- Al Baraka Group
- Branches & ATMs
Distinctive Deposit
Al Baraka Bank of Sudan offers the Distinctive Deposit service, which is a distinguished investment deposit that combines the features of the current account and the feature of the Mudaraba account, and it has flexibility in withdrawal and deposit that is compatible with the provisions of Islamic Sharia.
Benefits and Features
- The deposit funds are invested in accordance with the provisions of Islamic Sharia.
- The calculation is based on the fact that there is no minimum or maximum limit for the Premium Deposit
- The Premium Deposit Account is characterized by the ability to withdraw and deposit
- The deposit account is linked to the customers current account to cover the deficit in the current account balance when there are any obligations and vice versa, using a technically sustainable payment order system
- Profits for the deposit are calculated on the basis of the average daily closing balance during the validity period of the deposit.
- The monthly advance should be at the expense of profits at the rate of 1.25%, similar to other investment deposits, and liquidation takes place every 3 months.
- Profits are granted on the number of days that the deposit remained inside the pool without specifying a minimum number of days.
- The minimum amount for individuals is SDG50,000, and the minimum amount for companies and institutions is SDG250,000.
Terms and Conditions
- The deposit is in the local currency starting from the date of its issuance.
- The deposit is automatically renewed with the consent of both parties for another period under the same conditions.
- The depositor is not entitled to withdraw the amount or part of it except at the end of the deposit period.
- Distribution of quarterly profits.
- The investment formula is absolute speculation. The resulting profits are distributed at a rate of 10% to the bank (the business owner) and 90% to the depositor (the business owner) in the same currency in which the deposit was made.
How to Access the service
- Opening an account with Al Baraka Bank
- Copy of valid personal documents (national card, national number, passport, driver's license).
- Signing the distinguished deposit contract.