Daily Investment Account
For the First Time in Egypt
“Daily Investment Account” … Provides Profit Calculated on Daily Closing Balance New Product from ADIB Egypt
Cairo – December 13th, 2011 – ADIB Egypt launched its latest product, “Daily Investment Account” that comes as part of its commitment to continuously provide new products to meet the diverse needs of clients from local and foreign residents in Egypt. “Daily Investment Account”, launched in compliance with the principles of Islamic Shari’a, offers customers the highest profit benefit since profit is calculated on daily basis according to tiers and posted monthly based on Mudaraba contract.
Nevine Loutfy, CEO and Managing Director of ADIB Egypt stated, “The Daily Investment Account is one-of-a-kind banking product with an exceptional competitive edge, where profits are paid first calendar day of the month and calculated on the daily closing balance. This product comes as a true example of how ADIB Egypt is dedicated to delivering the highest degree of customer satisfaction by providing various savings options to meet individual needs.”
Based on a Mudaraba contract, customers invest funds in the Daily Investment Account and receive a percentage of profit compared to the funds invested; in return to its daily efforts the bank receives a percentage of profit.
Not only does “The Daily Investment Account” provide profit calculated on the daily closing balance, which makes it a unique investment base, but also it has another beneficial feature as it follows a tier system, enabling customers to deposit greater amounts to receive a higher profit rate based on the tier they belong to. The minimum balance for opening the account is EGP 2,500, while the minimum balance to earn profit is EGP 50,000 offering expected profit rates varying from 2.5% to 4.25% based on the deposited amount. In addition, there are numerous other benefits available for customers including the issuance of a checkbook and debit card.