Iddir i deposit account (Jem’eayh)

Iddir i deposit account (Jem’eayh)

Iddir i deposit account (Jem’eayh) shall refer to “WadiahYadDhamana” based specialized deposit offering of the Bank available for Iddirs. Iddirs are associations made up by a group of persons with the aim of providing mutual aid and financial assistance in certain circumstances. In practice, Iddir is a sort of insurance program run by a community or a group to meet emergencies. 

Product Features

  • Partial coverage of the local medical expense of prominent Iddir members as a prize or as recognition to their Iddir deposit amount and members account opening;
  • Provide financing to the Iddir with a 1% discount on profit rate to respective financing type. The financing shall be provided with Murabaha mode of financing as per the existing IFB business or consumer financing procedure of the Bank;
  • The Bank shall offer the giveaways branded with its logo;
  • The Bank may provide personal financing to prominent Iddir officials (chairman, secretary, and treasurer) with a 1% discount on the profit rate of respective financing type;
  • Ease of accessing the Iddir-i account financial information and cash collection;
    Usage of the application, payment, and collection system platform (PCSP) developed for collecting monthly/periodic member’s contribution;
  • Mobile alert message to all delegated members’ accounts;
  • The Bank shall give financial advice to each Iddir whenever possible.
  • All Iddirs made up by a group of natural persons can open the account;
  • The account may be opened either with the Iddir’s name or with officials of Iddir with annotation specifying Iddir;
  • Each Iddir member shall open his/her wadiah saving account in the Bank and enjoy the value propositions applicable to that specific product;
  • The periodic contribution of members shall be collected from the IFB account through standing instruction, or through cash deposit directly to the Iddir-i account, or using any electronic channels;
  • The minimum threshold deposit amount for eligibility to the benefits is Birr 500,000 for three months and having a large number of Iddir members who have opened accounts. Other conditions will also apply;
  • The borrowers shall also fulfill a number of requirements to be eligible to the benefits that come with the product.
    PSR: Not applicable
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