Five\year “El Musharek” Islamic CD

Features

Denomination L.E 1000، 5000، 10000
Duration 5 years
Interest frequency -Disbursed on a quarterly basis.
-Calculated from the next working day of purchase.
-The interest rate is 2.50%+ over the saving account interest rate, and calculated at the end of the fiscal year based on the achieved results in accordance with the Islamic Shari’a principles.
Redemption After 6 months from the date of issuance in accordance with the redemption values determined by the bank.
Other features The customer can keep the CD within the bank.

The Advantages of the CD:

  • The CD is nominal and the interest is disbursed for its holder.
  • There is no maximum limit for purchasing.
  • The CD can be redeemed after 6 months from the date of issuance in accordance with the redemption value determined by the bank.
  • CDs are purchased at any of ABE Islamic branches.
  • CD value, interest, redemption value or its maturity value are exempted from the income tax.
  • The CD can be issued for juniors until they are legally eligible. The interest is added to the account or disbursed in cash.
  • The interest can be added to the saving or the current account.
  • CD original amount on maturity date can be added to the current or the saving account.
  • The customer can open a current or a saving account.
  • The possibility of keeping the certificate within the bank.
  • In case of loss, stealth or damage of the CD, another CD cab be issued instead.

Terms & Conditions:

  • The CD is nominal and can’t be issued for several people. It is un-assignable and non-transferable.
  • A current or a saving account has to be opened within the branch that issued the CD.

Persons entitled to open accounts:

  • Individuals.
  • Minors (in their name under custody/guardianship).

The required documents:

For new customers:

  • A copy of the valid ID card, (Original should be presented).
  • Birth certificates containing the national number for minors (custodian decision, if any).

For current customers:

  • Updating customer’s data.

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