The Mudarabah Diaspora Account is a Sharia-compliant investment account specifically designed for Ethiopians living abroad for over one year and for individuals of Ethiopian origin holding different nationalities who are legally eligible for Ethiopian nationality. This account allows diaspora members to save and invest in foreign currency while benefiting from profit-sharing under the Mudarabah investment principle.
Product Features:
- Designed for Ethiopians living abroad and those of Ethiopian origin with different nationalities.
- The account can be opened with a minimum initial deposit of USD 100 or its equivalent in other foreign currencies pegged to the same USD amount.
- Deposits can be made through SWIFT transfers or via money transfer agents.
- Cash deposits in foreign currency can be made using a cash deposit slip (a copy of the customs declaration of the foreign currency note must be retained).
- Foreign currency deposits can be converted into Birr at the time of deposit.
- Direct withdrawals in foreign currency are not allowed.
- Withdrawals can be made in person at any Hibret Bank branch or by setting up standing transfer instructions to a beneficiary.
- No passbook will be issued; instead, a card will serve as notification for the account opening.
- The deposit account can serve as collateral for accessing various financing facilities offered by the bank, including personal financing, house financing, automobile financing, and financing for Diaspora direct investments.
- The account offers a higher profit-sharing ratio (PSR) compared to other investment accounts.
- The PSR will be communicated periodically, and customers should refer to the bank's latest interest-free Mudarabah deposit terms and tariff directives for specific details.
- Customers have access to free online banking services, allowing 24-hour access to account information and transaction capabilities.
Eligibility Requirements:
- Open to Ethiopians living abroad for more than one year.
- Open to individuals of Ethiopian origin who hold different nationalities and are legally eligible for Ethiopian nationality.
- A minimum initial deposit of USD 100 or its equivalent in other foreign currencies is required to open the account.
- Applicants must provide necessary documentation as outlined in the bank’s procedure manual for diaspora deposit accounts.
- Applicants must have the legal capacity to enter into financial agreements.
- The bank must fulfil all Know Your Customer (KYC) requirements before opening an account.
