How does it work?
Under this Account, you become the principal (Muwakkil), and the Bank (Muzn) becomes the Investment Agent (Wakeel) for the funds you invest. Muzn accepts funds from customer under Wakala agreement and invests these funds in Shari'a complaint businesses investment. The profits earned from the investments are distributed to the customer (as the Muwakkil) as per the agreed terms of the Wakala on a monthly basis, while Muzn (as Wakeel) deducts its agreed agency fee (Wakala fee) as per the agreed terms of Wakala agreement. The distinctive feature of the Muzn Flexi Wakala Elite Account is that the customer can withdraw and deposit funds at any time and earn higher profits on his/her investment.
Key features of Muzn Flexi Wakala Elite Banking Account
- Applicable for Individual Sadara Customers only.
- Profit bearing account with profit to be calculated based on day end balances during the month.
- Profit will be credited on monthly basis in the customer's account as per the expected return.
- Higher expected profit rate than normal Flexi Wakala and Savings Account.
- No profit will be given for the day the day end balance goes below OMR 40,000.
- No minimum balance charges on the account.
- No fixed maturity term.
- 25 leaf cheque book.
South Azaiba Way No: 244 Al Sahwa Towers Building No: 2, Ground Floor, Phone: 24527198
Al-Janobiah Way no: 6901, Building no: 15 Phone: 24452387
Near Sanaya Roundabout Opposite Badr AlSamaa Poly Clinic Phone: 25540726
Al Waqaibah Way No: 4803 Building No: 24 Block No: 2248 Phone: 26846692, 26846044, 26846118
Nizwa city Firq area Hay Alain Junction Near Aldiyar Hotel Phone: 25411241, 25411681
Al Zaky Building Opposite Souk AlMarkazi Phone: 23291310
* Terms & conditions apply.
Disclaimer: All Muzn Islamic Banking products and services are approved by the Muzn Shari’a Supervisory Board and are subject to Muzn Islamic Banking’s terms and conditions and submission of acceptable documentation.