It is an account that will be provided by Global Bank Ethiopia for the safe custody of depositors’ funds without any financial benefit whereby the depositors are guaranteed repayment of their funds.
The major features of this account are the following
It can be opened either by natural or legal persons in domestic currency;
A minimum balance of Birr 500 (Birr five hundred) for individual or individual trade operators and Birr 1000 (Birr one thousand) for PLCs and others is required to open Wadia’s current account in GBE;
Chequebooks are issued to the account holders and account holders have a right to write cheques on their accounts;
Account operation will be carried out using cheques provided by the bank;
Customers/Depositors are free to deposit and withdraw funds
It is a cheque account
With the consent of the customer (fund’s owner), the bank can use the funds in the current account in Shari’ah-compliant investment/transactions at its own risk;
All the profits obtained from the Shari’ah-compliant investment/transactions will be accrued to the bank only. The customer/depositor is not paid any share of the profit or any other return in any form for deposited funds in a current account because the funds are guaranteed only for repayment on demand; and
Service charge related to the operation of this account, such as checkbook fee, is requested from the customer.
