The Wadi’ah Current Account is designed based on the Qard contract, providing account holders with ready access to their funds.
Product Features:
- Funds are securely held by the bank.
- Customers do not share any losses or profits with the bank.
- Available to facilitate easy withdrawals.
- Suitable for high-volume transactions.
- Unlimited inter and intra-bank transfers within the country.
- Free monthly statements provided to account holders.
- Individual account holders are entitled to debit card, internet banking, and mobile banking facilities.
- ETB 500 required to open the account, with no minimum or maximum deposit and withdrawal limits.
- Funds can be withdrawn via cash, ATM, POS, account-to-account transfer, debit card, standing instructions, and internet/mobile transactions.
Basic Requirements:
For Sole Proprietors:
- Valid and renewed ID card, passport, driving license, or other government-issued ID cards.
- TIN registration certificate.
- Renewed trade license and commercial registration certificate.
- Engagement in Shari’ah-compliant business (Halal Business).
- Initial deposit of ETB 500.
For Artificial Persons (Partnerships, Associations, PLCs, Share Companies, etc.):
- Renewed trade license and commercial registration certificate of the company.
- TIN registration certificate.
- Authenticated Memorandum and Articles of Association.
- Minutes of the board meeting discussing the opening and operation of the account.
- A letter requesting the opening and operation of the account.
- Engagement in Shari’ah-compliant business (Halal Business).
- Valid and renewed ID card of the authorized person.
- Initial deposit of ETB 1,000.
