Question 1

What is baraka?

Accepted Answer

baraka is an investment platform that enables GCC investors to make informed and strategic long-term investment decisions. From our comprehensive suite of products and cutting-edge automation tools to the expert insights and resources we provide, we are committed to supporting you in building and managing your wealth in a way that aligns with your financial goals and values.

Question 2

Where does baraka operate?

Accepted Answer

baraka is based in the United Arab Emirates, but we are creating opportunities and accessibility to the financial markets for everyone. While our app is primarily available for users in the GCC region, our educational content is open to anyone, anywhere.

Question 3

What are the Account Plans on baraka?

Accepted Answer

There are currently three tiers of accounts on baraka.

Standard (Free):

Access 8,400+ stocks and ETFs

1 free trade per month

Fee for extended hours trading: $2 per trade

Essential investment tools needed to invest.
​

Premium ($95.99/year or $7.99/month):

Up-to-the-minute analysis and insights

10% savings on UAE transfers

12 free trades/month

2 free withdrawals for the annual subscription

Reduced extended trading fees ($1 per trade)

Customizable dividend reinvestment plan (DRIP)

Access to the investor calendar.
​

Premium+ ($199.95/year or $20/month):

All benefits of the premium plan

20% saving on UAE transfers

25 free trades/month

3 complimentary withdrawals/year
​
To learn more, click here.

Question 4

Is baraka safe? Is my money insured?

Accepted Answer

We Are Regulated

baraka is licensed and regulated by the Dubai Financial Services Authority (“DFSA”). To offer US Stocks and ETFs, we have partnered with DriveWealth, a Securities and Exchange Commission (SEC) registered broker-dealer and member of Financial Industry Regulatory Authority (FINRA) and Securities Investor Protection Corporation (SIPC).

Your Assets Are Protected

In the unlikely event that baraka or DriveWealth were to fail, your assets will remain protected. Your investments are protected by the Securities Investor Protection Corporation (SIPC) up to $500,000 (which includes $250,000 on cash deposits). Learn more about the SIPC here.
*Please note that SIPC protection does not cover investment performance, or in the event that your investments go down and you get back less than what you put in.

Your Data Is Secure

We take care to keep your personal information safe from the moment you sign up. We protect your account from any unauthorized activity using a Multi-factor authentication process and to ensure the utmost security of your data, both our app and website employ 256-bit SSL encryption. Please refer to our Privacy Policy for more information.

Question 5

How do I withdraw money from my baraka account?

Accepted Answer

Withdrawing money from your baraka account:
1. Open the profile section on the application and select withdraw
2. Enter the amount you wish to withdraw and select your preferred bank account
3. If you do not have a bank account added please press 'Add Bank Account' and enter the relevant details.
You can withdraw funds only into a bank account that matches your account name in baraka.

Question 6

What is Auto-Deposit?

Accepted Answer

You can set up your account to deposit funds automatically and periodically as you decide. You have the power to select how often you'd like the deposits to be made (daily, weekly, bi-weekly, or monthly) and the days on which these transactions take place.
To activate Auto-Deposit:
1. Head to your Profile page and click on Deposit
2. Select the Debit Card funding option
3. Scan your debit card and enter the desired amount
4. Select the Auto-Deposit option from the drop-down menu in the top right corner then click on Add Funds
5. Choose the frequency of the deposits (i.e. Weekly, Monthly, etc.) then click on Confirm

Question 7

Why can't I withdraw my funds?

Accepted Answer

As trades and instant funding take 2-3 working days to settle into your baraka account, your funds will be available for withdrawal as soon as they settle into your account.

Question 8

Why is my cash balance negative?

Accepted Answer

Instant Funding deposits take 2 to 3 days to settle to your cash balance, however, it will instantly be available as a buying power where you can buy stocks. And, since you have done some trades, it currently shows as negative balance because the deposits are not settled it to your cash balance.

Question 9

How long does the deposit take?

