Frequently Asked Questions

Forex

• Do you charge commission?
  Al Baraka Bank does not charge any commission.
• Do I need to be a client of the bank to purchase currency?
  You do not need to be a client of the bank however FICA is required
• How many days in advance must I book currency?
  Contact your branch a minimum of 2 days in advance to ensure your currency is available when you come into the branch to collect it.
• Is there a maximum amount of currency an individual is allowed?
  1 million rands per person per calendar year
• Can you fix a rate?
  No, Al Baraka charges a rate reflected on the Exchange Board at the time of purchase located in each branch.
• What currencies do you offer?
  USD - United States Dollar
  
  GBP - British Pound
  
  EUR - Euro
  
  SAR - Saudi Riyal
  
  AED - Arab Emirates Dirham
  
  AUD - Australian Dollar
  
  
• How many days before departure can I buy my currency?
  60 days
• If I have currency to return?
  You would need to return the funds within 30 days of being back in the country
• How can I pay for currency?
  Cash, bank guarantee cheq, eft 2 days prior to purchasing, internal transfer
• If i am travelling by car what are the requirements?
  Provide your motor vehicle registration certificate (logbook) along your with ID, passport and fica document.
• My kids are travelling with me, they don’t have ID documents?
  You would need to carry their birth certificates along with their passports

Investments

• What happens when my Investment matures?
  If you do not withdraw or give instructions to the effect, on the date of maturity the funds will be reinvested for the same period as the original investment
• What is the initial deposit for an investment account?
  Haj – R100
  
  MIP - R100
  
  PA 91-365 day - R1000
  
  PA 720 day - R10000
  
  PA 35 day - R50000
  
  ARIP - R20000
• Are you allowed to have more than one type of investment account?
  Yes, you may open as many accounts as you like.
• Do pensioners pay fees on the investment accounts?
  No fees
• Can investments be opened in joint names e.g. On the husbands and wife’s name?
  The account can be opened on the husband’s name with signing authority given to wife or vice versa . No joint accounts permitted.
• Can I withdraw from an ABSA branch?
  No. Withdrawals are done at any Al Baraka branch. You may send a fax/email instruction to transfer to a bank account of your choice.
• Do I get a Card for my investment account?
  No cards for investment accounts
• Is there a Cash Deposit fee for investing in a fixed deposit?
  Yes. 1.4 % of value of cash deposited
• I do not live near an Al Baraka branch. How can I deposit Cash into my account?
  You may deposit at either the ABSA or STD bank nearest to you depending at which Al Baraka branch your account is held
• How can I deposit funds into my Investment account electronically?
  Deposits can be made into the Al Baraka ABSA or STD account using your Al Baraka account number as a reference.
• Would I be able to draw from my Haj account when going for Haj/Umrah even though it is not maturing?
  Yes, a letter from the travel agent would be required to confirm Haj/Umrah trip and thereafter funds would be released.
• Can I add funds to my PA account?
  Yes you can. You may do so on maturity or prior to maturity for allocation into your account on maturity.
• Which account can I invest in where I can get a monthly return?
  Al Baraka Regular Income Provider. Minimum investment amount R20000.00.
• Can my Investment statements be viewed online?
  Yes, by simply registering at www.albarakaonline.co.za

