- Contact Us
- Branch/ATM
- Daily Exchange Rate
- Loan Calculator
- SWIFT Code: TSCPETAA
- Vacancy
Tsehay Bank devised specialized Interest Free Banking service with the brand name ‘Fajr’ which means sun rise in Arabic. Having its own colour and logo, Fajr offers different product features and benefits for customers.
Tsehay Interest Free Banking (IFB) carry out its services adhering to Sharia principles of business to offer the best satisfaction to Customers. The products and services provided by Tsehay Bank fulfill the needs of our esteemed customers and are fully in compliance with acceptable Sharia principle. Accordingly, the bank has formed renowned Sharia advisory committee and summoned respected religious fathers as its IFB service advisors.
Tsehay Bank has already started providing all-inclusive banking services that encompass: deposit, finance, money transfer and international trade services. It accepts deposits and extends finance to permissible businesses.
Tsehay Bank, which commenced operations on July 23, 2022, has been providing its IFB services through a Windows dedicated model in all its branches. It has also launched two IFB-dedicated full-fledged branches in Addis Ababa and Sheger towns. It also plans to stretch the branches in selected potential areas in Addis Ababa and regional towns.
Tsehay Bank, which aspires to deliver an all-inclusive banking service to all sections of society, taking into consideration its customers’ demands, will open similar branches in different parts of the country.
Eligibility
Individuals, private business entities, and governmental institutions fulfilling the eligibility criteria of Tsehay Bank can become beneficiaries of Tsehay ‘Fajr’.
Features:
➧ The source of the investment deposit must be from permissible business activity;
➧ All Mudarabah saving deposit accounts shall be opened in the form of unrestricted Mudarabah Deposit account;
➧ It is operated by the pass book prepared for the purpose;
➧ Deposit balance for less than 10 days shall not be eligible for-profit sharing;
➧ Mudarabah Saving accounts shall be opened with zero balance;
➧ The minimum initial deposit for Mudarabah saving deposit accounts shall be Birr 1,000 (One Thousand);
➧ The Bank has a right to deploy the deposits in this account to finance permissible business activities;
➧ The Bank as Mudarib shall participate in the profit or loss with the depositors as per agreed profit-sharing rate (PSR);
➧ Deposits and withdrawals allowed any time without restriction or limitation;
➧ The customer shall be required to fill and sign Mudarabah/Investment contracts in two copies in addition to the account opening form of Mudarabah account prepared for this purpose; and the Bank shall provide one copy of the contract to customer and the other copy shall be kept with the Bank.
Eligibility
➧ All natural and legal persons recognized by the Ethiopian laws; and
➧ Minors through parents or tutors; and interdicted persons through legal guardians.
Features:
➧ The account shall have a higher PSR than the ordinary Mudarabah;
➧ It can be opened individually, jointly, and by associations formed by women like Idir or cooperatives having above 50% women members;
➧ Account holders enjoy a discount on goods and services from the suppliers who have agreement with Tsehay Bank. However, the customer is responsible for selecting the brand, checking the functioning and genuineness of the goods before receiving them from the supplier;
➧ It can be operated by cash withdrawal voucher, mobile banking and ATM card designed for holders of this account.
Eligible Entities:
➧ Individual women;
➧ Various associations owned by women with more than 50% share;
➧ Businesses entities fully owned by women;
➧ Minor women (through parents or tutors);
➧ Incapacitated women (through legal guardians); and
➧ Women staff members of the Tsehay banks S.C.
Features:
➧ The account shall have a higher PSR than the ordinary Mudarabah;
➧ It is provided only for individuals or group of individuals in the ages of 18-30;
➧ It shall be converted to normal/ordinary Mudarabah saving account when the account holder reaches the age of 30 and;
➧ It can be operated by cash withdrawal slip, ATM card, mobile and internet banking.
Eligibility
➧ An Individual whose age is greater than or equal to 18 and less than 30 years old;
➧ Individual trade operators (sole proprietorship);
➧ Interdicted persons (through legal guardians); and
➧ Tsehay Bank staffs.
Features:
➧ The account shall have a higher PSR than the ordinary Mudarabah;
➧ It can only be opened by individuals in the ages of 14-17;
➧ Self-employed/employed teens between the ages of 14-17 years can open and operate this account by providing letter of confirmation from the Zonal/Woreda administration and school administration. The letter shall at least state the applicant’s name, age, photograph and source of income (whether or not he/she generates his/her own income);
➧ The parent(s) or the tutor of the teen youth can open the account for unemployed teen or teen without own source of income. The account should be opened in the name of the teen youth followed by the name of the signatory/signatories. The relationship to the youth should be specified as either “parent(s)” or “tutor”; and
➧ It shall be converted to ordinary Mudarabah saving account when the account holder reaches to the age of 18.
