The Wakala Fixed Term Investment Deposit Account is a Shariah-compliant fixed-term investment account designed for clients who wish to invest their funds for a defined period (term) under a Wakala (agency) agreement.

Under this agreement, Kuwait Finance House PLC acts as Wakeel (agent) to invest the account holder’s funds in Shariah-compliant investment activities.

While the investment term is fixed, the profit payable is an expected profit, reflecting returns generated from the underlying Shariah-compliant investments. Expected profit is not guaranteed, and actual returns may vary.

This account is available exclusively to Private Banking customers who already hold a Current Account with Kuwait Finance House PLC.

Key Account Information

Minimum Investment Amounts

There is no maximum investment amount.

Investment Term Options

You may choose from the following investment terms:

• 1 week
• 1 month
• 3 months
• 6 months
• 9 months
• 12 months

Other terms may be available upon request, subject to availability.

How the Wakala Fixed Term Investment Deposit Account Works under the Wakala agreement:

• You appoint Kuwait Finance House PLC as your agent (Wakeel) to invest your funds
• Funds are invested in Shariah-compliant financing and investment activities
• An expected profit rate is indicated at the outset for the fixed term
• Expected profit is calculated daily on the full investment amount
• Profit, together with the original investment amount, is paid at maturity

The expected profit rate represents what the Bank expects to generate from investing your funds in its capacity as Wakeel. The expected profit outcome is not guaranteed and depends on investment performance.

This product has a fixed term, not a fixed or guaranteed return.

Can the Expected Profit Rate Change?

The expected profit rate is indicated at the outset for the fixed term.

If the Bank is unable to generate the expected level of profit:

• You will be informed promptly
• You may choose to continue with a revised expected profit rate, or
• Withdraw your investment deposit amount in accordance with the account terms and conditions

Access to Your Funds

Withdrawals

• Funds cannot be withdrawn before maturity
• Early termination may be permitted only in exceptional circumstances, including: 
  • Death
  • Mental incapacity
  • Bankruptcy
  • Other exceptional situations agreed by the Bank

Early termination may incur:

• An administration fee of £250
• An adjustment to the expected profit, depending on the terms of the investment

Additional Wakala Investment Deposits

• Additional funds cannot be added once the account has been opened
• You may open additional Wakala Fixed Term Investment Deposit Accounts if required

What Happens at Maturity?

At the end of the agreed term, you may choose to:

• Renew your Wakala Fixed Term Investment Deposit Account (subject to new terms and expected profit rates), or
• Close the account, in which case: 
  • Your original investment amount, and
  • Any actual profit earned
    will be transferred to your Current Account

Renewal terms and expected profit rates may differ from those originally agreed.

Tax Considerations

Any profit earned is paid gross (without deduction of tax).

You are responsible for paying any tax due to HM Revenue & Customs (HMRC) or other relevant tax authorities.

Vulnerable Customers

We recognise that vulnerability may arise due to health, financial, situational, or capability-related circumstances.

Kuwait Finance House PLC is committed to:

• Treating customers fairly and with respect
• Communicating clearly and transparently
• Providing tailored support where additional assistance is required

If you need extra support, please let us know so we can take your individual circumstances into account.

Shariah Governance

The Wakala Fixed Term Investment Deposit Account is structured in line with Islamic finance principles.

Kuwait Finance House PLC acts as Wakeel (agent) under a Wakala agreement, investing funds in Shariah-compliant activities on behalf of the account holder.

All Shariah-compliant products and services are subject to oversight by the KFH PLC Shariah Supervisory Board.

Expected profit is not guaranteed, and actual returns may vary.