Wadi’ah Saving Account
Wadi’ah Deposit trust agreement where the Bank accepts deposit from its customers looking for safe custody of their funds & degree of convenience in their use
Product Features
- Safe custody
- Non profit and loss bearing deposit
- Minimum opening deposit
- Limitless deposit and withdrawal
- Operated by passbook
- ATM/POS , Debit card, Internet and mobile banking facility
- The Bank may at its own discretion give Hibah (monetary or in kind) for the customers
- Free, convenient and limitless intra-bank transfer of funds (only local)
- Initial Deposit ETB 25 with no minimum deposit and withdrawal limit
- Can be withdrawn with Cash, ATM, POS, Account to Account transfer, Debit Card, Standing instruction and internet and mobile transaction
Basic Requirements
For Natural person
- Has to be of legal age [>= 18 years]
- Present valid and renewed ID card and two recent photographs (3×4)
- The customer should be engaged in Shari’ah compliant business [Halal Business]
- Initial Deposit
For Artificial Persons [Partnership, Assn., Ço-ops., PLCs, Share Companies, etc.]
- Renewed trade license, commercial registration and certificate of registration
- Tin registration certificate
- Authenticated Memorandum ad Article of association, Partnership Agreement
- The minutes of the board of directors held to discuss the opening and operation of the account
- A letter of request to open the account and operate
- Valid and renewed ID card
- The customer should be engaged in Shari’ah compliant business [Halal Business]
- Initial deposit