and condions, with a well-defined and expected rate of profit. For example, 0% to 7% expected profit will be given on the amount deposited by the customer. Aer receiving the deposits from the customers, Taqwa will issue the Wakala Deposit Cerficate. Under the Wakala Deposit model the right to review the rate of expected profit will rest with Taqwa (wakeel) who is carrying out the business acvies. And the customer (muwakkil) shall be bound to accept the rate of profit which will be paid by Taqwa (wakeel).

• Expected profit rates are 0% - 6% on Rs. 10,000/- to Rs. 1,00,000/-
• Expected profit rates are 0% - 7% on Rs. 1,00,000/- to Rs. 5,00,000/-
• Expected profit rates are 0% - 8% on Rs. 5,00,000/- and above.
• Taqwa will revert back to customer if profit rate is to be revised.
• Certificate is issued.
• Shari'a term is Wakala.