A shari'a approved alternative to the regular time deposit. The product is an arrangement whereby (EBI) shall promise the customer to purchase definitely any commodity, which the bank would purchase in favor of the customer in his capacity as a representative of the customer, if so assigned at the cost plus an agreed- upon profit.
Product features:
Approved by the Sharia Board of the Emirates Bank.
Anticipated profits comparable with conventional money market returns.
Flexible structure to accommodate customer requirements.
Principal and profit is known at the start of the transaction.
