• Swift Code: AMHRETAA
Facebook-f Twitter Instagram Youtube Telegram Linkedin
Open Account

Marhaba Interest Free Banking

ABa Interest Free Banking

Marhaba Interest Free Banking

Amhara bank provides a specialized Interest-Free Banking service with the brand name “MARHABA”. The word Marhaba in Arabic has the meaning of ”Welcome” signifying how we are ready to serve. Our products and services are tailored to serve and fulfill the needs of our esteemed customers.

  • Interest-Free Banking Deposit Products
  • Interest-Free Bank Investment Contract
  • Interest-Free Bank Financing Products
  • International Trade and Finance

Frequently Asked Questions

Too cultivated use solicitude frequently. 

  • Work/resident permit
  • Passport
  • Two Recent photographs
  • Renewed trade or investment license
  • A tax identification number (TIN)
  • A commercial registration certificate
  • A memorandum of associations and an article of association
  • A letter requesting to open and operate the account
  • A valid and renewed ID card and photograph of the person authorized to operate the account
  • AMHRETAA
  • There is a 24-hour helpline on 690 and also email us info@amharabank.com.et
Explore More

Marhaba Products

Interest Free Bank Deposit Products

Features

 

  • The source of Wadia'h Deposits must be from Shari'ah Compliant Business;
  • The account shall be maintained in local currency;
  • It shall be operated by pass book; it can also be operated by cash deposit/withdrawal voucher, internet banking, mobile banking and IFB debit card;
  • Account operation shall be made through the use of formats prepared for IFB banking purposes;
  • The bank shall allow customers to withdraw money without any restriction/limitation;
  • The bank shall use the deposit in Wadia'h account for financing of permissible business activities upon getting the permission of the customer;
  • All profits generated from the use of funds stated on item 'f' belong to the bank as no benefit or return is attached to this account;

Features

 

  • It can be opened individually, jointly and by associations formed by women like Idir or cooperatives having above 50% women members;
  • Account holders enjoy a discount on goods and services from the suppliers who have agreement with the Bank.
  • It can be operated by cash deposit/withdrawal slip, internet banking, mobile banking and ATM debit card designed for holders of Women Saving Account.

Features

 

  • It is provided only for individuals or group of individuals in the ages of 18-35; and
  • It shall be converted to normal/ordinary Wadia'h ordinary saving account when the account holder reaches the age of 36

Features

 

  • It can only be opened by individuals in the ages of 14-17;
  • Self-employed/employed teens between the ages of 14-17 years can open and operate this account by providing letter of confirmation from the Zonal/Woreda administration and school administration. The letter shall at least state the applicant's name, age, photograph and source of income whether he/she generates their own income;
  • The parent(s) or the tutor of the teen youth can open the account for unemployed teen or teen without own source of income. The account should be opened in the name of the teen youth followed by the name of the signatory/signatories. The relationship to the youth specified as either "parent(s)" or "tutor";
  • It shall be converted to Wadia'h ordinary saving account when the account holder reaches to the age of 18.

Features

 

  • It is designed for saving money for higher education up to undergraduate programs;
  • It can be opened for oneself or for a minor by the parent(s)/tutors of the minor;
  • It may grant scholarship fund for account holders who are eligible to take part in a special scholarship program. Winners can also use the scholarship fund as seed money for initial capital to start a small-scale business instead of pursuing higher education; and
  • Withdrawal from the Education Savings Account is allowed anytime. However, in the customer shall deposit the minimum amount set by her/his preference for 12 months of the calendar year and no withdrawal is allowed in this period.

This is a special purpose account customized to help customers save to perform Hajji/Umrah.

 

Features

 

  • Upon the instruction received from the customer, the bank may facilitate payment; by debiting the customer's account and crediting the Hajji/Umrah account of Ethiopian Islamic Affairs Supreme Council to facilitate the journey; and
  • The bank may review customer's deposit schedule on an annual basis in order to encourage them to deposit monthly contribution to their account.

This is a special purpose account opened by Zekat beneficiaries in order to accept Zekat/Alms from benefactors when the latter order the bank through standing instruction, to effect payment to former.

