Saving Accounts

This account type shares in the distribution of profits when realized and the funds can be deposited or withdrawn at will without prior notice.  Funds from customers are pooled under this account without a stated maturity and are invested according to the Sharia’a principles. Customers authorize the Bank to invest the funds deposited on Mudaraba basis ("Mudaraba" contract). Realized profits or losses are shared between the Investors and the Bank according to a certain percentage specified in the Mudaraba contract.

 Key Facts Statement

Features
  • Ability to deposit or withdraw funds at any time
  • Available in LBP, USD and EUR currencies
  • No monthly or yearly fees on account
  • Semi-annual profit distribution at the end of June and December
  • SMS alerts for major transactions

Annex to Account Opening Contract

  • AFH informs its customers that additional to the terms agreed upon in the account contract, will take an action if the current account / checks has not been used for a maximum period of one year, or the saving account for a maximum period of two years, then  the account automatically will be classified as dormant where AFH  have the right to charge a quarterly commission fee equal to 15 US Dollars to cover the expenses of the account until the balance is zero, then AFH have the right to close the account without referring back to the customer.

Conditions
  •  Valid ID or Passport
  • Must be at least 18 years old
  • Minors can open accounts through a legal custodian
  • Minimum deposit  condition applies
  • Compliance with local and international laws and FATCA regulations
  • In case account status becomes dormant, client will be contacted from Branch to reactivate it or close it

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