Question 1

Is Wadaie platform authorized and Sharia-compliant?

Accepted Answer

Wadaie platform operates as an authorized platform by the Saudi Central Bank (to view the authorization click here) as a time deposit aggregator. The platform allows you to invest in Sharia-compliant term deposits (to view the Sharia Committee's decision click here) and obtain a competitive and fixed return, without the need to take on the trouble of opening multiple bank accounts in each bank separately. Deposits are booked with all licensed banks subject to the regulation and supervision of the Saudi Central Bank, and Wadaie platform does not impose any fees on withdrawal operations from the wallet.

Question 2

Who is allowed to use Wadaie platform?

Accepted Answer

All natural persons such as individuals, or legal persons such as establishments, companies, investment funds, semi-governmental entities, endowments, associations, family funds, and other non-profit organizations can benefit from the registration services in Wadaie platform.

Question 3

How can I transfer and withdraw to or from my account in Wadaie platform, and what is the minimum investment amount?

Accepted Answer

You can deposit through the (Deposit) icon where you copy the IBAN designated for your facility's account in Wadaie platform and transfer to it through your bank account. You can also withdraw through the (Withdraw) icon and add more than one personal bank account via your account in Wadaie platform. Note that the minimum amount for investment is 1,000 SAR.

Question 4

How long does the withdrawal and deposit process take from a Wadaie account, and are there any fees?

Accepted Answer

In the event that the transaction is during the working hours of the national payment systems, the transaction is completed on the same business day. In the event it is outside the working hours of the national payment systems, the transaction is completed during the next business day. Wadaie does not charge any fees for deposits to or withdrawals from your wallet.

Question 5

Can the deposit be broken before its maturity date, and how is that done?

Accepted Answer

Yes, you can break the deposit before its maturity date by submitting an electronic request via your account in Wadaie platform by navigating to (My Investments > Investment Details > Cancel Investment), where completing this procedure takes few minutes to 2 business days. In the event the deposit is broken, only the principal deposit amount is returned, while in some cases the amount may be returned with the accrued profits or a portion of them, noting that this depends directly on the bank's approval

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Wadaie obtains SAMA permission as a Time Deposits Aggregator

Pre-seed Financial Round

How Do Banks Benefit from Deposits?

Wadaie obtains SAMA permission as a Time Deposits Aggregator

Pre-seed Financial Round

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