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 statement
  • A guarantee is issued to the equivalent of the deposited amount
  • Profit is paid on maturity at every 35 days any 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

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

For the month of April the profit earned was 2.5890% (March 2022 - 2.5060%)

The following documentation is required to apply:

Draft guarantee requirements from the beneficiary of the guarantee

Adults

  • South African bar-coded Identity Document/Smart ID
  • Proof of address not older than 3 months, for the verification of your residential address
  • 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

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