Under the Wakala contract, the customer is the investor/principal also known as Muwakil and the bank is the agent known as Wakil. It is the deposit that expects to earn you more in the long run, giving you the chance to plan for the future comfortably, conveniently, and profitably. Choose from terms ranging from six months, one year, two years, and three years of investment tenures and receive monthly profit payments.
Features and Benefits
- Availability of multiple currencies (AFN, USD) for opening accounts
- Minimum balance: AFN 500,000 / USD 5,000
- Profit will be accrued on daily basis and paid on the agreed maturity date.
- Profit Rate: based on Mutual agreement
- Tenor- Ranging from 6 Months to 3 Years
- Expected profit rates are tier-based where higher expected profit rates will be given for longer periods (mutual agreement).
- The customer should have an existing Current or Savings account (cover account) to be linked to the FTD account.
- No account closure fee.
- No statement will be sent to the Customers – a deposit certificate will be issued instead.
- Deposits may be made by cash, cheque, or direct account transfer
- Funds deposited will be administered in accordance with Shari’ah principles
- SMS Alert to confirm and update your latest banking transactions
Opening Corporate Wakala Term Deposit Account at FMFB-A
To complete the account opening process, personally visit any of our branches with the following documents:
- Original Electronic NID (Tazkira) or Original Valid Passport
- Update business license
- Article of Association (AOA)
- Request for account opening on company letterhead
- Tax Identification Number (TIN)
- Board Resolution
- Completion of KYC forms
- Passport-size photo of shareholders
How to Apply
For more information please call our Customer Service Centre by dialing 599 or visiting any of our branches.