Eligibility:
➧ Individual whose age is greater than or equal to 14 and less than 18 years old;
➧ Minors through parents or tutor; and
➧ Interdicted persons through legal guardian.
Features:
➧ The account shall have a higher PSR than the ordinary Mudarabah. It is designed for saving money for higher education up to undergraduate programs;
➧ It can be opened for oneself or for a minor by the parent(s)/tutors of the minor;
➧ It may grant scholarship fund for account holders who are eligible to take part in a special scholarship program. Winners can also use the scholarship fund as seed money for initial capital to start a small-scale business instead of pursuing higher education; and
➧ Withdrawal from the Education Savings Account is allowed anytime. However, in order to be eligible for the scholarship or seed money award for a particular year, the customer shall deposit the minimum amount set by her/his preference for 12 months of the calendar year and no withdrawal is allowed in this period.
Eligibility:
➧ All natural and legal persons recognized by the Ethiopian laws; and
➧ Minors through parents or tutors; and interdicted persons through legal guardians.
Features
➧ The account shall have a higher PSR than the ordinary Mudarabah account;
Eligibility
➧ Any Ethiopian citizen above the age of 18 years could open this account for oneself or for others;
➧ Parents or guardians can also open for their children; and
➧ Customers can open this account either individually or jointly (and/and or/or)
The Bank shall open any of the following types of Mudarabah Fixed/Term Investment Accounts;
➧ Mudarabah Fixed Investment from 3 Months up to 6 Months;
➧ Mudarabah Fixed Investment Account Greater than 6 Months up to 12 Months;
➧ Mudarabah Fixed/Term Investment Account Greater than 12 Months up to 24 Months;
➧ Mudarabah Fixed/Term Investment Account Greater than 24 Months; and
➧ Other Negotiable Mudarabah Fixed Investment
Eligibility
➧ All natural and legal persons recognized by the Ethiopian law; and
➧ Minors through parents or tutors; and interdicted persons through legal guardians
Features
➧ The account shall serve to save for future events and reduce the problem of unplanned spending;
➧ The minimum initial deposit for Mudarabah saving deposit accounts shall be Birr 1,000 (One Thousand);
➧ The minimum monthly installment shall be Birr 150 then after;
➧ Withdrawal is allowed only after eleven/11/ consecutive months of saving;
➧ Sticker with a label Mudarabah Eid shall be affixed into the passbook to differentiate users of this service from others and the background color of the sticker shall be the corporate color of the Bank.
➧ Minimum balance of Birr 1,000.00 (One Thousand) is required to open such account
➧ Newly opened current account should be kept for three months under the account status assigned for them so that it will be operated without authorization. The senior /Banking Business officer can, nevertheless, change the status before the stated period if he/she believes to that the customer has been properly identified; and
➧ The Bank may request service charge to be determined from time to time in relation to the operation of this account.
Eligibility
Similar with conventional deposit accounts.
Features:
➧ The source of Wadia’h deposits must be from Sharia Compliant Business/source;
➧ The account shall be maintained in local currency;
➧ It shall be operated by pass book; it can also be operated by cash deposit/withdrawal voucher, internet banking, mobile banking and IFB debit card;
➧ It can be opened with zero balance given that there is a reasonable source of fund that can bring the balance to the minimum amount of Birr 50 within a month;
➧ Account operation shall be made through the use of formats prepared for IFB banking purposes;
➧ The Bank shall allow customers to withdraw money without any restriction
➧ All profits generated from the use of funds stated on item ‘vii’ belongs to the Bank as no benefit or return is attached to this account.
Eligibility
➧ All natural and legal persons recognized by the Ethiopian laws; and
➧ Minors through parents or tutors and interdicted persons through legal guardians.
Features:
➧ It can be opened individually, jointly and by associations formed by women having above 50% women members;
➧ Account holders enjoy a discount on goods and services from the suppliers who have agreement with the Bank.
➧ It can be operated by cash deposit/withdrawal slip, internet banking, mobile banking and ATM debit card designed for holders of the Account.
