Wadi’ah Retention Accounts

These types of accounts are opened by exporters. Customers are allowed to credits/deposits to these accounts only from export proceeds. Transfers can be done by SWIFT or telex Transfers through foreign banks, foreign currency cash notes deposited by foreign counterparts supported by customs declaration at the time of entering the country. Two types of retention accounts;

(a) Foreign exchange retention account A

The customer has to deposit 10% of the earned foreign currency as per the prevailing directive of NBE. The amount of this foreign currency used to settle the account holder’s obligation through foreign currency or converted to local currency when requested by the account holder.

(b) Foreign exchange retention account B

Customers are required to deposit 90% of the earned FCY up to 28 days. The balance shall automatically be converted into local currency after 28 days;

Please contact Coopbank Islamic to get more detailed information and advice

Wadi’ah ECOLFL Saving Account

Coopbank – Islamic rendering this service for the Ethiopian Citizen or Origin Living in Foreign Land (ECOLFL), the nature of the account is a Local Currency saving account opened by Non-Resident Ethiopians or Non- Resident Foreign Nationals of Ethiopian origin for personal emergency expenses, purchase or construction of residential or commercial houses, for business and investment in Ethiopia, or purchase of car in which all deposits are made in foreign currency. The operation of this account will be handled as per the Bank’s Procedure Manual.

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IFB Foreign Currency Deposit products

Customers who fulfill the eligibility criteria can open foreign currency accounts in line with the requirements of the NBE in USD Dollar, Pound Sterling, and Euro currencies. The following are some of the basic features for the accounts;

• The source of fund is from abroad and in foreign currencies;
• The account is maintained in foreign currency or Birr;
• Customers living abroad can open these accounts;
• A foreign currency shall be credited to the account through FCY cash deposit, SWIFT transfer, telex, or foreign cheque deposits.

The following are some of the IFB deposit accounts and their features opened and maintained in foreign currencies in the names of Ethiopians and foreign nationals of Ethiopian origin (Diaspora Accounts):

• Diaspora Wadia (Safe Keeping) Saving Account
• Diaspora Wadia Current (FCY Checking/Demand) Account
• Diaspora Mudarabah FCY Saving Account
• Diaspora Mudarabah FCY Fixed Term Deposit
• Non-resident transferable foreign currency accounts (NRT FCY)
• Non-resident transferable birr accounts (NRT)
• Non-resident Non-transferable birr accounts (NRNT)

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Mudarabah Investment/Time Deposit Accounts

Mudarabah investment deposits represent the case when the owner of funds seeks a return on their funds and are willing to spare these funds for an agreed period. Customers who have idle funds usually want better returns. Fixed-term deposits in the conventional system operate on the basis of Interest, while investment accounts in Islamic banks operate on the basis of profit-sharing, which is a straightforward Mudarabah deposit. Mudarabah investment account enables customers to deposit specific sums of money with the bank throughout the year for specific periods of time. The bank uses flexible tenure of 3, 6, 12 18, 24 or more months) with the option to withdraw profits at specific times.

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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.

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Cooperatives Mudarabah Saving Account

Cooperatives Mudarabah saving account is opened by an autonomous association of individuals for mutual benefits to engage in retail, wholesale, production, manufacturing, etc. business enterprises. Cooperative mudarabah saving accounts are owned by customers who follow the cooperative principle of one person, one vote mechanism. Cooperative accounts are more often regulated under cooperative legislation. The main aim of launching this saving product is to encourage cooperatives in this scheme of saving. As the case may be, the bank allots a higher profit sharing ratio with cooperative mudarabah saving account holders as compared with ordinary mudarabah saving accounts.

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Labbaik Mudarabah Saving Account

Labbaik Mudarabah saving account is opened for Hajji and Umrah Pilgrimage; thus, the customer will share the profit as well as be forced to saving for the purpose. The available tenure for the account ranges from one to three years for Umrah. For Hajji program, the available tenure ranges from five to fifteen years. Customers will have to monthly deposit in their account as per the proposed deposit plan. However, they are required to deposit any amount more than the agreed fund. Once the deposited amount reaches the proposed package amount, they can apply for withdrawal by filling the appropriate withdrawal format to credit Ethiopian Islamic Affairs account. As the case may be, the bank allots a higher profit sharing ratio with Labbaik mudarabah saving account holders as compared with ordinary mudarabah saving accounts.

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Gammee – Junior Mudarabah Saving Account

This account is opened by individuals, both male and female, between the age of 0-15. However, the account will be in the name of the child. The account will be administered by the parents/guardian until the child becomes able to do so. Deposit and/or withdrawal transactions are guided or supervised by parents/guardian/tutor. Self-employed Gammes between the ages of 0-15 years can open and operate this account by providing a letter of confirmation from the local administration and/or school administration. The account should be opened and operated by the parents jointly or by the parent or guardian, as the case may be. The bank allots higher profit sharing ratio with Gamme – Junior Mudarabah saving account holders as compared with ordinary Mudarabah saving accounts. This account shall be converted to Ordinary Mudarabah Saving Account, when the account holder reaches the age of 18.

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Dargago – Youth Mudarabah Saving Account

This account is designed for both male and female segments with the age of between 15 -29 years old, especially for the student. Youth account is designed exclusively for the youth of today to make tomorrow better by properly managing today’s attitude, lifestyle, preferences, and behavior. The bank, as an incentive, applies a better profit sharing ratio as compared with Ordinary Mudarabah Saving Accounts.

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Sinqe – Women Mudarabah Saving Account

Sinqe – women Mudarabah accounts shall refer to a type of saving account specifically designed for women aged 30 and above. The main aim of accepting Sinqe – women Mudarabah is saving accounts is to increase the saving culture of the women. Through empowering women, their saving culture will be improved, which in turn leads to a more robust financial inclusion. Customers of Sinqe – Women Mudarabah saving account holders get a higher profit sharing ratio as compared with ordinary Mudarabah saving account. Account maintenance and management are handled similarly to the ordinary Mudarabah Saving Account.

Please contact COOP bank Islamic to get more detailed information and advice