Accepted Answer

Depending on the deposit method you have selected, the transfer time will differ 💳:
&#8211; If you fund your account with 'Instant Funding; (such as Debit card, Apple Pay or Google Pay), your money will be deposited immediately 💰.
&#8211; With Connect UAE and bank transfers, transfers can take 2-5 business days to reach your baraka account 💼.
Like any international bank transfer, payments are processed during normal banking hours from Monday to Friday 📅, excluding bank holidays. After business hours, your transfer will be processed the next day 🕰️.
If you have notifications enabled 🔔, you will receive a notification when your money reaches your account 💳.

Question 10

Can I transfer my positions from another broker to baraka?

Accepted Answer

It is possible to transfer your securities from another broker to baraka. You will need to contact your current broker and ask which method of transfer they support. Depending on the transfer method, you will need to fill an initiating form and send it to our support team, along with a recent account statement from your current broker (that is not older than 90 days). Once initiated, the transfer process will take up to 5-7 business days.
 
Why Transfer Your Securities to baraka?
Transferring your securities to baraka offers a variety of benefits, including:

Access to trade over 8,500 US stocks and ETFs.
Cashback rewards, you can earn 1% cashback on the total value of your security transfer up to $1,000.
Explore a wide range of halal investment options.
24/7 customer support, get fast and easy solutions with round-the-clock customer support.
Regulatory assurance, baraka is regulated by the DFSA.

Type of Transfer: 
ACATS
ACATS is a common transfer method for brokerages as it allows customers to transfer their entire account with one form, including stocks, bonds, cash, mutual funds, unit trusts, and options.
To transfer assets via ACATS, you will need to complete an LOA document and send it with your recent account statement to us.
DTC
DTC transfer enables clients to transfer full stock positions between brokers electronically without physical certificates. It is faster than ACATS transfer and preferred when moving only one stock.
To process an incoming DTC transfer, you will need to complete a DTC Letter of Authorization and return it to us.
DRS
A DRS (Direct Registry System) transfer allows the electronic transfer of stock shares between a broker-dealer and transfer agent. DRS allows investors to directly register shares in their name rather than have shares in “street name” registration. Instead of holding a physical stock certificate, investors will have stock electronically registered in their name with the transfer agent.
To transfer stocks to DriveWealth through DRS, you will need to complete an Incoming DRS Transfer Form and transfer statement to us.
DWAC
A DWAC transfer allows electronic transfer of stock shares between a broker dealer and transfer agent. DWAC transfers will be processed within 1-2 business days from when they are received, and are settled on the same day they are processed.
To process an incoming DWAC transfer, you will need to complete the DWAC Letter of Authorization and return it to us.
Terms and Conditions
To be eligible for a securities transfer cashback reward, you must be a registered Baraka user.

You must have successfully completed the securities transfer initiation process above.
Cashback is via a credit rebate of 1% of the confirmed and verifiable value of the securities transferred at the time we process your request. Rebates are credited as stock credits, which can be used for purchasing additional stocks on the baraka platform or can be withdrawn as cash. Your cashback reward is locked in for a minimum of 180 days and may not be withdrawn before this. The total cashback reward possible under this promotion is capped at $1,000.
Only securities supported by our broker can be transferred. Non-supported securities, such as non-US listed securities cannot be transferred and will be rejected.
Minimum portfolio value requirements may apply.
Transfer fees may apply, which must be available in your cash balance (e.g., if the transfer fee is $65, you must have an additional $65 cash balance).
Only whole shares can be transferred; partial shares must be liquidated or converted to whole shares.
Baraka Financial Limited reserves the right, in its sole discretion, to vary or withdraw the Securities Transfer Program at any time, or to decline requests to participate in the Securities Transfer Program.
By participating in the Securities Transfer Program, you acknowledge and accept these conditions.
Cashback offer valid until 28 February 2025.

Question 11

How can I change my personal details?

Accepted Answer

You can modify your personal details from the profile page. Head to the personal info tab, and click on 'Edit' on the top right corner.
Please note that UAE Pass users cannot change their personal details from the baraka app, as they will have to be modified from UAE Pass app first.

