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Al - Barakah Young Money Teens Saving Account

Overview

A savings account suitable for students aged 13-17 years old. The account is opened and operated by the child under their parent’s or guardian’s supervision.

 Underlying Contract is Qardh.

 Currency: TZS

 Initial Opening Balance TZS 20,000

 No Monthly Fees

 No Joint Account operation

 Only one account is allowed per child

 No withdrawal fee

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

 Child can be allowed usage of the debit card so as to build financial responsibility early

 Parent/Guardian retains the mandate on the account

 Affordable minimum opening balance

 Eligible to debit card

 Parent/Guardian receives notification whenever the debit card is used.

 Account is for children between 13 - 17 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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