GIMF SAVINGS ACCOUNTS
GIMF’s Savings Account is based on the contract of Al Wadiah Yad Dhamanah, which refers to a concluded contract between the depositors and the GIMF for guaranteed safekeeping. GIMF may provide a gift (hibah) should there be any profit from the utilization of the deposits.
When a customer opens a savings account with us, he will be provided with a passbook and/or ATM card to facilitate deposit and withdrawal transactions.
GIMF CURRENT ACCOUNT
GIMF’s current account is based on the contract of Al Wadiah Yad Dhamanah, which refers to a concluded contract between the depositors and the GIMF for safekeeping of funds. The depositor grants the Bank their permission to utilize the money and GIMF in turn guarantees the value of the deposit. GIMF may provide a gift (hibah) should there be any profit from the utilization of the deposits. When a customer applies for a current account, he will be provided with a cheque book and an ATM card to facilitate his banking transactions.
GIMF INVESTMENT ACCOUNT
GIMF’s investment account is based on the Islamic contract of Al-Mudharabah, which refers to a contract made between depositors and GIMF to enable GIMF to carry out business ventures within the Shariah guidelines whereby both parties agree to share the profits from their investment according to a mutually agreed ratio. When a customer signs up for our investment account, he will be provided with a certificate bearing the amount deposited. The deposit will be invested in a specific duration: 1 month, 3 months, 6 months, 9 months, 12 months,
18 months, 24 months, 36 months, 48 months or 60 months. At then end of the tenure, profit will be distributed according to profit sharing ratio.
- PRODUCTS AND SERVICES-CORPORATE FINANCING
LEASING
GIMF finances its customer for the right to use the services of certain assets based on the principal of Ijarah.GIMF purchases the asset required and leases it to the customer for a fixed period as agreed by both parties. During the lease period, the customer pays rentals to GIMF comprising of the cost to GIMF for the purchase of an asset plus GIMF's profit margin. The ownership of the asset remains with GIMF
TERM FINANCING
A customer identifies the asset he or she wants to purchase and approaches GIMF for financing. Under the contract of Bai Bithaman Ajil, GIMF will purchase the asset at cost and sell the same to the customer at cost plus profit. The customer will then settle his purchase price on deferred payment basis to GIMF.
PROJECT FINANCING
A customer approaches GIMF for the purpose of funding the projects. Project Financing can be structured based on the contract of Musharakah or Mudharabah.
- PRODUCTS AND SERVICES-TREASURY
GENERAL INVESTMENT ACCOUNT
This account is based on the contract of Mudharabah, where a contract is made between the provider of capital (depositor) and the entrepreneur of the fund (GIMF) to enable GIMF to carry out business within the Shariah principles, whereby both parties agree to share the profits according to pre-agreed profit sharing ratio. GIMF will pool depositors’funds and invest them in accordance with Shariah principles.
SPECIAL INVESTMENT ACCOUNT
As an extension to our General Investment Account, GIMF may accept deposits from corporate customers in the form of a Special Investment Account where the modes of investment of the funds, the period of investment and the ratio of distribution of profit are negotiable.
NEGOTIABLE DEBT CERTIFICATE
Negotiable Debt Certificate is based on the contract of Bai Bithaman Ajil (deferred payment sale). For NDC, investor purchases asset from GIMF on cash basis and re-sells this asset to GIMF at a higher price on credit basis. In return, GIMF issues NDC to the investor. GIMF settles this credit to the investor upon an agreed future date.
- OTHER SERVICES
HAJJ SAVINGS SCHEME
Ghana Islamic Microfinance Bank plans to take a leading role in facilitating our Muslim customers intending to perform Hajj and Umrah in Makkah. GIMF will set up a special saving scheme for this purpose. Under this scheme, our customers will be advised on the period of savings and the amount required to participate in the Hajj or Umrah program.They will also be advised regularly on the state of their deposits and as soon as individual deposits and accrued profits are sufficient to meet the total cost of performing the Hajj or Umrah, GIMF will act on the instructions of customers.
HIWALAH SERVICES
Ghana Islamic Microfinance will provide Hiwalah service (wire transfer) for its customers to transfer funds internationally, especially to and from those who are residing abroad. Through our proposed vast network of brokers, we will provide our customers with a fast, convenient and safe transfer of funds for a minimal commission rate.
HAJIFAT MICRO ENTREPRENURS LOAN
These loans are given for establishing a new small scale or micro business or expanding an existing one. The individual has to come up with a viable business plan to become eligible for the loan.
ANTI SHYLOCK LOAN
This will be used for repayment of loans taken from predatory microfinance institutions on exorbitantly high interest rates. It is given to those who have borrowed money from predatory microfinance institutions or shylocks at very high interest rates.GIMF believes that predatory lending by microfinance institutions is exploitation of the poor and needy and is resulting in increasing the poverty instead of making dent into it.GIMF pays the principle amount in one go for the client and then the client has to pay back the amount in interest free installments
to GIMF.
EMERGENCY LOAN
This type of loan is given to meet emergency situations such as school school fees, treatment, purchase of medicine, etc. These loans are given to prevent the poor from major fallbacks