 

Features

 

  • The account could be opened by the benefactor in order to save his/her 'above the Nisab level /charity amount/periodically so that he can order the bank to make payment to the beneficiaries of Zakat after the opening of their respective Zekat beneficiary accounts.
  • This account is intended to:
  • Retain the yearly huge Zakat cash outflow of benefactor within the Bank;
  • Broaden customer base and mobilize deposit form needy/ beneficiary; and
  • Create a tailored alternative Zakat distribution system for benefactor.

This is a special purpose account opened by bride groom/husband to save Dower money to his wife/bride; or it is also be opened by bride/wife to save her dower money received from her bridegroom/husband

 

Features

 

  • The Bank shall facilitate the transfer of amounts kept in Mahr account to the beneficiary up on the request of the accountholder.
  • In order to open this account, the Mahr/ Dower should be expressed in financial terms; and
  • Sticker with a label Wadia'h Mahr shall be affixed onto the passbook to differentiate users of the service and the background colour of the sticker shall the corporate colour of the bank.
  • This account shall be opened both by
  • Unmarried individuals who intend to marry in near future; and
  • Married individuals not yet effect their Mahr commitment for various reasons;
  • Married women to save her dower money received from her bridegroom/husband.

Features

 

  • Withdrawals is approved by the Branch Manager or Manager Operation for settling cash shortage reported by the account holding staff; and
  • Payments may be effected to the account holding staff after one year of leaving cash related post for which she/he was entitled to the cash indemnity

This service is offered by the bank to accumulate/save money in designated box and to be deposited in to the respective customer account and  mainly designed for petty traders, semi-skilled workers, Small holding farmers, Shoe polishers and other self-employed individuals;

 

Features

 

  • It shall be used by New Muday account holders by providing the account opening application form or by associating with other Amhara Bank saving accounts;
  • The Front IFB customer service or the business manager of the branch shall explain the benefits of the Muday service;
  • The bank shall provide Muday Service agreement for the customer and help them to understand and sign on the contract/agreement;
  • The service shall be provided by the bank with dual control;
  • It shall be operated by the Muday Box and other formats prepared for this purpose;
  • The Bank shall provide Muday box to the customer after fulfilling the necessary process;
  • When the customer approaches or brought the saved amount in the box to the bank for deposit , it shall be opened by responsible assigned person of the bank to open the box and the customer her/himself; and
  • The bank shall review the monthly customer's account performance to ensure the customer is making deposits as per the agreement.

Features

 

  • The source of Wadia'h Deposits must be from Shari'ah Compliant Business;
  • The account shall be maintained in local currency;
  • It shall be operated by pass book; it can also be operated by cash deposit/withdrawal voucher, internet banking, mobile banking and IFB debit card,
  • Account operation shall be made through the use of formats prepared for IFB banking purposes;
  • The bank shall allow customers to withdraw money without any restriction/limitation by the guardian/parent;
  • The bank shall use the deposit in Wadia'h account for financing of permissible business activities upon getting the permission of the customer; The account is opened by the name of the Minor
  • At time the minor reached 14 the account will be changed to teen youth account

Features

 

  • The source of Wadia'h Deposits must be from Shari'ah Compliant Business;
  • The account shall be maintained in local currency;
  • It shall be operated by pass book; it can also be operated by cash deposit/withdrawal voucher, internet banking, mobile banking and IF-B debit card;
  • Account operation shall be made through the use of formats prepared for I F-B banking purposes;
  • The bank shall allow customers to withdraw money without any restriction/limitation;
  • The bank shall use the deposit in Wadia'h account for financing of permissible business activities upon getting the permission of the customer;

It is interests free foreign Currency Saving Account to be maintained in USD, EUR or GBP only.

