Earn profit, not interest
on your savings.
Wakala-based term deposits
Quick account opening
Quick account opening
Choose your preferred term
Choose your preferred term
Choose your maturity options
Choose your maturity options
Roll your deposit over and grow
Roll your deposit over and grow
How does a Wakala term deposit work?
Our Term Deposits use the Islamic principle of Wakala (agency), and are approved by our Shariah Committee.
You select the term
From the available terms, you select how long you wish to deposit your funds with us for, open an account and deposit the funds.
You appoint us as your agent
As part of opening your Term Deposit Account, you agree for us to act as your agent (Wakeel). In doing so, you empower us to invest your funds in Shariah-compliant income generating activities. We only invest your funds in socially and environmentally friendly industries. We do not invest funds in haram industries, such as gambling, tobacco, etc.
We share profit with you
At the end of the term, we share the profits generated with you. You can then choose what to do with your funds; reinvest deposit plus profit, reinvest the deposit and have the profit paid or withdraw the entire balance.
Fantastic service, all from here in Australia.
We know how frustrating the big four can be. So all of our staff give our their direct phone numbers - so you can speak to them directly when you need to.
Ask your current provider to do that for you.
