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Business Accounts

Overview

Al Barakah Banking is a brand name for CRDB Islamic Banking Window; A banking products and services which complies with Islamic business principles and practices.

Al - Barakah Bidii Current Account

This is a current account with savings features which is designed for micro/small enterprises, religious institutions and Formal (Registered Business) entities, Individuals, Sole Proprietor or Limited Company

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 Underlying Contract is Qardh.

 Account currency is TZS/USD/GBP

 Minimum opening balance of TZS 50,000,

 Minimum operating balance of TZS 50,000

 Monthly maintenance fee TZS 3,000

 Cash withdrawals over the counter TZS 4,000 for amounts below TZS 20 Million

 Cash withdrawal above 20 Million, 0.1% maximum TZS 150,000

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

 Eligible for Tembo card and Simbanking if mandates allow

 Cheque book available upon request.

 Customer must be enterprising as a formal enterprise.

 Account signatories must be above 18 years and in possession of Legal ID and 2 Passport size photos, VEO/WEO Letter ONLY in the absence of NIDA ID.

 Business license, TIN and other relevant business registration documents for business identity.

Al - Barakah Corporate Current Account

An account specifically designed to service the corporate entities.

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 Underlying Contract is Qardh.

 Account can be opened and operated in TZS/USD/EURO/GBP

 Minimum opening balance is TZS 100,000 or USD/EUR/GBP 100

 Minimum operating balance is TZS 100,000 or USD/EUR/GBP 100

 Monthly Maintenance fee TZS 15,000 or USD 14 or GBP 9

 Account is eligible to Cheque book & internet banking to facilitate payments

 TemboCard Visa / MasterCard can be issued where mandates allow for single signatories

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

 Business Registration Documents

 Full KYC of the Directors and Signatories

Al - Barakah Hodari Current Account

Enterprise current account dedicated for Micro-Small Enterprises MSE segment. The account facilitates both formal and informal businesses customers to grow as Individuals and/or Enterprises.

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 Underlying Contract is Qardh.

 Account can be opened and operated in TZS only

 Minimum opening balance is TZS 5,000/-

 Minimum account operating balance of TZS 0/-

 Monthly Maintenance Fee TZS 0/-

 Cash withdraw fees TZS 0/-

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

 Free ATM Card

 Cheque Book is issued upon request

 Free Sim Banking

 The account can be opened for both formal & informal enterprises.

 Facilitates business transactions on different channels.

 Eligible for debit card, Simbanking and internet banking if mandates allows.

 Convenience of using cheques for payments.

 Joint accounts are allowed.

 Customer must be enterprising as either formal or informal enterprise.

 Account signatories must be above 18 years and in possession of Legal ID and 2 Passport size photos, VEO/WEO Letter ONLY in the absence of NIDA ID.

 Business license, TIN and other relevant business registration documents for formal businesses identification.

 Machinga ID, current Soko Letter or Local Business Permit for informal businesses identification.

Al - Barakah Kilimo Fahari Current Account

An account specifically designed to support the growth of financial services to rural communities targeting cooperatives, farmers associations, farmers groups.

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 Underlying Contract is Qardh.

 Minimum account operating balance of TZS 3,000

 Waiver of account opening balances

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

 Waiver of account opening balances

 Signatories must be 18 years and above

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

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

 Group resolution/Minutes of members meeting authorizing opening of account and operating mandates (At least 3 signatories)

 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

Al - Barakah Nia Moja Account (VICOBA)

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

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 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

Al - Barakah SME Current Account

An account specifically designed to service the SMEs.

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 Underlying Contract is Qardh.

 Account can be opened and operated in TZS/USD/EURO/GBP

 Minimum opening balance is TZS 100,000 or USD/EUR/GBP 100

 Minimum operating balance is TZS 100,000 or USD/EUR/GBP 100

 Monthly Maintenance fee TZS 13,000 or USD 14 or GBP 9

 Account is eligible to Cheque book & internet banking to facilitate payments

 TemboCard Visa / MasterCard can be issued where mandates allow for single signatories

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

 Business Registration Documents

 Full KYC of the Directors and Signatories

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