Al - Barakah Nia Moja Account (VICOBA)

Overview

An account designed for VICOBA and small groups to create a safe and easy way for collecting and managing monthly contributions.

 Underlying Contract is Qardh.

 Acceptable currency is TZS only

 Minimum account opening and operating balance of TZS 20,000

 Minimum operating balance is TZS 20,000

 No maintenance fees

 No transactional fees

 No withdrawal charges

 Shariah Compliant i.e. funds are not channeled into impermissible activities.

 Cash withdrawal shall be done by using non- negotiable cheques.

 The account is not eligible for ATM, Simbanking, or internet Banking.

 Real time collections and payments via SimBanking

 At least 3 signatories who must be 18 years and above

 Signatories must provide Legal ID & 2 Passport size photos each

 Minimum number of group members is 3, with no maximum

 Members including signatories are not necessarily required but are encouraged to have CRDB account.

 Group resolution/Minutes of members meeting authorizing opening of account and operating mandates

 Group constitution

 Certificate of registration/ Recognition from local government authorities

 Low risk individual customers and customers using NIDA ID are not supposed to provide introduction letter from VEO/WEO

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