The Accounts will be based on the Islamic financial structure of Wakala, allowing the Bank’s customers to receive profit on their deposited funds.
Under the Accounts, the customer enters into a Wakala arrangement with the Bank, whereby the customer appoints the Bank as his agent to invest the customer’s deposited funds in Shariah compliant transactions with the aim of generating profit. The customer and the Bank agree on the terms of the Wakala including, among others, the investment amount, tenor and Expected Profit Rate (“EPR”). The Bank invests the funds available in the customer’s Account in different Shariah-compliant investment transactions (such as financing the Bank’s customers wishing to purchase properties, purchase and sale of Shariah-compliant instruments (such as Sukuk) or through placements with other Islamic banks/windows) and pays the due profit to the customer’s account on the agreed maturity date. Any profit exceeding the Expected Profit will be given to the Bank as a reward for good performance.
|KPIs||Wakala Fixed Term Deposit|
|Initial Balance||AFN 500,000, USD 5,000|
|Minimum Balance||Not Required|
|Tenor||6 months, 1 year, 2 years and 3 years|
|Profit Calculation||End of month balance|
|Profit Payment||On maturity of deposit|
|Tier-based Profit Rates||Yes (higher expected profit rates will be given to longer periods)|
|Withdrawals||Not permitted before maturity except with special approval from Bank|
|Rollover||Yes, principal only or principal + profit|
|Cheque Book Issuance||N/A|
|Account Statement||N/A – only deposit certificate is provided|
|Facilities / Benefits||1) Accounts can be opened in AFN and USD
2) Competitive Profit rate
3) Multiple roll over options
4) 24/7 access to account via FMFB-A online banking services.
4) Deposit Certificate will be issue
|Debit ATM card||N/A|
|E-channel services||Online banking, mobile banking, SMS alert upon deposit opening & rollover/renewal.|
For Further, information and inquiries please visit your nearest branch or contact us through:
Short code: 599
Helpdesk: +93 (0) 790010104, +93(0) 790010105 (Saturday to Wednesday from 8:00 AM to 4:00 PM, and Thursdays from 8:00 AM to 1:00 PM).