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.
Product Features:
- Offers better profit rates compared to ordinary Mudarabah savings accounts, supporting community-based saving groups (Idir/Equib).
- A minimum balance of Birr 5,000 is required to be eligible for profit-sharing.
- Officials of Idir/Equib can access consumer financing for purchasing personal vehicles and residential houses based on account turnover and balance maintenance over a specific period.
- Accounts enjoy privileges under both conventional and Islamic finance (IFB) schemes, provided they comply with Sharia principles.
- Required documentation must be presented according to the bank's domestic banking procedures.
- The profit-sharing ratio for Mudarabah Hajj/Labaik accounts will be communicated periodically.
- Customers should refer to the bank's latest interest-free Mudarabah deposit terms and tariff directives for specific PSR details.
Eligibility Requirements:
- Open to individuals involved in Idir/Equib groups.
- A minimum balance of Birr 5,000 must be maintained to qualify for profit-sharing.
- Applicants must provide necessary documentation as per the bank's domestic banking procedures.
- Applicants must have the legal capacity to enter into a financial agreement.
- The bank must fulfil all Know Your Customer (KYC) requirements before opening an account.
