Wakala Investment Deposit
The bank invests your money as your agent for an expected profit.
Islamic accounts
Savings that share in real profit.
In the Mudaraba Savings Account you provide the capital and the bank invests it in Sharia-compliant activities. You receive 70% of the profit earned, with an expected profit rate of 3.40% (expected, not guaranteed).
Applications are not possible: this is a fictional test website.
Key benefits
Profit sharing, not interest
Your return comes from the actual profit of Sharia-compliant investments.
70% of the profit is yours
Profit is split 70% to you and 30% to the bank as Mudarib (manager).
Expected profit rate 3.40%
Based on recent results. It is expected, not guaranteed, and can be higher or lower.
Reviewed by a Sharia board
The account structure is reviewed by the bank's Sharia supervisory board (fictional).
Who it's for
For savers who want their money to work in line with Islamic principles.
- Customers who avoid interest for religious reasons
- Families saving for Hajj, Umrah or a home
- Salary customers moving savings from a conventional account
- Savers who accept that profit can vary with investment results
Features
- Profit calculated on your average balance and distributed quarterly
- Profit-sharing ratio 70:30 agreed at opening
- Funds invested only in Sharia-compliant activities
- Withdraw at any time
- Quarterly profit statement in the app
- Automatic monthly transfers from your current account
How Mudaraba works
Mudaraba is a partnership. You are the rabb al-mal (capital provider) and the bank is the mudarib (manager). The bank invests the pooled funds in Sharia-compliant financing such as Murabaha and Ijara. At the end of each quarter the actual profit is calculated and shared 70% to depositors and 30% to the bank. If the pool makes a loss without negligence by the bank, the loss is borne by the capital, which is why the return is expected, not guaranteed.
Rates and figures
| Account and return | How it works |
|---|---|
| Conventional regular savings: interest 3.25% p.a. | A rate set by the bank and paid regardless of investment results |
| Mudaraba Savings: expected profit 3.40% (expected, not guaranteed) | A share of actual investment profit: 70% to you, 30% to the bank |
Past profit rates do not guarantee future profit. Fictional figures for software testing.
| Quarter | Actual profit rate paid |
|---|---|
| Q1 | 3.35% |
| Q2 | 3.42% |
| Q3 | 3.40% |
| Q4 | 3.38% |
Annualised rates on average balances.
Fees and charges
| Monthly maintenance | Free |
|---|---|
| Balance below JOD 100 for 3 months | JOD 1 per month |
| Account closure within 3 months | JOD 5 |
Eligibility
- Aged 18 or over
- Valid national ID or residence permit
- Minimum opening balance JOD 100
Documents you need
- National ID or passport with residence permit
- Proof of address
- Signed Mudaraba agreement (provided at opening)
How to apply
- Read and sign the Mudaraba agreement
- Deposit JOD 100 or more
- Your money joins the Mudaraba investment pool
- Receive profit every quarter
Frequently asked questions
Is my profit guaranteed?
No. The expected profit rate of 3.40% is based on recent results. The actual profit can be higher or lower.
Can I lose money?
In principle, a loss in the investment pool is shared by capital providers unless the bank was negligent. Historically the pool has made a profit (fictional history).
Does this account pay interest?
No. It pays a share of profit under a Mudaraba contract.
When is profit paid?
At the end of each quarter, within 10 working days of the results being calculated.
Can I switch from a conventional savings account?
Yes. Open the Mudaraba account and move your balance in the app.
Related products
Tayseer Islamic Card
A Sharia-compliant card with a fixed monthly fee and no interest.
Sukuk
Sharia-compliant certificates paying periodic profit distributions.
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Lanternvale Bank is fictional. Figures are examples for software testing. Products would be subject to local banking regulation. Islamic structures described here are simplified examples, not a religious ruling.