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.
Product Features:
- Designed specifically for individuals aged 18 to 30 years.
- Can be opened individually or jointly with other youths within the same age group.
- Applicants must provide valid identification to confirm their age (18 to 30 years).
- If an existing customer wishes to change their current account to a Youth Mudarabah Savings Account, they must fill out the account change preference notification format.
- The account operates under the principles of Mudarabah, ensuring profit-sharing based on investment performance.
- Opening of accounts with power of attorney is not permitted.
- Customers can choose to open the account with or without a passbook based on their preference.
- The profit-sharing ratio (PSR) for Youth Mudarabah Savings 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:
- Applicants must be between 18 and 30 years old.
- Valid identification (e.g., national ID, passport) must be presented to verify age at the time of account opening.
- Accounts can be opened individually or jointly with others in the same age group.
- Existing customers wishing to transition to a Youth Mudarabah Savings Account must complete the designated account change preference notification format.
- Applicants must have the legal capacity to enter into a financial agreement.
- The bank must fulfil all Know Your Customer (KYC) requirements as per banking regulations before opening an account.
