Account purpose
This Account is designed to offer the school-going population flexible savings schemes to cover higher education expenses. The product will be targeted at Schools (Primary, Junior, Senior, and Tertiary). The goal is to onboard them young and grow with them fully integrated into the formal financial services system. APS will work with the relevant stakeholders in the education system to allow us to run flexible student savings schemes for the school-going population to groom them into a well-structured financial system into adulthood.
Shariah contract applicable
This Account will operate based on the Mudarabah principle of profit sharing. It will be a partnership contract between the APS Islamic Microfinance and the Customer. The client provides funds (Rabul-Mal) and the APS Islamic Microfinance (Mudharib) does the investments in compliance with the Shariah principles. Profits will be distributed based on a pre-agreed ratio.
Features and benefits
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Fast and easy account opening process
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The product is fully Shari’ah compliant
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Attractive Profit rate and Quarterly profit payments
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Low operating requirements
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Accessible from all Branches and Agents countrywide
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Low risk ratings for the Customer (Rabul-Mal)
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Can be used as a security to secure a facility
- E-Alerts
- Internet Banking (web & Mobile App)
- Business Advisory
- Training & Coaching