 

Features

 

  • The minimum initial deposit to open the account is USD 50 or its equivalent stated in related NBE Directive.
  • Withdrawal can only be allowed in Birr but the account can be used for purposes stated in the NBE"s Directive.
  • The account can be credited with foreign currency cash note, FCY transferred through bank system & International Remittance Service Provider and Transfer or a Cheque to be drawn from NR FCY accounts.
  • Two or more eligible joint depositor can together open a single account

Features

 

  • The account shall be operated by IFB Cheque and can also be operated by using ATM card, mobile and internet banking;
  • The account shall be opened with a minimum balance of Birr 1,000 and Birr 2,000 for individual and business customers respectively;
  • No restrictions on the number and amount of deposits and withdrawals as long as the account have sufficient balance.
  • The Bank undertakes to pay its customer on demand any amount outstanding in the account partially or fully
  • The bank shall use the deposit in Amanah account for financing of permissible business activities upon getting the permission of the customer;
  • All profits generated from the use of funds stated on item 'e' belong to the bank as no benefit or return is attached to this account;
  • The Bank may request service charge to be determined from time to time in relation to the operation of this account;
  • Mal-Operation Registration and handling of this account is handled by Branch operation Procedure;

The account is opened to facilitate commodity trading at ECX and the account opening and closing process is carried out by conventional Payment Operation.

It is an investment saving accounts operated in line with the Mudarabah principles. The Mudarabah principles shall mean a form of partnership where one party, the Rabul Mal, i.e., the Customer, provides the funds while the Mudarib, i.e the Bank, provides expertise and management.

Work With Us!

Do you want the best banking service in Ethiopia?

Open Account Now

Marhaba Products

Mudarabah Products

Features

 

  • The source of the investment deposit must be from permissible business activity;
  • All Mudarabah saving deposit accounts shall be opened in the form of unrestricted Mudarabah Deposit account;
  • It is operated by the pass book prepared for this purpose;
  • Deposit balance for less than 10 days shall not be eligible for profit sharing;
  • Mudarabah Saving accounts shall be opened only in Local currency and it can't be opened with zero balance;
  • The minimum initial deposit for Mudarabah saving deposit accounts shall be Birr 1,000 (One Thousand);
  • Depositors shall not be participate in the management of the deposited fund;
  • The Bank has a right to deploy the deposits in this account to finance permissible business activities;
  • The Bank as Mudarib shall participates in the profit or loss with the depositors as per agreed PSR;
  • Deposit and withdrawal is allowed any time without restriction or limitation;
  • The minimum PSR is 33:67 to Mudarib, i.e., the bank and Rabul-Mal, i.e customer, respectively;
  • The customer shall be required to fill and sign Mudarabah/investment contracts in two copies in addition to the account opening form of Mudarabah account prepared for this purpose and the Bank shall provide one copy of the contract to customer and the other copy shall be kept with the bank.

Features

 

  • The account shall have a higher PSR than the ordinary Mudaraba;
  • It can be opened individually, jointly and by associations formed by women like Iddir or cooperatives having above 50% women members;
  • Account holders enjoy a discount on goods and services from the suppliers who have agreement with Amhara Bank. However, the customer is responsible for selecting the brand, checking the functioning and genuineness of the goods before receiving them from the supplier; and
  • It can be operated by cash withdrawal voucher, mobile banking and ATM card designed for holders of this Account

Features

 

  • The account shall have a higher PSR than the ordinary Mudaraba;
  • It is provided only for individuals or group of individuals in the ages of 18-35;
  • It shall be converted to normal/ordinary Mudaraba saving account when the account holder reaches the age of 36 and;
  • It can be operated by cash withdrawal slip, ATM card, mobile and internet banking

Features

 

  • The account shall have a higher PSR than the ordinary Mudaraba;
  • It can only be opened by individuals in the ages of 14-17;
  • Self-employed/employed teens between the ages of 14-17 years can open and operate this account by providing letter of confirmation from the Zonal/Woreda administration and school administration. The letter shall at least state the applicant's name, age, photograph and source of income whether he/she generates their own income;
  • The parent(s) or the tutor of the teen youth can open the account for unemployed teen or teen without own source of income. The account should be opened in the name of the teen youth followed by the name of the signatory/signatories. The relationship to the youth specified as either “Parent(s)” or “Tutor”, and
  • It shall be converted to normal/ordinary Mudaraba saving account when the account holder reaches to the age of 18.

