Mudarabah Financing

Mudarabah is a special kind of partnership where one partner gives money to another for investment in a commercial enterprise. The investment comes from the first partner (Rabb-ul-mal/bank), while the management and work is an exclusive responsibility of the other (Mudarib/customer).

The account will be launched soon, taking into consideration all the principles of shariah associated with it.

Please contact Coopbank Islamic to get more detailed information and advice

Gammee – Junior Wadiah Saving account

Gamme Junior wadi’ah saving account is a type of account designated for children (Junior) between 0-15. The account is opened in the children’s name, but parent and/or guardians administer it until the child is old enough to operate the account by him/herself. It is opened by individuals, both male, and female between the age of 0-15. Self-employed or employed juniors between these ages can open and operate this account by providing a letter of confirmation from the local administration and/or school administration. This account shall be converted to an ordinary savings account when the account holder reaches 18.

Please contact Coopbank Islamic to get more detailed information and advice

Labbaik wadiah Saving Account

Labbaik Wadi’ah Saving Account is a type of forced and commitment saving account for Hajji & Umrah pilgrimage. Labbaik wadi’ah saving account for Hajji and Umrah Pilgrimage is a type of saving account; thus, a passbook will be issued to the customers. The available tenure for the Umrah package ranges from one to three years and five to fifteen years for Hajji Package. 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 selected package price, they can apply for withdrawal by filling the appropriate withdrawal format. Customers are allowed to withdraw from their credit balance without any form of restriction/limitation as to the amount and timings of the withdrawal, but they are not entitled to the program. At the time of maturity, customers withdraw their funds in full to utilize for Hajji-Umrah package offered by CBO Hajji-Umrah Package or by any other Travel Agent as per the discretion of Ethiopian Islamic Affairs Supreme Council

Wadiah Saving Account

The term Wadiah is derived from the verb ‘Wada’a, which means to leave, lodge, or deposit, where the bank is authorized to keep the funds of the depositors in his or her safe custody for safety and convenience. The depositors are allowed to withdraw their money at any time without restriction. The bank assures the money is made available upon demand and gives a full guarantee of the principal amount. The bank, with the consent of customers, has the right to use the fund in any permissible business; however, the customer does not share profit or loss from business returns. The following are some of the types of Wadi’ah accounts and deposits.

Wadia is a trust agreement whereby the bank keeps funds of depositors who want to place their funds under safe custody without any benefit. It is a non-profit sharing deposit account that the bank provides for natural and legal persons who fulfill the bank’s policies and requirements. The minimum balance to open this account should be Birr 50.00. However, a Savings account may be opened and maintained with zero balance for a period of a one-month period. The account holder should credit at least a minimum of Birr 25.00 in his/her account within one month. However, if the account is not credited in the specified period, it should be closed following the regular account closing procedure.

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