Put idle funds to work instead of letting them sit unused. Your Pemo Business Bank Account, provided by ruya, includes a Wakala deposit: a Shari'ah-compliant way to earn expected profit on funds you're not using right now. Choose a term that fits your business, and your funds are held securely until the term ends.
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
From the left menu, go to the Accounts tab. You'll see your Business Bank Account there. Click Manage Deposits.
On the top right, click New Deposit.
Enter the amount you want to deposit from your available balance, then click Next.
Choose a term, from 1 day up to 12 months (see the rates below). Each term shows its expected profit rate and expected value at maturity. Click Next.
Choose what happens when the deposit matures (see "What happens at maturity" below), then click Next.
Review the amount, term, expected profit, and maturity date.
Check the box at the bottom to agree to ruya's terms and conditions, then click Confirm.
Verify with the one-time code (OTP) sent to your phone and email.
Click Refresh to see the expected profit for the term you selected.
Once verified, your deposit is active immediately. It 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. The 3-month term currently has the highest rate.
Term | Expected profit (per annum) |
1 day | 2.50% |
7 days | 3.00% |
1 month | 3.5% |
3 months | 3.5% |
6 months | 3.65% |
12 months | 3.75% |
Rates are reviewed regularly, can change, and are not guaranteed. The exact rate for your chosen term is always shown in the app before you confirm, so treat this table as a reference.
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:
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 in ruya's Privacy Policy, Wakala Deposit Terms & Conditions, and Key Facts Statement, which you'll be asked to accept before confirming a deposit.