Mudaraba Savings Account
Share in the bank's investment profits instead of earning interest.
Islamic accounts
Your money, invested by us as your agent.
With a Wakala Investment Deposit you appoint Lanternvale Bank as your agent (wakil) to invest JOD 5,000 or more in Sharia-compliant assets for 3, 6 or 12 months, targeting an expected profit of up to 5.20% (expected, not guaranteed).
Applications are not possible: this is a fictional test website.
Key benefits
Expected profit up to 5.20%
Declared before you invest for each term. It is expected, not guaranteed.
You know the agency fee
The bank's fee is only any profit above the expected rate, so the expected rate comes to you first.
Terms of 3, 6 or 12 months
Choose the period that fits your plans.
Sharia-compliant assets only
Funds go into halal financing and sukuk, never interest-based lending.
Who it's for
For customers who want the discipline of a fixed term in an Islamic structure.
- Savers moving from conventional term deposits to Islamic products
- Families holding Hajj, wedding or home funds for a set period
- Retirees seeking a halal return on end-of-service savings
- Business owners placing personal surplus funds
Features
- Expected profit declared upfront for each term
- Profit paid at maturity
- Automatic renewal option
- Invested in Sharia-compliant financing and sukuk
- Wakala certificate in the app
- Reviewed by the bank's Sharia supervisory board (fictional)
How Wakala works
Wakala is an agency contract. You appoint the bank as your agent to invest your money. Before you invest, the bank declares an expected profit rate for your term. At maturity, if actual profit meets or exceeds that rate, you receive the expected profit and anything above it is kept by the bank as its agency fee. If actual profit is lower, you receive the actual profit. If there is a loss without negligence by the bank, it is borne by the capital. That is why the return is expected, not guaranteed.
Rates and figures
| Term | Expected profit rate |
|---|---|
| 3 months | 4.20% |
| 6 months | 4.70% |
| 12 months | 5.20% |
Annualised, expected, not guaranteed. Fictional figures for software testing.
| Product and return | How it works |
|---|---|
| Conventional regular savings: interest 3.25% p.a. | Interest set by the bank, owed regardless of results |
| Wakala 12 months: expected profit 5.20% (expected, not guaranteed) | The bank invests as your agent; any profit above 5.20% is the bank's agency fee |
Simplified comparison for software testing.
Fees and charges
| Opening or renewal | Free |
|---|---|
| Agency (wakala) fee | Any profit above the expected rate |
| Early withdrawal | Profit for the elapsed period recalculated on the actual pool result, less 50% |
Eligibility
- Aged 18 or over
- A Lanternvale current or Islamic account
- Minimum deposit JOD 5,000
Documents you need
- National ID or passport with residence permit
- Signed Wakala agreement
- Source of funds declaration for deposits above JOD 50,000
How to apply
- Choose the amount and term
- Sign the Wakala agreement
- The bank invests as your agent
- Receive capital and profit at maturity
Frequently asked questions
Is the profit rate guaranteed?
No. The expected profit rate is a target based on the investments. Actual profit may be lower.
How is this different from a term deposit?
A term deposit pays contractual interest. Wakala pays the profit actually earned, up to the expected rate.
What is the bank's fee?
Only the profit earned above the expected rate, if any.
Can I withdraw early?
Yes, but profit for the elapsed period is recalculated and reduced by 50%.
What is the minimum?
JOD 5,000 per Wakala deposit.
Related products
Term Deposits
Lock your money for 1, 3, 6 or 12 months at a fixed rate.
Sukuk
Sharia-compliant certificates paying periodic profit distributions.
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.