Wakala Convenience Account

A savings account with higher profit

Monthly profit payout

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Up to 1.50% p.a.

credited monthly

24/7 access

online and mobile

Instant

account set-up

Discover great benefits

Your Wakala Convenience Account offers anticipated profit rates of up to 1.50% per annum and the profit is credited to your account monthly. You can also make an unlimited number of withdrawals whenever you like.

Instant account opening

It’s easy to start saving with the Wakala Convenience Account because you can instantly set-up your account.

24/7 access to your funds

Access your savings anytime, anywhere by using Mashreq Online and Mashreq Mobile.

Benefits

Higher profit & greater saving
The Wakala Convenience Account is the perfect saving solution to earn higher profit. It calculates profit on the daily balance in your account and credits it on a monthly basis to your account allowing you to save even more effectively.
Existing Mashreq customers can open a Wakala Convenience Account through Mashreq Online/Mashreq Mobile
It’s easy for Mashreq Customers.
Minimum balance & maximum saving
Start saving today. Simply maintain a balance of AED 3,000 (min) and enjoy profit on a monthly basis.
Simple & Easy
No paperwork to open the account!. Enjoy unlimited transfers and debit card withdrawals with no loss of profit.

Enjoy a free Debit Card

The Wakala Convenience Account gives you the flexibility to access your savings easily via your complimentary Debit Card.

Save in AED and US Dollars

The Wakala Convenience Account is available in AED and US Dollars. Click here for profit rates.

Eligibility

Minimum monthly income
AED 5,000
Mashreq Al Islami Account
Customers who already hold an active Current or Savings Account with Mashreq Al Islami. 
Age
Must be 18 years old and above. A minor (below the age of 18) can apply along with a guardian.

You will need

Absolutely no paperwork! Simply open the account through Mashreq Online/Mashreq Mobile
Terms & Conditions, click here.

Are you ready to apply?

Still got questions?

If at any point during the month your account balance falls below AED 3,000, you will be charged a “fall below fee” of AED 20 + VAT. This fee will be charged only once during a month.
You can open the Wakala Convenience account in AED & USD only.
If you are a non-resident, you first need to open a Savings Account with Mashreq Al Islami after which you can open a Wakala Convenience Account online.
You are allowed to open only one Wakala Convenience account through Mashreq Online/Mashreq Mobile.
Wakala is a Shari'ah compliant contract, in which the customer can authorise the Wakil (the bank) to invest funds in Shari'ah approved activities for profits.

Transparency

Terms & Conditions
Key Facts Statement

Simply download the Mashreq Mobile App to apply

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