Features

 

  • The account shall have a higher PSR than the ordinary Mudarabah;
  • It is designed for saving money for higher education up to undergraduate programs;
  • It can be opened for oneself or for a minor by the parent(s)/tutors of the minor;
  • It may grant scholarship fund for account holders who are eligible to take part in a special scholarship program. Winners can also use the scholarship fund as seed money for initial capital to start a small-scale business instead of pursuing higher education, and
  • Withdrawal from the Education Savings Account is allowed anytime. However, in order to be eligible for the scholarship or seed money award for a particular year, the customer shall deposit the minimum amount set by her/his preference for 12 months of the calendar year and no withdrawal is allowed in this period.

Features

 

  • The account shall have a higher PSR than the ordinary Mudarabah account;
  • The minimum initial deposit and monthly deposit for Mudarabah saving deposit accounts shall be Birr 1,500 (One Thousand Five Hundred );
  • Withdrawal is not allowed for one year;
  • If there is a withdrawal or termination of the contract, the Bank shall pay the minimum PSR of Mudarabah ordinary saving account.
  • Whether the account holder gets married or not, the Nikah Mudarabah Saving account shall be converted to Ordinary Mudarabah Saving after 5 years of operation;
  • A customer can transfer money from other saving accounts to Nikah Saving accounts using standing instruction or e-banking channels (after one years of Saving)
  • The Nikah saving account holders shall be entitled to prize coupons (PLS) when they fulfil the requirements of the PLS program; and
  • Sticker with a label Mudarabah Nikah shall be affixed onto the passbook to differentiate users of the service and the background colour of the sticker shall the corporate colour of the bank.

Features

 

  • The account shall serve to save for future events and reduce the problem of unplanned spending;
  • The minimum initial deposit for Mudarabah saving deposit accounts shall be Birr 1,000 (One Thousand);
  • The minimum monthly instalment shall be Birr 150 then after;
  • Withdrawals is allowed only after eleven/ 11/ consecutive months of saving;
  • Striker with a label Mudarabah Eid shall be affixed into the passbook to differentiate users of this service from others and the background colour of the sticker shall the corporate colour of the bank.

Features

 

  • The source of the investment deposit must be from permissible business activity;
  • It shall be opened in the form of unrestricted Mudarabah Deposit account;
  • It is operated by the pass book prepared for this purpose;
  • Deposit balance for less than 10 days shall not be eligible for-profit sharing;
  • It shall be opened only in Local currency and it can't be opened with zero balance;
  • The minimum initial deposit for Mudarabah shareholder saving deposit accounts shall be Birr 1,000 (One Thousand);
  • Depositors shall not be participating in the management of the deposited fund;
  • The Bank has a right to deploy the deposits in this account to finance permissible business activities;
  • The Bank as Mudarib shall participates in the profit or loss with the depositors as per agreed PSR;
  • Deposit and withdrawal are allowed any time without restriction or limitation;
  • The minimum PSR is 30:70 to Mudarib, i.e., the bank and Rabul-Mal, i.e. customer, respectively;
  • The customer shall be required to fill and sign Mudarabah/investment contracts in two copies in addition to the account opening form of Mudarabah account prepared for this purpose and the Bank shall provide one copy of the contract to customer and the other

Features

 

  • All Mudarabah Fixed/Term investment deposit accounts shall be opened in the form of unrestricted Mudarabah Deposit account and shall be opened only in local currency for a particular fixed period of time;
  • All Mudarabah Fixed/Term investment deposit shall have a higher PSR than the ordinary Mudarabah account;
  • The minimum period of Mudarabah fixed deposit is 3 months;
  • The customer shall deposit at least 10 days to be eligible for profit sharing;
  • Depositors shall not be participate in the management of the deposited fund;
  • The Bank has a right to deploy the deposits in this account to finance permissible business activities;
  • The minimum initial deposit for Mudarabah Fixed deposit accounts shall be Birr100,000 (One Hundred Thousand);
  • The Bank as Mudarib shall participates in the profit or loss with the depositors as per agreed PSR;
  • Partial withdrawal is not allowed prior to the maturity date;
  • Mudarabah Fixed contracts withdrawn/terminated prior to the maturity date shall be entitled to the Minimum profit rate of Mudarabah saving account;
  • The Bank shall issue Certificate of Deposit for this types of investment account holders;
  • Up on customer requests, capital and Profit rollover is allowed for next period based on additional contract agreement; and
  • The customer shall be required to fill and sign Fixed Mudarabah/investment contracts in two copies in addition to the account opening form of Mudarabah account prepared for this purpose and the Bank shall provide one copy of the contract to customer and the other copy shall be kept with the bank.

