Five\year “El Musharek” Islamic CD
|Denomination||L.E 1000، 5000، 10000|
|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:
- 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.