Iddir (Jem’eayh) Savings Account
A Wadi’ah-based saving account designed to safely hold and manage the collective funds of an Iddir, a traditional community association established to provide mutual assistance, primarily during emergencies. The account supports transparent fund management and enhances convenience for Iddir members while complying with Shari’ah principles.
Product Features
- The account operates under the Wadi’ah arrangement, where the Bank keeps the pooled funds of the Iddir for safekeeping and ease of management.
- The account can be opened either in the name of the Iddir or under the names of designated Iddir officials, with a clear annotation indicating the Iddir’s identity.
- Members of the Iddir are encouraged to open individual IFB accounts to facilitate contributions, transfers, and other financial interactions.
- Upon the customer’s request, the Bank will process and transfer members’ monthly contributions directly to the Iddir account, ensuring convenience and timely collection.
- The Bank provides a free, one-timebranded ID card for each Iddir member and a branded registration book for proper documentation and recordkeeping.