Your Mudharaba/Special Mudharaba account at Ithmaar Bank will be transferred to Al Salam Bank as a Wakala Account.
No, your Mudharaba/Special Mudharaba commercial terms will remain unchanged. This includes the maturity date, tenor and the expected annual profit rate.
No, the same set-up will apply and the profit will be paid on a monthly basis.
There will be no impact on the finance/credit card associated with your Mudharaba/Special Mudharaba account. It will continue to be pledged against your new deposit.
Yes, you will be able to view your new Wakala account on Al Salam Bank mobile application after the completion of the migration which is scheduled for 1 January 2023.
Yes, the migration of the Mudharaba/Special Mudharaba to Wakala and conversion of the underlying structure will be seamless.
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