Customer Target Group
- Individuals who are 18 years of age and above
- Legal persons [sole proprietors, MSM enterprises, corporates, associations, partnership, etc.]
Product Features / Value Propositions
- Shall be opened with a minimum initial deposit of Birr 500
- Shall be operated with or without passbook
- Shall be backed by Mudarabah contractual agreement
- Shall have no specific maturity period
- Shall have no restrictions both on the amount and frequency of withdrawal
- Shall be opened and operated individually or jointly]
- Small account balance [i.e., as low as Birr 5,000] requirement for PLS eligibility
- Offer a minimum PSR of 60:40 [60% for the Bank and 40% for the Customer]
- Consideration for value through progressive weightage for deposit
- PLS calculated on the monthly average balance; provided the average balance is stable for at least 15 days in a given month.
- Convenient banking made possible via Sharik Card and/or Amex Gold Card and Amole Wallet while earning profit
- Profit paid within the next 15-days after the lapse of the Month
Eligibility Requirements
- Fulfil all basic KYC and due diligence requirements [as applicable in the current practice, for e.g., regular Wadia’h Saving Account]
- Should be willing to declare that the sources of deposit is Halal or Shari’ah compliant sources