Work With Us!

Do you want the best banking service in Ethiopia?

Open Account Now

Marhaba Products

Non Residence (NR) and Diaspora Foreign Deposit Accounts

It is a type of Amana foreign currency account maintained in foreign currency and can be used locally or transferred abroad in foreign currency without the necessity of obtaining foreign exchange permit.

It is a type of Amana foreign currency account maintained in foreign currency and can be used locally or transferred abroad in foreign currency without the necessity of obtaining foreign exchange permit and the source of fund is overseas and the account can be maintained in foreign currency; USD, Pound sterling, and Euro.

 

Features

 

  • The minimum balance to open this account is USD 100.00 (One hundred US Dollars only) or its equivalent in any of the eligible currencies;
  • Funds in this account can be transferred abroad without the necessity of obtaining foreign exchange permit and without paying exchange commission to NBE;
  • The account holders can withdraw money from this account in foreign currency upon presentation of travel documents (VISA and valid Air Ticket), without having a foreign exchange control permit. However, for the purpose of using the money here in Ethiopia, the account holder withdraws in local currency (Birr) only
  • Persons residing abroad can open such accounts in person or by mail in their names through Ethiopian Embassies;
  • Foreign currency cash note; (the account holder presents a signed and sealed foreign currency-declaration form the Ethiopian Customs Authority for foreign currency notes above 3,000 USD) and Cheque deposits that originate from abroad.

Features

 

  • It is a type of foreign currency account maintained in Birr and can be used locally or transferred abroad in foreign currency without the necessity of obtaining foreign exchange permit.
  • It is a current account maintained in Birr;
  • The minimum balance to open this account is USD 100.00 (One Hundred US Dollars
  • Funds in this account can be transferred abroad without the necessity of obtaining foreign exchange permit and paying exchange commission to NBE;
  • The NBE must allow or give permission to open such account;
  • This type of account is mostly used to be opened by charity organizations;
  • No overdrawing is allowed under such accounts.

It is an account opened for exporters or for regular recipients of inward remittances to retain a percentage of the earnings as per the pertinent NBE directives.

 

Features

 

  • The account shall be used to deposit 20% of the earned foreign currency;
  • The foreign currency deposited to the account shall be used to settle account holder obligation in foreign currency or converted to local currency when requested by the account holder.

It is an account opened for exporters or for regular recipients of inward remittances to retain a percentage of the earnings as per the pertinent NBE directives.

 

Features

 

  • The account shall be used to deposit 70% of the earned foreign currency up to 28 days; any balance shall automatically be converted in the next working day into local currency.
  • It is a foreign exchange retention Amanah account maintained by eligible customers in accordance with NBE Directive for Retention and utilization of export earnings and inward remittance.
  • No Cheque shall be issued under this account and be used by account holders
  • Transactions under this account shall be effected through official letters or applications duly signed and sealed, as applicable
  • No exchange commission shall be levied upon utilization of funds from these accounts. However, is shall not be debited without obtaining the necessary foreign exchange permit except for drawing in Ethiopian Birr; and
  • No overdrawing is allowed under such accounts

Do you need help? We are here for you.

Our care center is 24/7 open for your inquiries and needed support. We are at your reach.

Contact Us

For Further Inquiries Call ABa Care Center

690

We are at your reach. You will be assisted by dedicated professionals whenever you needed guidance. Just call on 690.

Marhaba Products

Diaspora Foreign Account

 It is FCY deposit account targeted Ethiopians in Diaspora to open and use foreign currency account at home country.

