Effective from January 1, 2018 all the charges, fees and commission are subject to 5% Value Added Tax (VAT)

Product/ServicesTariff (Exclusive of VAT)
SME/Corporate Finance: :
Facility fees 2% of the facility amount
Early settlement of loan/facility 3% of outstanding amount minimum AED 5,000/-
Deferment of installment AED 500/- per month
Commission on receivable finance 0.50% of invoice value Min AED 500/-
Commission on supply chain finance/reverse factoring 0.25% of invoice value Min AED 250/-
PDC handling charges AED 15/- per cheque
PDC stop payment AED 75/- per cheque
Business accounts:
Minimum monthly average balance AED 10,000/-
Fall below fees AED 500/- per month
Sweep set up AED 25/- per request
Standing order/standing instruction set up charges AED 25/- per request
Cancellation/amendment standing order AED 25/- per request
Direct debit set up fees AED 25/- per request
Direct debit claim process AED 3/- per request
Letter of guarantee :
Commission at the time of issuance/reissuance 1% of guarantee amount
Amendment fees AED 200/- per amendment
Wage Protection System (WPS) charges :
Outward processing of salary AED 5/- per record
WPS file processing fees AED 50 per file
Funds transfer charges and related :
Telex Transfer in UAE - Online AED 25/-
Telex Transfer in UAE – Offline/ Manual AED 50/-
Telex Transfer outside UAE AED 100/-
Cancellation of Remittance (Already remitted) AED 100/-
Payment status enquiry AED 50/-
TT return due to discrepancy AED 50/-
Full text swift message AED 100/-
Miscellaneous :
Client statement AED 25/ per statement
Trade License Expiry - 31 to 60 Days AED 250/-
Trade License Expiry - Thereafter AED 350/-
Liability letter AED 150/-
Bank statement more than 6 months old AED 75/- per month
Balance Confirmation charges /Audit Confirmation AED 250/-
Tesla/internet banking set up one time AED 1,000/-
Internet banking maintenance AED 200/- per month
Closure of account within 6 Months of opening AED 500/-
Outstanding PDC report AED 25/-
Request for copy of cheques – within one year AED 100/-
Request for copy of cheques – over one year AED 100/-
Premature withdrawal of fixed deposit – In addition to the applicable penalty AED 200/-

Important notice : Al Wifaq Finance may at any time and at its sole discretion change and amend its fees, service charges, commissions, handling charges, the company shall give a prior notice to the customers on such changes and amendments in accordance with the general Terms and Conditions of granting facility/account opening.