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General Savings Accounts
(Mudaraba)
General Savings Accounts
The “Mudarabah” savings account allows customers to earn a profit on their deposits. Shabelle Bank will invest funds on behalf of the customer. The bank allocates an attractive percentage of the profits earned towards the customer’s savings account.Customers can deposit and withdraw money from the account at any time they wish.
Benefits
A “Shari’ah” compliant savings account based on the principles of the “Mudarabah” contract.
Tiered profit sharing ratio (PSR) is calculated monthly and distributed quarterly if the required minimum balance is maintained.
The higher the balance, the higher the customer profit ratio.
Conveniently located branches.
SMS banking, mobile banking, and online banking are available.
Free over-the-counter deposit, withdrawal, and transfer.
24/7 C=customer connection channels, through call center and social media.
Option to open Joint and shared accounts
Requirements
Copy of national ID card /drivers license / passport.
Completed and signed application form.
Minimum balance of 1,000 Birr.
Minimum daily balance of 1,000 Birr.
