Question 1

How does the Wadaie platform work, and is it authorized?

Accepted Answer

Wadaie is an innovative digital platform permitted by The Saudi Central Bank - SAMA as a time deposit aggregator that connects your company directly with banks licensed by the Saudi Central Bank. The platform allows your company to invest in Sharia-compliant time deposits (Sharia Committee's resolution) and obtain a competitive, fixed return, without the hassle of opening multiple bank accounts with each individual bank. Deposits are placed with all banks licensed, regulated, and supervised by the Saudi Central Bank (SAMA). Furthermore, the Wadaie platform does not impose any fees on withdrawal operations from the wallet.

Question 2

Who is entitled to open a company account on the Wadaie platform?

Accepted Answer

The account can be opened by the authorized person representing the company, provided they have a valid National ID or a valid Iqama. The authorized person can then add additional users through the main account on the Wadaie platform by selecting (Team Management) from the side menu, after which they can add the team and modify their permissions. Please note that you can have a Wadaie Personal account and a Wadaie Business account at the same time.

Question 3

How are withdrawal and deposit operations carried out in the business account?

Accepted Answer

You can deposit by clicking the (Deposit) icon, where you copy the dedicated IBAN for your organization's account on the Wadaie platform and transfer to it through your bank account. You can also withdraw by clicking the (Withdraw) icon and adding more than one bank account belonging to the organization through your account on the Wadaie platform.

Question 4

Are there any fees for using the deposit platform?

Accepted Answer

There are no fees for investing through the Wadaie platform, as the client will receive the exact Annual Percentage Yield (APY) stated in the opportunity details.

Question 5

Can a deposit be broken before its maturity date, and how is it done?

Accepted Answer

Yes, you can break a deposit before its maturity date by submitting an electronic request through your Wadaie account under (My Investments > Investment Details > Cancel Investment), a process that takes between few minutes to 2 working days. Upon breaking the deposit, typically only the principal amount is returned. However, in some cases, the deposit may be returned along with the accrued profits, or a portion thereof, depending directly on the bank's approval.

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