Bashayer Al Yusr deposit is tailored to invest your savings strategically, fostering wealth growth. Operating on the principles of the Mudaraba contract between the Bank and the Client, it ensures compliance with the tenets of Islamic Sharia. Invest confidently and watch your wealth flourish with the Bashayer Al Yusr deposit.
- Deposit term: one year.
- Minimum amount to open an account: KD 1,000.
- Minimum amount to open an account for foreign currencies: USD 10,000 or its equivalent in foreign currencies.
- Profit payout: annually.
- Available in Kuwaiti Dinars and other major currencies.
- Flexible profit distribution options at the end of each quarter (March, June, September, December) following the maturity date of the investment deposit.
- Profit is calculated on the same day the deposit is opened.
- Option to get financing against reserving a deposit amount.
- Investment is made on the basis of Mudaraba contract.
- Free online banking service.
- Valid Civil ID card.
- FATCA & CRS.
- KYC (Know Your Client).
- AML (Anti-Money Laundering).
What is the minimum amount to open the deposit account?
The minimum amount to open an account is KD 1,000 only, or USD 10,000/ its equivalent in foreign currency for foreign currency deposit accounts.
What is the profit rate?
We cannot estimate the profit rate before the end of the fiscal year.
Is there an ATM card for deposit accounts?
No
- The investment deposit shall be automatically renewed for similar term/terms without notice unless the Bank receives written instructions from the Client of his intention not to renew at least five business days before the maturity date. Notwithstanding the foregoing, the Client of Al-Yousr(+) de-posit is required to notify the Bank in writing of his intention not to renew it for at least one month before the maturity date agreed upon.
- The Client may not withdraw his investment deposit before the agreed maturity date. If the Client so desires, upon the Bank’s consent, the following rules shall apply for computing the profit:
- KD Investment deposits: Rules for computing the profit for the KD investment saving account (Al-Safa Quarterly Account) shall apply.
- Foreign currency investment deposit: Rules for computing the profit for the foreign currency investment account (Al-Safa Foreign Currency Annual Account) shall apply.
- Withdrawing from the investment deposit account by cheque is not allowed, and no credit or ATM card may be issued to the account.
- Profit on the deposit is calculated from the day the account is opened (creation of a deposit in Kuwaiti Dinars) and after one working day for deposits in foreign currencies
- Profit is credited to the Client's account at the end of the financial quarter immediately following the maturity date.
- The monthly profit is calculated by multiplying the balance by the declared profit rate at the end of each quarter, then dividing the result by 365 days.
- For deposits in Kuwaiti Dinars, profits will be deposited in the account at the end of the financial quarter following the expiry date of the deposit.
- For deposits in foreign currency, profit will be deposited in the account at the end of the financial quarter following the expiry date of the deposit.
For Terms and Conditions click here