The Hiber Beleh Women’s Wadi’ah Saving Account is a Shariah-compliant savings account specifically designed for women, based on the principles of Wadi’ah Yad Dhamanah. This account aims to meet the unique needs of women and encourages saving through a loyalty scheme that offers various gifts (Hibah) as an appreciation for maintaining deposits with the bank.
Product Features:
- The account operates on a non-profit basis, meaning depositors do not share in any profits or losses incurred by the bank from utilizing the deposited funds.
- The bank is obligated to refund the full amount deposited upon request by the account holder.
- Account holders receive free access to digital banking services, including:
- Hibir Mubah Card
- Hibir Mobile banking
- Hibir Online banking
- Free SMS alerts
- The bank accepts standing instructions for various payments free of charge.
- Women can earn loyalty points through various activities, which can later be redeemed for gifts (Hibah) in accordance with the bank's Hibah Management policy. Points can be earned in the following ways:
- 3 points upon account opening.
- 2 points for registering for digital banking services (Hibir Mubah Card, Hibir Mobile, Hibir Online).
- 10 points for every additional Birr 5,000 deposited within a month.
- 5 points for each remittance received and deposited.
- 1 point for each account-to-account transfer.
- 1 point for each bill payment made.
- 2 points for electronic payments via Hibir Mubah Card at POS ATM machines, Hibir Mobile, and Hibir Online.
- Eligible accounts can be converted to a Mudarabah Investment Account, allowing customers to participate in profit-sharing at a pre-agreed ratio after signing the necessary agreement.
- Women engaged in business may qualify for reduced profit mark-up on financing from the bank if they maintain a deposit balance of at least 25% of the financing amount.
Eligibility Requirements:
- Applicants must be legally capable of entering into a contract and fulfill all bank requirements.
- All transactions must comply with the bank's operational procedures.
- The account must remain active to earn loyalty points; dormant accounts may not qualify for rewards.
- Regulatory Compliance: The account must adhere to all relevant laws and regulations as set forth by the National Bank of Ethiopia and other governing bodies.
