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Commenting on the new innovation, Mr. Faisal Aqil, General Manager Retail Banking at Emirates Islamic Bank stated:
"At EIB, we are constantly focusing on products that help ease the financial pressure on our customers and maximize their returns. "Flexi" offer customers the higher profit rate of a long tenure ITD along with the comfort, flexibility and financial advantage of a short tenure ITD. Our focus is to anticipate customer needs and deliver products/services that exceed customer's expectations".
Investment Term Deposit is based on the concept of Mudaraba where the customer's investment is placed in a common Mudaraba pool and is invested in strict compliance with the laws of Shari'ah in order to generate the best possible returns.
Profit on the investment amount becomes payable each calendar quarter, and is credited to the customer's payable account or paid as per the instructions of the customer, at the time of profit distribution.
Posted by Rima Ali Al Mashni
