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With our Shariah complaint Murabaha Fixed Term Deposit, you can put your money to work knowing how much profit it’s going to earn you. Choose the length of your term and prepare to earn profit at a fixed rate.
Summary Box
| Account name: | Murabaha Fixed Term Deposit |
|---|---|
| Currencies available: | KWD, GBP, USD and EUR |
| What is the profit rate and how is it calculated? | View profit rates or download the Murhaba Fixed Term Summary Box. |
| Can NBKI change the profit rate? | No, once the Murabaha Fixed Term Deposit is opened, the profit rate will remain fixed for the duration of your deposit. |
| Can I withdraw money? | Funds on a Murabaha Fixed Term Deposit are not available for withdrawal until the maturity date of the deposit. |
| Can I make additional deposits? | Once the Murabaha Fixed Term Deposit is opened you can’t make any deposits but you can open additional deposits. |
| What happens when my Murabaha Fixed Term Deposit matures? | At the maturity of your Murabaha Fixed Term Deposit, your deposit account will be closed and your balance and profit will be paid to your Current or Watani Super Account unless you have instructed us to reinvest some or all of your funds. |
| Can I cancel my Murabaha Fixed Term Deposit? | No, when you open a Murabaha Fixed Term Deposit the cancellation period of 14 does not apply and you will not be able to close your account before the maturity of the deposit. |
| Information about Tax: | Profit will be paid without the deduction of tax Individuals who are UK tax payers may have to pay tax on any profit received that exceeds their Personal Saving Allowance. Further information on Personal Saving Allowance can be found at https://www.gov.uk/apply-tax-free-interest-on-savings |
Further details in the NBKI Accounts Brochure and Murabaha Fixed Term Deposit Summary Box.
Eligibility
- You will need to be over 18 years old, and residing or with direct linkage with NBK Group Core countries: Kuwait, Saudi Arabia, United Arab Emirates, Bahrain, Egypt, Lebanon, and Iraq
- You will need to have a NBKI Current Account
- NBKI is no longer able to provide you with Current and Savings Accounts if you live in a country in the European Union (The EU currently consists of: Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden) or European Economic Area (The EEA includes EU countries and also Iceland, Liechtenstein and Norway).
What Do I Need?
All what we require is that your existing Current Account is valid and your account information is up to date
What Do I Get?
- Murabaha Fixed Term Deposit confirmation
- Ability to track and manage your savings online
- Direct customer support through your dedicated Relationship Manager. We are available to assist you in person or by phone Monday to Friday (excluding UK bank holidays) between 9:30 and 16:00 UK time
You can also reach out to us through your Relationship Manager in NBK Branches outside of the UK
What Makes it Special?
- Earn a competitive fixed profit rate if you lock your money for 3, 6 or 12 months
- Profit is calculated on your balance and paid to your Murabaha Fixed Term Deposit account at maturity unless you specify you want it credited to your same currency Current or Watani Super Account.
- You can open a Murabaha Fixed Term Deposit in KWD, GBP, USD and EUR
- Available as sole or joint account, you can add joint account members to your accounts with NBKI
- Authorise another person to operate the account for you under a Third Party Mandate
Terms and Conditions
Please read our separate Terms and Conditions and Tariff of charges for additional information on your rights and responsibilities when using the NBKI Murabaha Fixed Term Deposit Account
Important Information
Online Banking is only available to NBKI Current Account holders and if you’re registered to use this services. Terms and Conditions apply. To maintain a quality service, we may monitor or record calls. Call charges may apply.
