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Al - Barakah Junior Jumbo Saving Account

Overview

A savings account specifically designed to enable parents and/or guardians conveniently save for their children, especially for school fees, medical treatment etc.

  •  Underlying Contract is Qardh.
  •  Account can be opened and operated in TZS/USD/EUR/GBP
  •  Minimum opening balance is TZS 20,000 and for USD/GBP/EUR 20
  •  Minimum Operating balance is TZS 10,000/- USD/GBP/EUR 20
  •  Withdrawal fee TZS 3,000
    •  < 4 Transaction p.a USD/EUR/GBP: FREE
    •  > 4 Transaction p.a USD/EUR/GBP: 10.00 USD/EUR/GBP

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

 Withdrawals are restricted to 4 times per annum

 Eligible to a non-linked TemboCard visa / MasterCard

 The account is not allowed to be registered with SimBanking or Internet Banking

 No joint account or more than one account is allowed per child

 Account is for children below 18 years

 Child’s Birth Certificate

 Parent/Guardian Legal ID

 2 Passport size photos each for Parent/Guardian and Child

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

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