is a fund that will be specifically utilized to a particular project of the account holder choice. In return, the account holder will be entitled to an agreed percentage share of the investments income or proportionally bears the loss of capital.
Features
- Restricted Investment Deposit account is an account where the investor restricts the manner as where, how and for what purpose the funds are to be invested by Coopbank Islamic.
- The minimum deposit amount accepted in the restricted investment account shall be Birr Five Million.
- The profit-sharing rate on restricted investment deposit shall be determined by the Bank’s terms and tariff structure and the loss sharing is to the extent of the capital contribution.
- All the agreed terms and conditions of the investment deposit shall be clearly articulated in the investment deposit contract to avoid any possible disputes that may arise from the capital providers.
- The Bank may provide the Investment Deposit Certificate to the Rab-ul-maal/ capital provider.
- Investment Deposit Accounts are bounded by period, if the capital providers withdraw the money from investment deposit account before the agreed period, he/ she may forfeit the accrued profit margin as per the details of the investment deposit contracts.
Benefits
- The Depositor’s will share investment Income (profit) from an investment conducted by the CoopBank Islamic.
- This investment is conducted in accordance with Shariah principles.
- Depositors can dictate as to as where, how and for what purpose their funds are to be invested.
- They can advise the bank to invest on areas of their interest.
- Please contact Coopbank Islamic to get more detail information and advices.