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Wadiah Savings Account |
Wadiah Savings Account scheme guarantees the security of depositors’ savings. The Wadiah agreement is based on the contract Al-Wadiah Yad-Dhamanah (Guarantee) between the depositor and the entrusted party, which is Ghazanfar Bank Islamic Banking Window, as the trustee. Under this contract the trustee guarantees to return all savings or part of the balance whenever requested by the depositor. The depositor on the other hand permits their savings to be managed or invested by Ghazanfar Bank Islamic Banking Window as long as it abides by Shariah principles.
Features
- An initial deposit of AFN 10,000 is required.
- No fixed deposit interest can be deposited into Wadiah Savings Account.
- All funds collected are invested in Shariah approved channels.
Benefits of Wadiah Savings Account
Convenient and Flexible Banking
The account offers easy deposits and withdrawals by passbook and ID Card at any time to meet customers banking needs at any GB Islamic Banking Window Branches.
Attractive Dividend Rates
The Bank, at its discretion, can distribute part of the profits gained from such investments in the form of rewards (Hibah) to the customers.
Fully Guaranteed
There are no risks with GB Islamic Banking Wadiah Savings Account as it is based on trust. Therefore, GB Islamic Banking Window guarantees the full amount of customer deposit which is payable in full upon demand.
Eligibility
- All individuals, aged 18 and above.
- For minor accounts, the minimum age to open a Wadiah Savings Account is 15 years old.
- Individuals below the age of 15 years old can open Trust/On Behalf Account in the name of the parents or legal guardian.
- Clubs, societies and associations.
- Other organisations whose operations are not contradictory to Shariah principles and Afghanistan law.
- Firms, Corporations and business enterprises are not eligible for the Wadiah Savings Account.
How to Apply
- Individual: Copy of Taskara
- Trustee/On Behalf: Copy of Taskara of Trustee and Birth Certificate of the child
- Clubs & Societies: Original certificates of Registration
- Trust Account: Trust Deed
- Executor & Administrator: Grant of probate, etc.
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Three new branches in Pul-e-Khomri, Kundoz and Jalalabad
Saturday 2nd, Jan. 2010
Ghazanfar Bank launched 3 new branch offices in Pul-e-Khomri, Kundoz and Jalalabad. We continue opening new branches to cover all over Afghanistan. Please stay tuned for annoucements of new branches.
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