A Mudarabah Savings Account for Women is a Sharia-compliant savings account tailored specifically for women, promoting financial inclusion and empowerment. It operates under Mudarabah principles, allowing women to save and invest their funds while benefiting from a favorable profit-sharing arrangement.
Product Features:
- Specifically designed for women, allowing individual or joint accounts with other women.
- Women can open accounts independently or jointly with other women.
- Existing customers wishing to change their current account to a Women Mudarabah Savings Account must fill out the account change preference notification format.
- Operates similarly to ordinary Mudarabah savings accounts but offers better profit-sharing ratios.
- Opening of accounts with power of attorney is not permitted.
- The profit-sharing ratio (PSR) for Women Mudarabah Savings 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:
- Accounts can only be opened by women, either individually or jointly with other women.
- Valid identification must be provided at the time of account opening.
- Existing customers wishing to transition to a Women Mudarabah Savings Account must complete the designated account change preference notification format.
- Applicants must have the legal capacity to enter into a financial agreement.
- The bank must fulfil all Know Your Customer (KYC) requirements as per banking regulations before opening an account.
