Business Accounts

Overview

Al Barakah Banking is a brand name for CRDB Islamic Banking Window; A banking products and services which complies with Islamic business principles and practices.

Al Barakah Business Accounts Products

An account specifically designed to service the corporate entities.

Features

  • Underlying Contract is Qardh.
  • Account can be opened and operated in TZS/USD/EURO/GBP

  • Minimum opening balance is TZS 100,000 or USD/EUR/GBP 100

Benefits

  • Shariah Compliant i.e. funds are not channeled into impermissible activities.

Requirements

  • Business Registration Documents

  • Full KYC of the Directors and Signatories

APPLY NOW

An account specifically designed to service the SMEs.

Features

  • Underlying Contract is Qardh.

  • Account can be opened and operated in TZS/USD/EURO/GBP

  • Minimum opening balance is TZS 100,000 or USD/EUR/GBP 100

  • Account is eligible to Cheque book & internet banking to facilitate payments

  • TemboCard Visa / MasterCard can be issued where mandates allow for single signatories

Benefits

  • Shariah Compliant i.e. funds are not channeled into impermissible activities.

Requirements

  • Business Registration Documents

  • Full KYC of the Directors and Signatories

APPLY NOW

An account specifically designed to support growth of financial services to rural community targeting cooperatives, farmers associations, farmers groups.

Features

  • Underlying Contract is Qardh.

  • Minimum account operating balance of TZS 3,000

  • Waiver of account opening balances

Benefits

  • Shariah Compliant i.e. funds are not channeled into impermissible activities.

  • Waiver of account opening balances

Requirements

  • Signatories must be 18 years and above

  • Signatories must provide Legal ID and 2 Passport size photos each

  • Members including signatories are not necessarily required to have CRDB account

  • Group resolution/Minutes of members meeting authorizing opening of account and operating mandates (At least 3 signatories)

  • Group constitution

  • Certificate of registration/Recognition from local government authorities

  • Low risk individual customers and customers using NIDA ID are not supposed to provide introduction letter from VEO/WEO

APPLY NOW

Enterprise current account dedicated for Micro-Small Enterprises MSE segment. The account facilitates both formal and informal businesses customers to grow as Individuals and/or Enterprises.

Features

  • Underlying Contract is Qardh.

  • Account can be opened and operated in TZS only

  • Minimum opening balance is TZS 5,000/-

  • Monthly Maintenance Fee TZS 0/-

  • Cash withdraw fees TZS 0/-

Benefits

  • Shariah Compliant i.e. funds are not channeled into impermissible activities.

  • Free ATM Card

  • Cheque Book is issued upon request

  • Free Sim Banking

  • The account can be opened for both formal & informal enterprises.

  • Facilitates business transactions on different channels.

  • Eligible for debit card, Simbanking and internet banking if mandates allows.

  • Convenience of using cheques for payments.

  • Joint accounts are allowed.

Requirements

  • Customer must be enterprising as either formal or informal enterprise.

  • Account signatories must be above 18 years and in possession of Legal ID and 2 Passport size photos, VEO/WEO Letter ONLY in the absence of NIDA ID.

  • Business license, TIN and other relevant business registration documents for formal businesses identification.

  • Machinga ID, current Soko Letter or Local Business Permit for informal businesses identification.

APPLY NOW

An account designed for VICOBA and small groups to create a safe and easy way for collecting and managing monthly contributions

Features

  • Underlying Contract is Qardh.

  • Acceptable currency is TZS only

  • Minimum account opening and operating balance of TZS 20,000

  • Minimum operating balance is TZS 20,000

  • No maintenance fees

  • No transactional fees

  • No withdrawal charges

Benefits

  • Shariah Compliant i.e. funds are not channeled into impermissible activities.

  • Cash withdrawal shall be done by using non- negotiable cheques.

  • The account is not eligible for ATM, Simbanking, or internet Banking.

  • Real time collections and payments via SimBanking

Requirements

  • At least 3 signatories who must be 18 years and above

  • Signatories must provide Legal ID & 2 Passport size photos each

  • Minimum number of group members is 3, with no maximum

  • Members including signatories are not necessarily required but are encouraged to have CRDB account.

  • Group resolution/Minutes of members meeting authorizing opening of account and operating mandates

  • Group constitution

  • Certificate of registration/ Recognition from local government authorities

  • Low risk individual customers and customers using NIDA ID are not supposed to provide introduction letter from VEO/WEO

APPLY NOW

You might also be interested in