Islamic Banking

• Is Islamic Banking And Related Products for Muslims Only?
  No, Islamic banking is open to all members of the public including non-Muslims.
• What is the fundamental difference between Islamic and conventional banking?
  The fundamental difference between Islamic and conventional banking is that conventional banks take deposits and advance funds on interest. In contrast, Islamic banks take deposits and advance funds on a profit and loss sharing basis. In addition, Islamic banks as ethical banking institutions do not deal with entities that are engaged in activities that are detrimental to the moral & socio-economic wellbeing of society.
• Why is interest prohibited in Islam?
  Interest is prohibited in Islam fundamentally because money is not considered a commodity with an intrinsic economic value of its own; rather it is considered to be a unit of account, medium of exchange and a store of value. Charging interest on money is deemed unjust as the lender is guaranteed the capital plus interest without taking exposure to any commercial risk. However the borrower is required to pay back the money (capital + interest) irrespective of the outcome of the investment.
• How does an Islamic Bank make money if it does not charge interest?
  Islamic banks take investment deposits on an agency basis and invest same on behalf of the depositors on a profit and risk sharing basis. Islamic banks advance funds to individuals and the real sector of the economy using “cost plus” and equity modes of finance. The income earned by the bank on the asset side of the banking model is shared between the bank and the depositors on a pre-agreed profit sharing ratio. Therefore, the profit earned by both the bank and depositors is a function of the performance of the underlying investment assets.
• How does investment in Islamic banks work?
  Islamic banks take investment deposits on an agency basis and invest same on behalf of the depositors on a profit and risk sharing basis.
• What is the difference between conventional financing and Islamic financing?
  Islamic banking is actually an asset based financial intermediary model that applies “cost plus” and equity modes of finance to advance funds to individuals and the real sector of the economy.
  
  Example, an Islamic bank purchases the customer’s desired property in partnership with the client. Consequently, the customer and the bank become the joint owners of the property in proportion to their share of contributions upon purchase of the property. In order to own the entire property, the customer purchases the Bank’s share of the property over a period of time.
  
  In contrast, conventional banks advance funds to borrowers on interest. Under conventional finance, in order to purchase a property the customer borrows money and repays it with an additional amount over a period of time. The additional amount is considered interest on money borrowed which is prohibited in Islam.
• What are the functions of the Shariah Supervisory Board?
  The main duties of the SSB are to direct, review and supervise the business operations of the Bank to ensure that they are in line with the applicable Shariah rules and principles as outlined in the AAOIFI(Accounting and auditing organisation for Islamic financial institutions) Shariah Standards.
• Who are the SSB Members of Al Baraka Bank?
  Dr Abdulsattaar Abughuddah
  Shaykh M.S Omar
  Mufti Zubair Bayat
  Mufti Shafique Jakhura
  Read More

Transactional Banking Account

• Can I use my Al Baraka debit card at another banks ATM?
  You can use your Al Baraka debit card at any atm displaying a VISA logo
• Can I deposit cash into my Transactional banking Account?
  Yes you can, at any Al Baraka or ABSA branch.
• I forgot my pin?
  You will need to visit your nearest branch or log on to Internet Banking to reset your PIN
• What are the banking details for Transactional Banking account if I want someone to pay money to me?
  They can pay directly into your Transactional banking account using your account number starting with 786…. And the branch code 800000.
• I just did a transfer, but it is not reflecting in account I transferred to?
  Banking transfers take 24 hours and 48 hours if the transfer was done after 3 pm on Monday to Friday and 10 am on a Saturday
• I forgot my password?
  You will need to go to your nearest Al Baraka branch to have your password reset
• What does global limit means?
  It is the total value of electronic transfers for the day
• How do I set up a stop order?
  Go to recurring beneficiaries on your internet banking go to recurring beneficiaries
• How do I read the access code? It’s all jumbled up.
  You read it from left to right.
• Is there any monthly admin fee on the Transactional Banking and internet banking facility?
  There is no monthly subscription fee for active individual accounts.
• Can I change my log on verification code and password online?
  Log onto your internet banking profile to change your password and contact the call centre on 0860225786 to have your verification code reset.
• How does the Debit Card work?
  You may use it to swipe and pay for purchases at any point of sale machines in store. You can use it to draw cash at any Al Baraka or Saswitch ATM.
• Does my Password have to be more than 8 Characters long?
  Yes , it can be 8 or more characters long .It should contain numbers & alphabets in lower & upper case
• Are there any charges if I use my Debit Card at a POS pay point?
  No charges for an unlimited number of transactions.
• Can I use my Debit Card internationally?
  Yes, please ensure that you activate your card at your nearest branch for international usage. Just a tip for you, do not rely on any one bank card while travelling internationally since you could experience timeout and network problems.
• When will I receive my card as the account was opened today?
  Immediately at the branch.
• Can I use my card for petrol transactions?
  Yes if it is accepted. Wherever you see the VISA sign.