Shall be opened and operated individually or jointly
Shall be opened with a minimum initial investment fund of Birr 50,000
Shall be issued Certificate of Investment Fund
Shall be backed by Mudarabah contractual agreement
Offer flexible investment period [a minimum of 6-months and maximum of 24 months)
Shall have restrictions on withdrawal but when the customer opts, it/she/he can do so as per the terms and conditions to that effect [i.e., early withdrawal]
Offer progressive PSR in Tenure and value, minimum of 40:60 [40% for the Bank and 60% for the Customer]
Consideration for tenure and value of deposit and investment through progressive weightage
Certificate of Investment Fund can serve as collateral
Low investment fund [i.e., as low as Birr 50,000]
Profit paid immediately after maturity
Flexibility of initial investment fund renewal
Auto renewal of the initial investment fund or inclusive of profit depending on the request of the customer
Eligibility Requirements
Fulfil all basic KYC and due diligence requirements [as applicable in the current practice, for e.g., regular Wadia’h Saving Account]
Must maintain either Wadia’h Saving or Qard account
Should be willing to declare that the sources of deposit is Halal or Shari’ah compliant sources
