Wakala

Agency deposit

Zaman Bank

Wakala is an agency agreement, where the Client (Muwakkil) assigns the Bank (Wakil) to invest the Client’s funds, and the Bank makes all affords to gain profit by investing funds into any Sharia compliant business project as agreed by the parties. Muwakkil provides his funds to the Wakil’s fiduciary management. Wakala shall be maintained exclusively by Wakil within the liabilities specified in the investment agency deposit agreement. Profit from the investment project shall be directed from Wakil to Muwakkil in the amount of previously agreed Expected profit. In case of exceeding total profit amount, Wakil has the right to receive a Wakil bonus in the amount remained after paying out Expected profit. Given that, beforehand Wakil anyway receives commission as an agency fee. Financial losses within Wakala are fully born by Muwakkil, unless Wakil’s fault is proved. Muwakil’s liabilities are limited by his investment, unless otherwise provided by Wakala agreement.


Example: Client A opens an investment agency deposit based on Wakala and places 5 000 000 tenge for 12 months with expected rate of return for 10% or 500 000 tenge. Given that, the Client paid an agency fee to the Bank in the amount of 300 000 tenge beforehand.Upon expiration of the deposit term, the Bank analyzing results of its investments, makes a conclusion that profit on that project amounted to 1 200 000 tenge. Taking into account peculiarities of Wakala agreement, where, in case of exceeding profit amount, a Bonus is stipulated, the Bank directs 500 000 tenge (expected profit). Thus the Client receives 5 500 000 (5 000 000 + 500 000) tenge. The Bank also receives profit in the amount of 1 000 000 tenge, consisting of 300 000 agency fee and 700 000 Wakil bonus.


Currency of deposit KZT (tenge), USD (U.S. dollars), EUR (euro)
Minimum deposit amount 3 000 000 KZT/10 000 USD/10 000 EURO
Maximum deposit amount not limited
Tenor of deposit 6 or 12 months
Agent commission 0,5% for 6 months tenor
1% for 12 months tenor
Expected profit depends on currency and tenor of deposit
Periodicity of profit payment on expiry date
Additional contributions not allowed
Partial withdrawal not allowed
Special conditions early deposit withdrawal is not allowed

Note 1: Deposit terms may be changed individually by the decision of the authorized body

Note 2: rate of return on the deposit means a share of profit generated by the Bank as a result of investing deposited funds in Sharia compliant projects financed to be paid to the depositor. Rate of return depends on the currency and tenor of the deposit.

Tenor of deposit Expected profit
In Tenge In foreign currency
6 months 12% 3%
12 months 13% 4%