Moudaraba 

 

 

Summary

The Moudaraba account is an Islamic savings account that respects the principles of equity and responsibility. At its opening, the client and his banker define a distribution method for the sharing of the profits that will be generated by the use of his/her savings for licit activities.

Account opening requirements

  • 2 passport size photographs
  • Certified copy of your NIC
  • Location plan of your residence
  • Attestation of residence  (lease contract or water, electricity or telephone bill …)
  • Initial deposit of at least CFA Frs 200 000.


Corporate bodies should provide

NGOs :

  • The certified copy of the partnership declaration receipt or the authorisation from the Ministry (Associations and NGOs).
  • Minutes of the GA authorising the opening of the account at Afriland First Bank
  • Minutes appointing signatory members and payment modalities.
  • A copy of the laws and standing orders duly signed.
  • The attendance sheet of members of the General Assembly, signed by each member

CIGs:
a legalised attestation of declaration of the COOPCIG.