Barwa Bank launches Wadiati, ‘Profit in Advance’ Term Deposit account

As part of its goal to provide clients with maximum returns, Barwa Bank, Qatar’s most progressive Shariah compliant banking service provider, has launched its new Shariah compliant ‘Profit in Advance’ Term Deposit account ‘Wadiati’, giving 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 one million Qatari Riyals, the launch of ‘Wadiati’ Profit-in-Advance Term Deposit account marks Barwa Bank’s third shariah compliant offering that successfully becomes the first-of-its-kind among Islamic banks in the Qatari market.

Commenting on the launch of the new product, Barwa Bank said in a statement:

“For our clients who have a sum of money that they’re willing to deposit and would like to receive expected 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 6, 12 and 18 months terms with a minimum investment of QAR 4,000,000. ‘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, investments and asset management.