The Wadi’ah Saving Account is designed for customers seeking safe custody of their funds with convenient access. This account operates under a trust agreement, ensuring that deposits are held securely without profit or loss bearing implications.
Product Features:
- Funds are securely held by the bank.
- The account does not generate profit or incur losses.
- An initial deposit of ETB 25 is required, with no minimum balance thereafter.
- Customers can deposit and withdraw funds without restrictions.
- Can be operated with or without a passbook.
- Access through ATM/POS, debit card, internet banking, and mobile banking.
- The bank may provide Hibah (monetary or in kind) at its discretion.
- Unlimited intra-bank transfers within the country at no charge.
- Cash, ATM, POS, account-to-account transfer, debit card, standing instructions, and online transactions.
Basic Requirements:
For Natural Persons:
- Must be of legal age (18 years and above).
- Present a valid ID (renewed ID card/Digital Fayida ID) and two recent photographs (3x4 cm).
- Engage in Shari’ah-compliant business (Halal Business).
For Artificial Persons (e.g., Partnerships, Corporations):
- Provide a renewed trade license and commercial registration certificate.
- TIN registration certificate.
- Authenticated Memorandum and Articles of Association or Partnership Agreement.
- Minutes of the board meeting discussing the account opening.
- A letter requesting the account opening and operation.
- Valid and renewed ID for authorized signatories.
- Engagement in Shari’ah-compliant business.