Question 12

I got a PDT warning &#8211; is my account restricted?

Accepted Answer

In order in to protect your account from PDT restriction and your trades, we have applied a temporary restriction on your account that will prevent you from trading for 5 business days counting from the day in which you made your first Day Trade, to protect your account from being flagged as a PDT, kindly avoid day trading frequently.

Question 13

How to change the language in the app to Arabic?

Accepted Answer

It is very easy to change your preferred language in the app. Just head over to Profile > Settings > Language

Question 14

How do I change currency in the app?

Accepted Answer

You can change the currency in the app to your desired currency by going to Profile > Settings > Currency
Please head over here to learn about our different funding methods.

Question 15

How can I download the baraka app?

Accepted Answer

You can download baraka both on the Google Play Store (if you’re using an Android device) and the iOS App Store (if you’re using an Apple device).
Download the application on the Google Play Store.
Download the application on the iOS App Store.

Question 16

What are Premium features?

Accepted Answer

baraka's Premium subscription allows us to provide better financial tools to help you invest better. This includes direct access to detailed stock analysis from Refinitiv including analyst price target estimates.
As a valued Premium Tier member you get unlimited access to in-depth company research, that includes buy-hold-sell recommendations, 12-month price targets, sector analysis, stock score across 8 categories (earnings, fundamental analysis, relative value, price momentum, risk, insider trading).
You can refer to the table below for a more detailed comparison.

Question 17

Do you provide any financial courses?

Accepted Answer

We provide a range of quick, bite-sized, engaging content in the form of blogs, newsletters, and articles covering investing fundamentals in the app. However, we do not provide any investment advice and recommend that you consult a financial advisor.

Question 18

Can I register from outside the GCC?

Accepted Answer

For the time being, we only provide the service to nationals and residents of the GCC.

Question 19

How can I login to baraka?

Accepted Answer

Once you have registered, you can log into the app either via email and password, or use one of the social login options available on the app &#8211; such as Apple ID, LinkedIn and Google Login.

Question 20

What is stock gifting?

Accepted Answer

Stock gifting is a feature that allows you to gift stocks or stock credit. Instead of traditional gifts, you can offer someone the opportunity to potentially benefit from the growth of these securities over time.
How do I claim a stock gift?
1. View the details of the gift and make sure to claim your gift before the deadline. You won’t be able to claim the gift after the deadline
2. Log in or sign up to baraka
3. Once you claim your gift, the stock or stock credit will reflect on your gifting wallet balance
How can I Create a Gift?
1. Head to your dashboard
2. Click on gift icon
3. Click on “Send Gift”
4. Choose a design for the card
5. Enter the email of the recipient
6. Optional: Enter a personalized message for the recipient
7. Choose stock (optional) and enter the gift amount
8. Confirm
How to View Unclaimed Gifts
1. Head to your dashboard
2. Click on gift icon
3. A “Gift History” section will be displayed, showing any unclaimed gifts, if any
Will the gift be added to the recipient’s Baraka wallet automatically?
Recipients need to have registered accounts and actively claim their gift on baraka within 60 days of receiving it for it to be added to their account.
Can I cancel the gift order after it has been sent? Once a gift is sent, the action cannot be reversed. If the recipient does not claim the gift within 60 days, the amount will be refunded to your Baraka account.
Is there a fee to sending gifts? Yes, there’s a flat fee of 5$ per gift transaction.
Is there a minimum amount for gifting? No, there is no minimum amount.
Is there a maximum amount for gifts?
No, there is no specific maximum amount; however, gifts exceeding $1,000 must undergo approvals before they can be processed.

Question 21

What is Income Center and How Is It Useful?

