Eligibility Criteria for NIB Account

Eligibility Criteria

Eligibility Criteria for Opening an NIB Account

To open a Non-Interest Banking (NIB) account with Banks4All, applicants must meet certain eligibility requirements. Below is a simplified breakdown of the criteria for individuals and businesses, along with other key requirements.

Features & Benefits

Why NIB for Financial Future?

Interest-Free Solutions

No interest, ever. All financial dealings are ethically driven.

Shariah-Compliant

We adhere to Shariah principles in every transaction.

Transparent & Fair

Clear, upfront terms with no hidden fees.

Tailored Services

Financial products designed to meet your specific needs.

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🚀 Explore Eligibility Criteria for NIB Accounts

Individual Account Criteria

Age Requirement: Must be 18+ years. Parents can open custodial accounts for minors.
Identification: A valid government-issued ID (passport, national ID, or driver’s license) is required.
Proof of Residency: Provide proof of address (utility bill, bank statement, or official correspondence).
Citizenship or Residency: Must be a citizen or legal resident; some banks allow non-residents based on regulations.
Minimum Deposit: Varies by account type (savings, current, investment).

Business Account Criteria

Business Registration: Legal registration required (certificate of incorporation or business license).
Owner Identification: Valid ID and proof of residency for owners or authorized signatories.
Business Plan: This may be required for certain financing products to ensure Shariah compliance.

Financial Standing & Creditworthiness

Credit Check: A credit assessment may be conducted to ensure financial obligations can be met, especially for financing.
Income Verification: Proof of income (payslips, tax returns, bank statements) may be required for financing products.

Ethical Compliance

Shariah Compliance: Applicants must agree to follow ethical and Shariah-compliant principles, ensuring activities don’t involve prohibited sectors (e.g., alcohol, gambling).
Investment Purpose: Declaration of how funds will be used for lawful, ethical purposes (e.g., real estate, education, business expansion).

Required Documentation

For Individuals: Government ID, proof of address, proof of income (if needed), and a completed application form.
For Businesses: Business registration documents, tax identification, ID of owners, business plan (for financing), proof of address, and completed application form.

Specific Product Requirements

Home/Property Finance (Murabaha/Diminishing Musharakah): Additional documents may include property details, proof of ownership, and deposits (10%-30% of the property value).

Ethical Use of Funds

Declaration of Usage: Applicants may need to declare that funds will be used for ethical, Shariah-compliant purposes.

Guarantor or Collateral (For Financing Products)

Guarantor/Collateral: This may be required for higher-value loans or if the applicant has a limited financial history. The guarantor must meet the same eligibility as individual applicants.

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