02-05-2011
ADIB Egypt Savings Account
A strong start in 2011 for ADIB Egypt
The Bank Launches a One-of-a-Kind “Tiered Monthly Saving Account” for the First Time in Egypt Featuring Monthly Returns
Cairo, May 2, 2011 – For the first time in Egypt, the banking sector witnessed the launch of a one-of-a-kind savings account with monthly returns offered by ADIB Egypt at the beginning of 2011 under the name “Tiered Monthly Saving Account”.
Nevine Loutfy, ADIB Egypt CEO and Managing Director said, “The National Bank for Development is proud to offer the Tiered Monthly Saving Account, the first of its kind across all banks operating in Egypt, whether conventional or Islamic. Based on a tiered system of savings accounts that comply with the principles of Islamic Shari’a, larger deposits yield a higher monthly return, which confirms the bank’s leading role in launching numerous innovative Shari’a compliant banking products that meet the changing needs of clients.”
The “Tiered Monthly Saving Account” not only provides clients with monthly returns, making it a unique savings base, but it also provides higher monthly returns as deposits increase, which start at EGP 50,000 with returns ranging from 5 percent to 6.6 percent according to the client’s tier and size of deposit, distinguishing it from Sukuk, which offers a closed ended system.
The first tier ranges from EGP 50,000 to EGP 150,000 with monthly returns of 5 percent to 5.1 percent. The second tier starts at EGP 150,000 up to EGP 500,000 with monthly returns ranging between 6 percent and 6.1 percent. The third and last tier is designated for deposits above EGP 500,000 yielding monthly returns ranging between 6.5 percent and 6.6 percent. In addition, the Tiered Monthly Saving Account offers clients other features, such as the issuance of a debit card.
