Business
Types Of Accounts Jaiz Bank Offered In Nigeria
Jaiz Bank offers a variety of investment accounts, including savings accounts, term deposits, and Wakala investments:
Savings account (Mudarabah)
Customers earn profit on their deposits, and the bank acts as the fund manager. The bank invests the funds in Shariah-compliant business ventures, and the customer receives a share of the gross profit each month.
Jaiz Premium Savings Account (JAPSA) Term Deposit
Account holders are considered investors, and the bank invests their money in profitable, socially-desirable, and commercially-viable business ventures.
Jaiz Wakala Investment
The minimum investment is N300,000,000, or its equivalent in another currency. The bank conducts pre-investment appraisal and due diligence on behalf of the customer. The parties involved agree on the expected rate of return before the investment.
Current Account (Qard)
Customers give the bank authority to use their funds to invest in its operations. The deposit is considered a non-interest loan, and the bank guarantees to return the principal.
Jaiz Kids Account (Mudarabah)
A parent or guardian can open an account in trust for a child. The account is operated based on the principle of Mudarabah, and the child can earn profit on their deposits.
