The United Bank offers a daily-profit Islamic investment account that lets customers invest their savings in Egyptian pounds and earn an annual profit rate of up to 17%, credited to the account daily, subject to the terms and conditions set by the bank.

The account is Sharia-compliant under the Mudaraba structure and is aimed at customers who want to grow their savings and benefit from a daily profit, with the profit rate varying according to the balance and the applicable account tiers.

Details of the Islamic investment account from The United Bank

The United Bank has set out the following details and conditions for the daily-profit Islamic investment account:

  • Currency: Egyptian pounds (EGP) only.

  • Minimum balance to earn profit: EGP 25,000.

  • Annual profit rate: up to 17%, according to the balance tiers set by the bank.

  • Profit calculation: on the account's daily closing balance.

  • Profit crediting: added daily, on the next business day.

  • Profit payout: paid on account, pending periodic settlements.

  • Structure: Sharia-compliant under the Mudaraba structure.

  • Eligible customers: individuals and companies.

  • Available services: a debit card and a chequebook are available.

Profit tiers on The United Bank's Islamic investment account

The United Bank sets the annual profit rate on the Islamic investment account according to the balance, with profit paid daily, as follows:

  • From EGP 25,000 to less than EGP 500,000: annual profit rate of 11%, paid daily.

  • From EGP 500,000 to less than EGP 1 million: annual profit rate of 13%, paid daily.

  • From EGP 1 million to less than EGP 10 million: annual profit rate of 14%, paid daily.

  • From EGP 10 million to less than EGP 20 million: annual profit rate of 15%, paid daily.

  • From EGP 20 million to less than EGP 40 million: annual profit rate of 15.25%, paid daily.

  • From EGP 40 million to less than EGP 75 million: annual profit rate of 15.50%, paid daily.

  • From EGP 75 million to less than EGP 100 million: annual profit rate of 15.75%, paid daily.

  • From EGP 100 million to less than EGP 200 million: annual profit rate of 16%, paid daily.

  • EGP 200 million and above: annual profit rate of 17%, paid daily.

How do you calculate the daily profit on the Islamic investment account?

You can estimate the approximate daily profit by multiplying the amount deposited by the applicable annual profit rate, then dividing the result by 365 days, assuming the balance and profit rate stay constant throughout the year.

Worked example:

If you deposit EGP 1 million in the account and assume an annual profit rate of 14% applies to the full amount, the calculation is as follows:

  • Approximate annual profit: EGP 1 million × 14% = EGP 140,000.

  • Approximate daily profit: 140,000 ÷ 365 = about EGP 383.56 per day.

  • Total profit over 30 days: about EGP 11507.

The theoretical profit on EGP 1 million therefore comes to about EGP 383.56 per day, based on the assumed profit rate.

Banky's view

The United Bank's Islamic investment account offers a way to grow savings in Egyptian pounds through a Sharia-compliant product, with profit credited daily. The profit tiers suit a range of balances, with the rate rising as the amount deposited increases.