+25115503288
nibcontact@nibbank.com.et
Ras Abebe Aragay St, Addis Ababa, Ethiopia（https://goo.gl/maps/ZCQRxr7iMXURt9Q4A）
Internet Banking
Corporate Login（https://www.nibbank.com.et/NIBCorporate/servletcontroller）
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Internet Banking
Corporate Login（https://www.nibbank.com.et/NIBCorporate/servletcontroller）
Retail(Personal) Login（https://www.nibbank.com.et/NIBRetail/servletcontroller）
Interest Free Banking
Interest Free Banking
Nib International Bank introduced Interest-Free Banking (IFB) services in response to the growing demand from customers and the bank’s desire to serve financially excluded portion of the community. After obtaining the necessary operational permit from the National Bank of Ethiopia in September 2015, the bank officially launched its IFB services on December 19, 2015.
The Bank is offering the service to the customer under the Brand name of “NIB HALAL”.
Customers can get the IFB services of the bank across all branches of the Bank, alongside dedicated branches that exclusively offer interest-free banking services.
The Bank offers different range of Deposit and Financing products in compliance with the Shari’ah rules and principles ensuring that it is free from interest-based transaction.
IFB DEPOSIT PRODUCTS
The Bank offers IFB deposit products to esteemed customers under Mudarabah and Wadi’ah contract.
1. MUDARABAH DEPOSIT PRODUCT
Mudarabah (Profit or Loss Sharing) deposit account is a type of deposit contract where the bank (Mudarib) receives a deposit from customers (Rabul-Mal) and invests it in a permissible business venture; the profit generated from the business will be shared based on the pre-agreed profit sharing ratio.
The Bank offers different types of Mudarabah product that suits the customers’ demand;
A. Mudarabah Saving (Normal)
Features and Value Proposition
Individuals who are 18 years and above can open the account;
Minors can open the account through parents or legal guardians;
The initial deposit amount to open such account is Birr 500 (Five hundred);
The minimum average daily deposit balance to be eligible for-profit sharing shall be Birr 100,000.00 (One hundred thousand only), otherwise, the profit is forfeited; and
The Profit-Sharing ratio shall be 70:30 (Customer to Bank).
B. Mudarabah Hawa Saving
It is a Mudarabah saving account that is designed for women .
Features and Value Proposition
Any woman at the age of 18 and above can open Mudarabah Hawa saving account;
The initial deposit amount to open the account is Birr 500 (Five hundred);
The minimum daily average balance to be eligible for profit sharing shall be birr 10,000.00 (Ten thousand) for any profit distribution period, otherwise, the profit is forfeited; and
The customer shall get a higher profit-sharing ratio, which is 75:25 (Customer to Bank).
C. Mudarabah Children Saving Account
Mudarabah Children saving account is a Children deposit account established to support children until they reach the age of 18.
Features and Value Proposition
The parent or the legally appointed guardian of the minor should process the account opening, deposit, and withdrawal;
If parents are operating the account jointly, and if one of the parents is incapable of operating the account for various reasons, the other one may be authorized to operate the account upon a court decision;
Parents or guardians are not allowed to withdraw from a minor (child) account after the child attains 18 years of age and the account type shall change to a Mudarabah Saving Normal account;
The initial balance to open this account is birr 500 (Five hundred);
The average daily minimum balance for profit eligibility shall be 10,000.00 (Ten thousand) and above, otherwise, the profit is forfeited; and
Customer shall get a higher profit-sharing ratio, which is 75:25 (Customer to Bank).
D. Mudarabah Hajj Saving Account
Hajj Saving Account is designed for the individual who plans to perform Hajj or Umrah;
Features and Value Propositions
Individuals who are above 18 years old can open the account;
Minors can open an account through parents and legal guardians;
The initial deposit amount to open such account is Birr 500 (Five hundred);
The minimum average daily deposit balance to be eligible for profit sharing shall be 10,000.00 (Ten thousand), otherwise, the profit is forfeited;
Apart from regular monthly deposit contributions, if the customer wishes to make the desired journey earlier than initially scheduled, he or she can deposit additional amounts in order to complete the savings amount;
E. Mudarabah Equb Saving Account
Mudarabah Equb account is saving account targeted to establish Ekub with completing value proposition.
