Secured Covered Drawing
Key product features
Covered Drawing is a short-term facility for customers where you have the advantage of drawing funds from your current account, which is linked to your Short Term Investment (STI) account. This allows you to withdraw funds against your STI account whenever the balance in the current account touches zero.
This facility is provided against a 1 year Wakala / Mudaraba account.
Minimal profit rate over the Wakala / Mudaraba rate is charged on the utilized amount, and automatically deducted from the account at month end.
This facility is provided against four major currencies including UAE Dirhams. The Finance to Value against UAE Dirham is 95% of the pledged Wakala / Mudaraba account against which the facility is provided.
Benefits to our customers
Customers who have a Wakala / Mudaraba account with Noor Islamic Bank and in urgent need of funds can apply for an SCD without having to liquidate their deposit.
Profit is charged at a very minimal rate and only on the utilized amount.