Features

 

  • The only source of fund for this account shall be FCY
  • It can be opened with an initial deposit of USD 100 or its equivalent in any of the permitted convertible currencies
  • The Amanah Diaspora Account (FCY account) should be operated by cheque book and withdrawals can be made at any time by writing a cheque.
  • The account can be opened at any of the ABA's branches with Windows and dedicated branches
  • Full or partial withdrawals from this account shall be allowed only in local currency at any point converted at spot rate
  • All deposits to this account shall be made in the following foreign currency USD, Pound sterling, and EURO type only
  • Credit to this account should be by cash Foreign currency; Direct credit to the account using SWIFT or via money transfer agents, Transfer from Diaspora Foreign currency accounts and Cheque deposits originated from foreign banks
  • Foreign currency credits to this account shall be converted to local currency using the Bank's particular currency buying rate at the date of transaction
  • This account shall not bear any financial return/benefit in the form of profit sharing
  • The Bank reserves the right of closing this account if there be local currency credit transaction to this account and When the account holder starts to live/reside permanently in Ethiopia after completion of his/her stay abroad.

Features

 

  • The only source of fund for this account shall be FCY;
  • It can be opened with an initial deposit of USD 100 or its equivalent in any of the permitted convertible currencies;
  • The Wadia'h Diaspora Account (FCY account) should be operated by pass book;
  • The account can be opened at any of the ABA's branches with Windows and dedicated branches.
  • Full or partial withdrawals from this account shall be allowed only in local currency at any point converted spot rate.
  • All deposits to this account shall be made in the following foreign currency USD/ Pound sterling, and EURO type only.
  • Credit to this account should be by cash Foreign currency; Direct credit to the account using SWIFT or via money transfer agents, Transfer from Diaspora Foreign currency accounts and Cheque deposits originated from foreign banks.
  • This account shall be closed when the applicant request to be closed. However, this does not restrict the customer from opening another Diaspora account.
  • Foreign currency credits to this account shall be converted to local currency using the Bank's particular currency buying rate at the date of transaction.
  • This account shall not bear any financial return/benefit in the form of profit sharing.
  • The Bank reserves the right of closing this account if there be local currency credit transaction to this account and when the account holder starts to live residing permanently in Ethiopia after completion of his/her stay abroad.

It is a type of foreign currency saving account under Wadia'h contract targeted for Non-residence Ethiopian and Non-residence foreign nationals of Ethiopian origin to be opened for the purpose of purchasing residential house.

 

Features

 

  • It could be opened and operated by power of attorney as the case might be;
  • It is possible to open WDMS account with zero balance, but the applicant shall deposit the initial savings within one-month time. If the applicant fails to start saving in one-month time, the branch shall advise the applicant his/her agent to deposit the initial saving within another 30 days, otherwise, the account shall be closed as per the existing Branch Banking procedure;
  • The only source of fund for this account shall be FCY;
  • It can be opened with an initial deposit of USD 100 or its equivalent in any of the permitted convertible currencies;
  • The account can be opened at any of the Amhara banks' branches with Windows and dedicated branches;
  • All deposits to this account shall be made in the following foreign currency USD Pound sterling, and EURO type only;
  • Credit to this account should be by cash Foreign currency; Direct credit to the account using SWIFT or via money transfer agents, Transfer from Diaspora Foreign currency accounts and Cheque deposits originated from foreign banks;
  • This account shall be closed when the applicant request to be closed. However, this does not restrict the customer from opening another Diaspora account;
  • Foreign currency credits to this account shall be converted to local currency using the Bank's particular currency buying rate at the date of transaction;
  • This account shall not bear any financial return/benefit in the form of profit sharing;
  • The bank shall issue to Wadia'h Diaspora Account (FCY Account) passbook;
  • The Bank reserves the right of closing this account if there be local currency credit transaction to this account and When the account holder starts to live residing permanently in Ethiopia after completion of his/her stay abroad;
  • Full or partial withdrawals from WDMS account shall be allowed only in local currency at any point in time. However, the applicant shall continue the monthly deposit until the required equity contribution is fulfilled'
  • The WDMS account shall only serve as an eligibility criterion for Diaspora Mortgage Financing service; and The Bank reserves the right to close the account or disqualify the applicant from Diaspora Mortgage Loan eligibility if there be local currency credit transaction to the account.

Download ABa Mobile Banking

Download the app and join our digital world.

Contacts

Digital Banking​

Merhaba Interest -
Free Banking

Quick links

Resources

Copyright© 2024 Amhara Bank S.C. | All Rights Reserved

Facebook-f Twitter Instagram Youtube Telegram Linkedin