Fixed Term Deposit
(Wakala)
Fixed Term Deposit
“Wakala” refers to a contract where an investor authorizes an entrepreneur (Shabelle Bank) to do certain financial transactions on his/her behalf. It is a contract of agency where the bank will act as an agent of the investor while charging a fixed management fee (“Wakala” Fee). Shabelle Bank will invest the customer’s funds and return them with profits at the maturity period. These accounts will be available in local and foreign currencies.
Benefits
Fully “Shari’ah” Compliant.
Structured under Islamic “Wakala” Investment Concept.
Many tenors to choose from, 3 months to 5 years.
In case of falling profit rates in the market, the client will continue to enjoy the expected highprofit rates.
Highest safety and security
Higher profit sharing ratio paid for senior citizens on term investment accounts.
SMS banking, mobile banking, and online banking availability.
Access to personal finance.
Requirements
Minimum Investment of 6,000 Birr.
Copy of national ID card /drivers licence / passport
Passport size photo (3 pcs)
Completed and signed application form.
Declaration of income.