Al - Barakah Scholar Savings Account

Overview

A savings account designed for students to enable them to save their subsistence allowance and pocket money while at university/college or at school.

 Underlying Contract is Qardh.

 Account can be opened and operated in TZS only

 Initial opening amount is TZS 5,000

 Do not have minimum operating balance

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

 Eligible for TemboCard Visa /MasterCard, SimBanking and Internet Banking

 The account cannot be jointly opened or operated

 Does not attract monthly maintenance fee but charged transactional fees

  •  Account is for students with 18 years and above
  •  Student ID
  •  Introduction Letter from the University/College or School with a glued stamped photo and signature
  •  Exceptions: Scholar Account can also be opened with:
    •  Other Legal IDs + Admission/Introduction Letter, OR
    •  Form Four Certificate + Birth Certificate/Medical Insurance ID + Admission/ Introduction Letter
  •  BUT conditional to submitting the missing requirement(s) above within 3 months
  •  When opening via Savvy Flow, customer should also provide 2 Passport size photos

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