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Student Savings Account

ABOUT THE PRODUCT

The Student Savings Account is designed to offer school going population flexible savings schemes to cover higher educational expenses. The product will be targeted for Schools (Primary, Junior, Senior and Tertiary). The goal is to onboard them young and grow with them fully integrated into the formal financial service systems. APS will work with the relevant stakeholders in the education system to allow us run flexible student savings schemes for the school going population to groom them into a well-structured financial system into adulthood.

TARGET SECTOR

Students in:

  • Primary Schools

  • Junior & Senior Secondary Schools (English & Arabic)

  • Tertiary and Vocational Schools

THE SHARIAH CONCEPT

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 Customer (Rabul-Mal) provides funds and the APS Islamic Microfinance (Mudarib) does the investments in compliant with the Shariah principles. Profits will be distributed Half yearly between APS Islamic Microfinance and the customer based on a pre-agreed ratio 70%/30% APS IMF and the customer respectively.


DOCUMENTARY REQUIREMENTS


  • National ID, Driving License, Passport, Voters Card, Non-Gambian ID, Residential Permit

  • Two Passport photos.

  • TIN Certificate

  • All of the above for each signatory if the account is joint.

  • If the child is minor; his/her birth certificate together with two passport pictures and dependent documents.

PRODUCT FEATURES


  • Account Opening Fee – GMD100.00 Plus VAT

  • Initial Minimum Deposit Amount – GMD50.00

  • Minimum Operating Balance GMD50.00

  • SMS Alert - D1/SMS

  • Email Alert, Mobile App & Internet Banking – D25/Monthly

  • Unlimited Deposits and for any amount

  • Mode of withdrawal – Twice every month

  • In the event of loss of Mudarabah investments, the Customer (Rabul-Mal) will bear the lost

  • Thus, if the lost is because of negligence APS Islamic Microfinance (Mudarib) will bear the lost

  • Profit/Loss sharing will be calculated on the monthly average balance.

  • Profit Sharing Ratio – 70%:30% to APS and Customer respectively.

PRODUCT BENEFITS

  • Fast and easy account opening process

  • The product is fully Shari’ah compliant

  • Attractive Profit rate and Quarterly profit payments

  • Low operating requirements

  • Accessible from all APS Branches countrywide

  • Low risk ratings for the Customer (Rabul-Mal)

  • Can be used as a security to secure a facility

  • Lots of complementary services

    • E-Alerts

    • Internet Banking (web & Mobile app)

    • Business Advisory

    • Training & Coaching

All Services

Make a call for any type query.

71111473111157

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