Bank NXT offers an Islamic Wakala deposit in Egyptian pounds with profit paid upfront, letting customers invest their savings in line with Islamic Sharia principles and receive their profit in advance according to the deposit's term.

The deposit offers a choice of terms from 1 month to 6 months, with the expected profit rate varying by term. The minimum deposit is EGP 500,000, in multiples of EGP 1,000.

Islamic Wakala deposit details

  • Currency: Egyptian pound.

  • Target customers: individuals and companies.

  • Minimum deposit: EGP 500,000, in multiples of EGP 1,000.

  • Profit payout: paid upfront.

  • Term: 1 month, 3 months or 6 months.

  • Expected profit rate for 1 month: 13.75%.

  • Expected profit rate for 3 months: 13.50%.

  • Expected profit rate for 6 months: 12%.

Early redemption terms

Redemption rules vary according to the deposit's term.

If a 1-month or 3-month deposit is broken, the full profit paid upfront is deducted.

If a 6-month deposit is broken, 50% of the profit for the elapsed period is deducted, along with the profit for the remaining period, with no redemption fees charged.

The EGP Islamic Wakala deposit with profit paid upfront is subject to Bank NXT's applicable terms and conditions.