Fixed Term Deposit


Fixed Term Deposit

“Wakala” refers to a contract where an investor authorizes an entrepreneur (Shabelle Bank) to do certain financial transactions on his/her behalf. It is a contract of agency where the bank will act as an agent of the investor while charging a fixed management fee (“Wakala” Fee). Shabelle Bank will invest the customer’s funds and return them with profits at the maturity period. These accounts will be available in local and foreign currencies.




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