Barwa Bank has launched its new Shariah-compliant ‘Profit-in-Advance’ Term Deposit account, ‘Wadiati’, to give customers the benefit of collecting their profits as soon as opening their accounts.
With ‘Wadiati’, the bank’s clients no longer have to wait until maturity to collect their profits and can get the profit of the entire term upfront in their current, savings, or Thara’a account.
Having previously presented clients with the first Islamic credit card in the country, followed by the introduction of the bank’s “unmatched” Shariah-compliant savings account, ‘Thara’a’, which gives clients the chance to win up to QR1mn, the launch of ‘Wadiati’ marks Barwa Bank’s third Shariah-compliant offering “that successfully becomes the first-of-its-kind among Islamic banks in the Qatari market.”
Khalid Yousef al-Subeai, acting GCEO of Barwa Bank Group, said: “For our clients who have a sum of money that they’re willing to deposit and would like to receive assured returns, Barwa Bank’s new ‘Profit-in-Advance’ Term Deposit account makes all the difference. ‘Wadiati’ is approved by our Shariah Supervisory Committee and allows our customers to make the most of the account’s value-added benefits as they create immediate wealth at low risk.”
The ‘Profit-in-Advance’ account functions on the ‘Mudarabha’ structure as detailed in the general terms and conditions of Barwa Bank. Clients can choose between six, 12, and 18 months terms with a minimum investment of QR4mn. ‘Wadiati’ has high expected profit rates and allows the profit amount to be credited in the linked savings or current account. Customers can draw the funds as per their convenience.
In addition to accepting deposits made by cash, cheque, or direct account transfer, which are administered in accordance with Shariah principles, ‘Profit-in-Advance’ allows clients to easily manage their account 24/7 via Barwa Bank’s online, SMS, or automated telephone banking services.
‘Profit-in-Advance’ accounts are available for expatriates, as well as Qatari nationals. Dedicated relationship managers are also available for Premium Customers. Clients can book their deposit at any of Barwa Bank’s branches upon filling and submitting an application form for opening the account.
Barwa Bank provides a full range of Shariah-compliant banking services, including personal banking, corporate and commercial banking, private banking, real estate finance, structured finance, and investments and asset management.