A Mudarabah Hajj/Labaik Account is a Sharia-compliant savings account specifically designed for Muslims intending to perform Hajj. It allows individuals to save gradually through monthly installments while benefiting from a higher profit-sharing ratio compared to ordinary Mudarabah savings accounts. This account facilitates the financial planning necessary for fulfilling the religious duty of Hajj.
Product Features:
- Designed to help Muslims save for the Hajj pilgrimage through monthly instalments, facilitating the fulfilment of this religious obligation.
- Can be opened individually or jointly.
- A minimum balance of Birr 5,000 is required to be eligible for profit-sharing.
- The account can be opened with a minimum initial deposit similar to ordinary Mudarabah savings accounts, which is Birr 25.
- Withdrawals are limited to a maximum of one time per quarter.
- Exceeding this limit will result in the forfeiture of the higher profit-sharing ratio (PSR), and the account will be treated as an ordinary savings account.
- The profit-sharing ratio for Mudarabah Hajj/Labaik accounts will be communicated periodically.
- Customers should refer to the bank's latest interest-free Mudarabah deposit terms and tariff directives for specific PSR details.
Eligibility Requirements:
- Open to all Muslims intending to perform Hajj.
- A minimum balance of Birr 5,000 must be maintained to qualify for profit-sharing.
- The account can be opened with a minimum deposit of Birr 25.
- Only one withdrawal is permitted per quarter; exceeding this limit results in loss of the higher PSR.
- Applicants must provide necessary documentation as per the bank's domestic banking procedures.