Accepted Answer

Income Center is a better way to track all of your earned income, down to the hour. Track your earnings from Dividends on stocks, REITs, and Bond ETFs, all in one place. Income Center includes a detailed breakdown of your income, which enables you to track your upcoming dividends and their yields, across different time frames.
How is Income Center Useful?
In managing your investment income effectively, you can benefit from a detailed breakdown of your earnings conveniently consolidated in a single location. Additionally, staying ahead of your investment strategy becomes effortless through tracking upcoming dividends and assessing the contributions of various assets to your earnings, all tailored to your specific portfolio. Furthermore, continuous monitoring of your estimated portfolio yield and overall income over time empowers you to plan your next investment moves more strategically, bringing you closer to achieving your financial goals.
Which Features can I Expect?
Switch between Dividends and Auto-income from the all inclusive Income Center. In the dividends tab, you can see your dividends income, any upcoming dividends and your dividend investments. You can also see any dividends re-invested and discover dividend stocks from the Income Center.
How Will my Divided Income Appear?
Your upcoming dividend income will appear as total earnings occurred across different time frames: Yearly, monthly, weekly, daily, and hourly. In addition to that, your portfolio yield will appear as a percentage of income your investment portfolio generated relative to its total.
How Do I Activate Income Center?
The Income Center appears on your Portfolio page without the need to activate it. Click on the box for a more detailed view. You can also access Income Center through the Dashboard page.

Question 22

How does the Credit Rebate Program work and how can I qualify for it?

Accepted Answer

The Credit Rebate Program offers you the opportunity to earn rebates on your trades based on your trading volume. Rebates are payable only on each trade executed after reaching specific trading volume milestones.
There are three trading milestones in the program. Once the total trading volume hits $100,000, users will receive a 10% trading fee rebate for each subsequent trade. When the total trading volume reaches $500,000, the rebate increases to 15% for each subsequent trade. Finally, once the total trading volume reaches $1,000,000, the rebate climbs to 20% for each subsequent trade.
The rebate amount for each qualifying trade will be credited to your baraka account within 5 working days from the day the trade is executed. These rebates will be credited as stock credits, which can only be utilized for purchasing additional stocks on the baraka platform. It's important to note that these credits cannot be withdrawn as cash or transferred to another account.
Credit Rebate Program Terms
1. To be eligible for a rebate, you must be a registered Baraka user.
2. Rebates will only be payable on each trade executed (“Qualifying Trade”) after you reach the relevant trading volume milestone (“Trading Milestone”).
The Trading Milestones and relevant trading fee rebate percentages are as follows: When total trading volume hits $100,000, you will receive a 10% trading fee rebate for each subsequent trade.
When total trading volume hits $500,000, the rebate increases to 15% for each subsequent trade.
Once total trading volume reaches $1,000,000, the rebate climbs to 20% for each subsequent trade.
Trading volume is calculated over a 12-month period starting from the date the Credit Rebate Program goes live. This volume will reset at the end of each 12-month period.
3. The rebate will be credited to your account for each Qualifying Trade no later than 5 working days from the day the Qualifying Trade is executed.
4. Rebates are credited as stock credit, which can only be used for purchasing additional stocks on the Baraka platform. These credits cannot be withdrawn as cash or transferred to another account. By participating in the Credit Rebate Program, you acknowledge and accept this condition.
5. Baraka Financial Limited reserves the right, in its sole discretion, to vary or withdraw the Credit Rebate Program at any time, or to decline requests to participate in the Credit Rebate Program.

Question 23

What is Auto-Income and how can I use it?

Accepted Answer

Auto-income lets you generate passive income without having to sell your securities. You can now temporarily lend out your securities to other market participants and earn a monthly income, all while still receiving dividends and other benefits associated with your securities.
Here's how it works: You lend out your securities to a borrower, and in exchange, you receive interest. The borrower provides collateral to secure the loan, and once the lending period is over, the borrower returns the securities to you.
How to get started: Simply log in to your baraka account, enable the Auto-Income feature, and agree to the lending terms. You have the flexibility to opt-out of the program at any time, and your assets will be returned to you.

Question 24

How can I find out more about the fees associated with specific investment products on the baraka platform?

Accepted Answer

You can always refer to our fee schedule here to understand the costs associated with using our platform.

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