The Savings account

Your savings are available at any time and no account maintenance fee is charged. You save at your own pace. Your savings are paid net of deductions.

Definition

It is a specific product. It aims to bring Muslim customers closer to banking products and allow pilgrims to save money for their trip to Mecca. The CDI is inspired by the precepts of the Islamic religion, that is to say, it does not produce any interest and we do not collect any agio. It works on booklet.

Advantages

You gradually build your savings to make your pilgrimage to Mecca
You offer the opportunity to poor people to go to Mecca

Characteristics

Savings booklet for monitoring your operations;
Open to individuals and legal entities;
Authorized transactions: payments, withdrawals, check deposits and transfers to and from the holder;
No interest, no maintenance costs.

Definition

Sometimes called booklet account, since it is materialized by a booklet held by the saver where are noted deposits, withdrawals and balances. It is a deposit of money at sight, bearing an annual interest.

Definition

It is an account that offers the possibility to associations to manage their daily cash by placing and withdrawing their savings.

Definition

The daily collection is a service offered by MUFFEDYC which consists of collecting, usually on the markets, the receipts of craftsmen and traders to deposit them in their bank account.

Definition

A Term Account (ATA), or Term Deposit, is a bank deposit that can only be withdrawn at the end of a certain term or period. In return, the associated interest rate is generally higher than for a sight deposit where the sum can be withdrawn at any time. The interest rate on the term deposit is negotiated between the bank and its client. The interest rate can be fixed, or variable if it is pegged to the money market. The money must remain stuck for at least a month. Otherwise, the term deposit does not produce any interest

Definition

The cash deposit is a term investment, generally made with a financial institution, which results in the delivery of a bond, registered or bearer. At the end of the placement, generally from one month to five years, the creditor is reimbursed the nominal amount and also receives the amount of interest initially fixed. Unlike bonds, interest on these debt securities is therefore not paid annually but at maturity. The interest rate increases in principle with the duration of the investment.