Gudunfa Saving Account
Gudunfa is a type of mudarabah saving by the use of a designated box and deposits the accumulated fund into their account. Gudunfa box is provided by the bank, and dual control is in place; the box is mainly designed for petty traders, semi-skilled workers, shoe polishers, and other individuals working in private or public organizations. This account can be opened as wadi’ah saving account or as a profit-sharing Mudarabah saving account. The main aim is to encourage saving culture of low-income societies and daily laborers. As the case may be, the bank allots higher profit sharing ratio to Gudunfa mudarabah saving account holders as compared with ordinary mudarabah saving accounts.