It is a savings account specifically designed for youths based on the principles of Wadi’ah Yad Dhamanah in Shariah. It aims to encourage young individuals to save for their future while providing various gifts (Hibah) as incentives for maintaining their savings. The account operates under the premise that the bank can utilize the deposited funds at its own discretion, while the depositors are assured of the return of their principal amount upon demand.
Product Features:
The features of the Tatari Youth’s Wadi’ah Saving Account (account class “IFSY” - Interest-free saving youth) are as follows:
- The account does not bear any profit or loss; the bank operates under the Wadi’ah principles.
- The bank commits to refunding all deposits upon customer demand.
Account holders enjoy free access to various digital banking services, including:
- Hibir Card (free card banking)
- Hibir Mobile (mobile banking)
- Hibir Online (online banking)
- Free SMS alert facility
Customers can earn loyalty points through various activities, which can be redeemed for gifts (Hibah) according to the bank's Hibah Management Policy. Points can be accumulated through:
- 3 loyalty points for opening an account
- 2 loyalty points for registering for digital banking services
- 10 loyalty points for every Birr 10,000 additional deposit within a month
- 5 loyalty points for each remittance deposit
- 1 loyalty point for each account-to-account transfer
- 1 loyalty point for each bill payment
- 2 loyalty points for each electronic payment via designated channels
- Eligible accounts can be converted to a Mudarabah Investment Account, allowing customers to earn profit sharing at pre-agreed ratios after signing a Mudarabah Investment agreement.
- Account holders can choose to transfer their received gifts (Hibah) to charitable organizations through the bank.
Eligibility Requirements:
- The account is specifically designed for youths, typically targeting individuals within a certain age range (often under 25 or 30 years old).
- Applicants must provide valid identification documents as required by the bank (e.g., national ID, passport).
- There may be a minimum deposit requirement that needs to be fulfilled to open the account.
- Applicants must agree to the terms of the Wadi’ah contract, allowing the bank to utilize their deposited funds at its own discretion.
- Applicants must comply with any additional policies or requirements set forth by the bank regarding account management and transactions.
These features and eligibility requirements aim to promote saving habits among youths while ensuring compliance with Shariah principles.
