Wakala deposits, explained
What is a Wakala deposit?
A Wakala deposit is a Shari'ah-compliant investment arrangement offered by ruya, a UAE-licensed, Shari'ah-compliant community bank. You place funds for a fixed term, ruya invests them under a Wakala (agency) structure, and you receive an expected profit at maturity.
Do I need a separate account to open one?
No. If you have a Pemo Business Bank Account, the deposit sits inside it. You don't need to open anything new or log into a separate banking portal.
How much can I deposit?
The minimum is AED 5,000 per deposit. The maximum is AED 5,000,000.
Can I have more than one deposit open at a time?
Yes. You can open multiple deposits across different amounts and terms, and each one is tracked separately.
How to create a deposit
1. In Pemo, go to Accounts, then select your Business Bank Account and choose Manage deposits.
2. Select New deposit, then enter the amount you want to deposit from your available balance.
3. Choose a term, from 1 day up to 12 months. Each term shows its expected profit rate and expected value at maturity before you continue.
4. Choose what happens when the deposit matures (see "What happens at maturity" below), then review the amount, term, expected profit, and maturity date.
5. Confirm, then verify with the one-time code sent to your phone.
Once verified, your deposit is active immediately and appears in your deposits list with a reference number, its term, expected profit, and maturity date.
Terms and expected profit
Expected profit is shown per annum and varies by term. Current published rates:
Term | Expected profit (per annum)
1 day | 2.50%
7 days | 3.00%
1 month | 3.65%
3 months | 3.75%
6 months | 3.50%
12 months | 3.50%
Rates are reviewed regularly and can change. The exact rate for your chosen term is always shown in the app before you confirm, so treat the table above as a reference rather than a guarantee.
Your funds while a deposit is open
Once a deposit is confirmed, your funds are locked in for the full term you chose. Partial withdrawal isn't available at any point during the term. If you close a deposit before it matures, you won't earn the profit on it, so choose a term that matches how long you can comfortably set those funds aside.
What happens at maturity?
Before you confirm a deposit, you choose one of three options for when it matures:
- Renew with principal only. Your deposit renews for the same term, and your expected profit is paid out to your Payment account.
- Renew with principal and expected profit. Both roll into a new deposit at maturity.
- Do not renew, pay out at end of term. Your principal and expected profit are both paid to your Payment account.
You can see your choice, along with the maturity date, reference number, and status, in your deposits list at any time.
Fees
There's no separate fee to open or hold a Wakala deposit. The Business Bank Account it lives in has no account-opening fee and no minimum balance requirement.
Shari'ah compliance
Wakala deposits follow a structure approved by ruya's Internal Shari'ah Supervision Committee. Full terms are available in ruya's Privacy Policy, Wakala Deposit Terms & Conditions, and Key Facts Statement, which you'll be asked to accept before confirming a deposit.
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