Unicorn Wakala is an investment vehicle in different maturities structured to allow investors to benefit from periodic stable income streams and capital appreciation, with the principal amount paid at maturity.
The deposit placing entity/investor (the Muwakkil) appoints Unicorn as its agent (Wakeel) with respect to the investment of the Muwakkil’s funds in Shari’ah-compliant transactions. Based on unrestricted Wakala, the Wakeel uses the investment amount for its general corporate purposes. The terms and conditions are set out in a Master Wakala Agreement that is signed between the Muwakkil and the Wakeel and that authorizes the Wakeel to enter into transactions on behalf of the Muwakkil and for the Muwakkil’s account.
Unicorn as the Wakeel notifies the Muwakkil of the profit expected to be generated. Any profit exceeding the expected profit, after deduction of the Wakeel fee, is retained by the Wakeel as an incentive fee.
| Muwakkil: | The deposit placing entity/investor |
| Wakeel & deposit taker: | Unicorn Investment Bank BSC (c) (Unicorn) |
| Product description: | investment vehicle with an expected return paid periodically or at maturity together with the initial investment amount |
| Use of proceeds: | Investment at the full discretionary of Unicorn |
| Shari’ah supervisor: | Shari’ah Supervisory Board of Unicorn |
| Investment periods: | Three, six, nine, twelve, and 24 months |
| Currency: | US Dollar, Euro, Sterling, Japanese Yen, Swiss Franc |
|
Minimum Investment: |
US$500,000 or equivalent |
|
Expected returns: |
Competitive market rates |
|
Days count: |
30/360 days basis |
|
Documentation |
Master Wakala Agreement |