Al Baraka Distinctive Deposit
Al Baraka Bank of Sudan launched the distinctive investment deposit system on the basis of speculation. The Distinctive Investment Deposit combines the features of current accounts, which is characterized by flexibility, with speculative investment account which is characterized with profit in accordance to the Islamic speculative system. This feature enables the owner of the deposit to use the account in deposit and withdraw operations without limitations and at the same time receive an expected profit each month from the account.
Benefits of the service
- Deposit funds are invested in accordance with the provisions of Islamic Sharia Law.
- Calculation are on the basis that there is no minimum or higher limit for the Distinctive Deposit.
- Distinctive Deposit account is featured with the possibility of withdraw and deposits operations.
- Share of the Bank, as an speculator, is 30%.
- The Distinctive Deposit account is linked with the client current account to cover the current account deficit balance, so as to meet any obligations, and vice versa. This is carried using a sustainable technical payment system without manual intervention. This is within the framework of the limits set by the owner of the deposit.
- Profits of the deposit account is calculated according to the average daily closing balance during the period of validity of the deposit. The balance must not be less than the minimum limit of the deposit set by the depositor.
- Monthly advances are from monthly earnings with a rate of 0.5%, similar to other deposits and investment.
- Clearance is every 3 months.
- Profits are awarded on the number of days that the deposits have remained in the account without specifying a minimum number of days.
- Due date of the deposit range between 3 months, 6 months, 9 months or 12 months.
- Deposit earnings are calculated on the basis of their participation by 90% of its value to enable the Bank to provide the necessary liquidity for coverage in both cases.
- Termination of contract is not possible unless one partner gives a one month notice to the other partner.