Features and Value propositions:
Any formal and informal Equb can open Mudarabah Equb Saving account;
The Bank shall provide attractive profit-sharing ratio 75/25 (Customer to Bank)
The minimum amount to be eligible for-profit sharing shall be Birr 100,000.00 (One Hundred Thousand Only)
The bank shall give priority in case of personal financing requests from Equb organizer/s (Chairperson, Cashier and Secretary) when the average six-month daily balance of the Equb birr 1,000,000.00 (One Million) and above;
The bank may sponsor opening and/or closing ceremony of Equb depending on their transaction volume and bank relationship. This will be managed based on standard criteria;
The bank may provide cash collection service from Equb premises free of charges;
Opening deposit, withdrawal and use Equb with volume of less than Birr 100,000.00 (One hundred thousand) can be through passbook and the bank provide cheque book for Equb volume above Birr 100,000.00 (One hundred thousand) based on demand of the Equb saving account customer.
F. Mudarabah Social Saving Account
Mudarabah Social Saving Account is a saving account designed for socially established unions or Edir.
Features and Value propositions:
Any formal or informal Edir and any other related community-based saving can open this account
The profit-sharing ratio is 75:25 (Customer to Bank)
The minimum average balance to be eligible for-profit sharing is Birr 15,000.00 (Fifteen thousand Birr).
The Bank may provide tent, table, umbrella and other related items
The Bank gives priority in the case of personal loan request of Edir organizers /Chairperson, Cashier, Secretary/. Eligibility for this benefit shall be average balance of Birr 500,000.00 (Five hundred thousand) and above
The bank may provide cash collection services on the Edir premises free of charges.
G. Mudarabah Fixed Time Deposit
Features and Value propositions:
The required minimum initial deposit to be eligible for profit sharing is Birr 100,000.00 (One Hundred Thousand Only);
The PSR for Fixed time deposits will be determined through negotiation;
The Profit-sharing ratio (PSR) will vary based on the duration and volume of the deposit; and
Profit will be calculated every month, but it will be credited to the depositors’ account on the maturity of each deposit contract(s).
2. WADI’AH DEPOSIT PRODUCTS
The Bank’s Wadi’ah deposit product operates in Wadi’ah Yad-Dhamanah contract, which is a form of contract, the Bank acts as the safe keeper or trustee for the fund deposited by the customer. Under the Wadi’ah Contract, the Bank offers different products to fit the customers demand, the products offered by the Bank is listed here under;
A. Wadi’ah Current Deposit
It is a type of Wadi’ah deposit product and designed for customers who opt to transact their money through chequebook.
Features and Value Propositions
The required minimum balance to open such account is Birr 500 (Five hundred) and 1,000 (One thousand only) for individual and business customers respectively;
Documentation that is required to open a Wadi’ah Current account is the same as that of a conventional Current account; and
The Bank issues a Cheque Book to operate the account.
B. Wadi’ah Saving /Normal/
Features and/Value propositions
The minimum balance to open this type of account is Birr 50.00 (Fifty only);
There will be no service charge in relation to such account except for cost recovery purposes in providing such services such as passbook replacement;
The account will be operated free of ATM and PoS service charges.
C. Wadi’ah Hajj
Hajj Saving Account is designed for the individuals who plan to perform Hajj or Umrah;
Features and Value Propositions
The minimum balance to open this type of account is Birr 50.00 (Fifty only).
A regular monthly deposit contribution may be set, based on the depositor’s ability and willingness;
Apart from regular monthly deposit contributions, if the customer wishes to make the desired journey earlier than initially scheduled, he or she can deposit additional amounts in order to complete the savings amount; and
After completion of the desired deposit amount, the customer has the right to redeem his or her funds to go for Hajj or Umrah;
D. Wadi’ah Student