Profit-bearing and non-profit-bearing accounts under Shariah contracts.
Account Categories:
- Profit-Bearing: Mudaraba Investment Savings Accounts.
- Non-Profit-Bearing: Current Deposit Account (Qard-Al-Hassan).
Account Details:
- Share Capital Account
- Type: Equity membership account (Investment Musharaka).
- Features: Shares purchased by price and amount.
Value can appreciate based on annual valuation.
Non-refundable but transferable to new members.
- Current Deposit Account
- Type: Mandatory account (Qard-Al-Hassan).
- Features: Non-profit-bearing.
No withdrawal restrictions.
Receives deposits from members at no cost.
Integrated with M-Pesa for 24/7 deposits via Pay Bill 364 364.
- M-Akiba Investment Savings Account
- Type: Profit-bearing without fixed term (Mudaraba).
- Features: Requires minimum KES 1,000 monthly savings.
Routine and regular savings expected.
Restricted withdrawals: once per quarter on 7-day notice.
Profit accrues based on the Profit-and-Loss Sharing (PLS) Mechanism.
Used as a 3x multiplier when assessing financing eligibility.
- Fixed Investment Savings Account
- Type: Restricted investment placement (Mudaraba).
- Features: For a specific purpose and term.
Participates in profit-sharing based on the PLS Mechanism.
- Hajj Investment Savings Account
- Type: Purpose-specific savings (Mudaraba).
- Features: Facilitates saving for the annual Muslim pilgrimage.
Withdrawals limited to twice per year. Withdrawal fee: KES 1,000.
Minimum balance: KES 1,000.
Profit-bearing via PLS.
- Children Investment Savings Account
- Type: Long-term savings for minors.
- Features: Profit-bearing account designed to build savings on behalf of children.
- Target Investment Account
- Type: Project-linked savings (Mudaraba).
- Features: Supports long-term savings commitment toward a specific project.
Acts as collateral for related financing or guarantees.
Limited withdrawal: once per quarter.
- Souk Investment Account
- Type: Market-oriented investment account.
| Key Savings Accounts | Investment Accounts |
|---|---|
| Share Capital (Equity) A/c | Target Investment Savings |
| Current Deposits (Withdrawable) A/c | Fixed Investment Savings A/c |
| Souk Investment A/c | Hajj Investment Savings A/c |
| Ordinary Savings (Operations) A/c | Children Investment Savings A/c |