What are the types of Sharia-compliant fixed deposits offered by the Islamic Commercial Bank of Iraq?
1- Mudaraba Deposits
Based on the Mudaraba structure whereby the customer and the bank enter into a partnership to share profits that are compatible with the provisions of Islamic law.
Flexible deposit periods range from 1, 3, 6, 9, 12, etc.
2- Wakala Deposits
Based on the Wakala structure whereby the bank appoints the bank as your agent to invest the funds in profit-generating assets that are compatible with the provisions of Sharia and thus achieve the expected income.
(Deposits at the bank are insured by the Deposit Insurance Corporation).
