This type of account is a trust agreement where the Bank keeps funds of depositors who want to place their funds under safe custody without any benefit. It is opened by customers for unspecified period of time for the purpose of safekeeping. Depositors give their consent to the Bank to deal with the whole or any part of their money in the manner that it deems fit, so long as it is not against Sha’riah. The Bank will guarantee payment of the principal as demanded by the customer.
Required documents to open an Account
- Valid ID card i.e. driver’s license, military ID, kebele ID card, passport, resident permit (for foreigners) and employing organization’s ID.
- The ID cards should be renewed.
- Two recent passport size photographs.