“Three – year Islamic Certificates “El Murabeh”
The characteristcs of the certificate
|Denomination||EGP 1000، 5000، 10000|
|The periodicity of the return disburesment||-Disbursed on a quarterly basis on account.
-Calculated from the date of purchase.
-The return rate is 2% more than the savings account interest rate. It is calculated at the end of the fiscal year based on the achieved results in accordance with the Islamic Sharia principles.
|Redemption||After 6 months from the date of issuance in accordance with the redemption values determined by the bank.|
|Other characteristcs||The certificate may be kept at the bank upon customer’s request.|
Advantages of savings certificates:
-The certificate is nominal and its value is disbursed only for its holder.
-There is no maximum limit for purchasing.
-The certificate can be redeemed at any time after 6 months from the date of issuance in accordance with the redemption values determined by the bank .
-The certificates can be purchased from any of the bank’s Islamic transactions branches.
-The interest can be credited to the current or savings account upon the customer’s request .
-The Certificate amount upon redemption can be credited to the current or savings account upon the customer’s request.
-The customer can open a current or savings account upon his request.
-The possibility of keeping the certificate within the bank.
-In case of theft, loss or damage of the certificate, another one can be issued instead.
Terms and conditions:
•The certificate is nominal and can not be issued in joint names. It is un-assignable and non-transferable.
•A current or a savings account has to be opened at the branch that issues the certificate.
Persons entitled to open accounts:
•Minors (by custodianship or guardianship)
The required documents:
For new customers:
•A copy of the valid ID card (After reviewing the original).
•Birth certificates containing the national number for minors (and the guardianship deed, if any).
For current customers:
The customer’s data updating shall be verified.