Business Guarantee Deposit Account
A Guarantee Deposit Account is ideal for the issuing of guarantees in terms of the following:
- A deposit for the purchase of a property
- A rental deposit
Benefits of a Guarantee Deposit Account:
- No need to outlay cash to third parties
- All Guarantee Deposit amounts earn profits
- Download the Al Baraka SA Banking app to view your investment statements
- A guarantee is issued to the equivalent of the deposited amount
- Profits are paid on the 1st of every month and may be paid into an account of your choice
- Performance guarantees are issued up to a maximum period of three years
- Property guarantees are issued for up to 120 days (four months)
- Guarantees may be renewed upon maturity
- All deposits and withdrawals will be subject to Al Baraka's banking fees
- Click here to view fees applicable from 01 July 2023
The Bank earns profit from its financing activities which are carried out on the basis of Murabaha, Musharaka and Ijarah finance contracts. The profit earned is shared with the investment depositors based on the Bank’s profit distribution model
Actual profit earned for the month is used to calculate the rate of return to the depositors and can vary month to month
The following documentation is required to apply:
Draft guarantee requirements from the beneficiary of the guarantee
- The founding document of the applying entity.
- Click here for a list of Entities with their respective document.
- Proof of address, not older than 3 months, for the verification of the business trading address.
- South African green bar-codaed Identity Document or Smart ID for each of the authorised signatories
- South African green bar-coded Identity Document or Smart ID for each of the authorised signatories and
- Proof of address, not older than 3 months, for the verification of residential address of the authorised signatories
- Click here to view all acceptable forms of proof of address required to open an account
Please note that depending on the nature of business and type of Entity additional information will be requested.
With these on hand, you can then contact your nearest branch to apply, or complete the Contact Form on this page for our Sales Consultant to call you.