Interest Free Banking - Hibir Haq
Hibret Bank provides Interest Free Banking services which are complaint to the sharia principle.
Wadi’ah Saving Account
The Wadi’ah Saving Account is designed for customers seeking safe custody of their funds with convenient access. This account operates under a trust agreement, ensuring that deposits are held securely without profit or loss bearing implications.
Mudarabah Investment Saving Account
A Mudarabah Deposit/Investment Account is an agreement between an entrepreneur (Mudarib) and a capital provider (Rabbul-mal), whereby the latter provides capital to be managed by the former.
Mudarabah Fixed Time Investment Accounts
The Mudarabah Fixed Time Investment Account is a Sharia-compliant investment product that allows depositors to invest their funds for a predetermined period in exchange for a fixed profit-sharing ratio.
Tatari Youth’s Wadi’ah
It is a savings account specifically designed for youths based on the principles of Wadi’ah Yad Dhamanah in Shariah. It aims to encourage young individuals to save for their future while providing various gifts (Hibah) as incentives for maintaining their savings. The account operates under the premise that the bank can utilize the deposited funds at its own discretion, while the depositors are assured of the return of their principal amount upon demand.
Hiber Beleh Women’s Wadi’ah Saving Account
The Hiber Beleh Women’s Wadi’ah Saving Account is a Shariah-compliant savings account specifically designed for women, based on the principles of Wadi’ah Yad Dhamanah. This account aims to meet the unique needs of women and encourages saving through a loyalty scheme that offers various gifts (Hibah) as an appreciation for maintaining deposits with the bank.
Wadi’ah Current Account
The Wadi’ah Current Account is designed based on the Qard contract, providing account holders with ready access to their funds.
Mudarabah Provident Fund Saving Accounts
Mudarabah Provident Fund Saving Accounts are designed to manage the contributions of individual staff members and their respective institutions. These accounts can operate under the Wadiah principle (with no returns) or the Mudarabah principle (earning profits), making them suitable for long-term savings and retirement planning. The funds in these accounts are typically utilized by employees upon termination of their employment contracts or retirement.
Mudarabah Savings Accounts for Minors
A minor is a person that has not reached the "age of majority-" or the legal age i.e., the age of 18. Because of this, the minor cannot conclude a valid contract on his own. His guardian tutor concludes it on their behalf. The Ethiopian law is clear on this. (Refer to Art. 199, Sub-Art. 2 of the civil code).
Mudarabah Savings Account for Youth
A Mudarabah Savings Account for Youth is a Sharia-compliant savings account designed to encourage financial responsibility among young adults aged 18 to 30. It operates on the principles of Mudarabah, where funds deposited are invested by the bank, and profits are shared with the account holders based on a pre-agreed ratio. This account aims to promote savings and financial literacy within the youth demographic.
Mudarabah Savings Account for Women
A Mudarabah Savings Account for Women is a Sharia-compliant savings account tailored specifically for women, promoting financial inclusion and empowerment. It operates under Mudarabah principles, allowing women to save and invest their funds while benefiting from a favorable profit-sharing arrangement.
Mudarabah Idir/Equib Saving Account
A Mudarabah Idir/Equib Saving Account is a Sharia-compliant savings account tailored for community-based saving groups (Idir/Equib). It provides better profit rates than ordinary Mudarabah savings accounts and allows access to consumer financing for personal and residential purchases, promoting financial empowerment within communities.
Mudarabah Hajj/Labaik Account
A Mudarabah Hajj/Labaik Account is a Sharia-compliant savings account specifically designed for Muslims intending to perform Hajj. It allows individuals to save gradually through monthly installments while benefiting from a higher profit-sharing ratio compared to ordinary Mudarabah savings accounts. This account facilitates the financial planning necessary for fulfilling the religious duty of Hajj.
Mudarabah Diaspora Account
The Mudarabah Diaspora Account is a Sharia-compliant investment account specifically designed for Ethiopians living abroad for over one year and for individuals of Ethiopian origin holding different nationalities who are legally eligible for Ethiopian nationality. This account allows diaspora members to save and invest in foreign currency while benefiting from profit-sharing under the Mudarabah investment principle.