Eligible Entities:
➧ Individual women,
➧ Associations owned by women with more than 50% share,
➧ Businesses entities owned by women
➧ Minors (through parents or tutors);
➧ Incapacitated women (through legal guardians);
Features:
➧ It is provided only for individuals or group of individuals between the ages of 18-24
➧ It shall be converted to Wadia’h ordinary saving account when the account holder reaches the age of 25.
Eligibility
➧ All individuals whose age is greater than or equal to 18 and less than 25 years old;
➧ Interdicted persons (through legal guardians)
Features:
➧ It can only be opened by individuals between the ages of 14-17;
➧ Self-employed/employed teens between the ages of 14-17 years can open and operate this account by providing letter of confirmation from the Zonal/Woreda administration and school administration.
➧ The parent(s) or the tutor of the teen youth can open the account for unemployed teen or teen without own source of income.
➧ It shall be converted to Wadia’h ordinary saving account when the account holder reaches to the age of 18.
Eligibility:
➧ Individual whose age is greater than or equal to 14 and less than 18 years old;
Features:
➧ It is designed for saving money for higher education up to undergraduate programs;
➧ It can be opened for oneself or for a minor by the parent(s)/ guardian of the minor;
➧ It may grant scholarship fund for account holders who are eligible to take part in a special scholarship program.
➧ Withdrawal from the Iqra/Education Savings Account is allowed anytime.
Eligibility:
➧ Individuals classified as teen-youth, whose age is greater than or equal to 14 and less than 18 years old;
➧ Any individual, whose age is greater than 18;
➧ Minors through parents or holders;
➧ Interdicted persons through legal guardian;
Features
➧ It is a special purpose account customized to help customers save to perform Hajj/Umrah;
➧ Upon the instruction received from the customer, the Bank may facilitate payment; by debiting the customer’s account and crediting the Hajji/Umrah account of Ethiopian Islamic Affairs Supreme Council to facilitate the journey and
➧ The Bank may review customer’s deposit schedule on an annual basis in order to encourage them to deposit monthly contribution to their account.
Eligibility
➧ Individuals interested to perform Hajji/Umrah are eligible.
➧ Wadia’h Zakat is a special purpose account opened by Zekat beneficiaries in order to accept Zekat/Alms
➧ Account be opened by the benefactor in order to save his/her ‘above the Nisab level’ /charity amount/periodically so that he/she can order the Bank to make payment to the beneficiaries of Zakat after the opening of their respective Zekat beneficiary accounts.
➧ This account is intended to broaden customer base and mobilize deposit form beneficiary; and to create a tailored alternative Zakat distribution system for benefactor.
Eligibility
➧ Any Individual.
Features
➧ Wadia’h Mahr is a special purpose account opened by bride groom/husband to save Dower money to his wife/bride;
➧ This account can be opened both by unmarried individuals who intend to marry in near future or married individuals not yet effect their Mahr commitment for various reasons;
➧ A married women can save her dower money received from her bridegroom/husband at the Bank.
➧ The Bank shall facilitate the transfer of amounts kept in Mahr account to the beneficiary up on the request of the accountholder and
Eligibility
Any individual who want to save Mahr/Dower money
Features
➧ Saving Account for children aged 0-14 years in the name of the child;
➧ Administered by parents/guardian until the child becomes 18 years old;
➧ Opened and operated by the parents or guardians jointly, or by one of them;
➧ Birth certificate or any evidentiary document issued by pertinent organ needed;
➧ Payment is enabled to the junior when he/she attains the age of youth.
➧ No minimum amount requirement to open the account;
Eligibility
Individuals whose age is less than 14 years old; through parents or guardian;
Features
➧ Charges for ATM transaction fee and safe deposit box rent shall be discounted
➧ Priority treatment at counter
➧ Advice on acceptable business ideas and financial assistance to improve customer’s business especially for self-employed ones;
Eligibility
➧ Individuals Whose age is 50 years or above;
➧ For joint account, the account holders should also be in the required age group and income category;
➧ Retired personnel of defense services, teachers, medical professionals or any other legal document of retirement would allow individuals to subscribe under the scheme irrespective of the age limits.
Features
➧ The account may be opened with Tealun/Iddir name or with the officials with annotation of the Tealun/Iddir name;
➧ Tealun/Iddir shall encourage members to open bank accounts in Tsehay Bank;
➧ The periodic contribution of members shall be collected from the Bank account with standing instruction, or through cash deposit directly to Tealun/Iddir account or using any electronic channels; and
➧ The Bank may give financial advice to Tealun/Iddir whenever possible.
Features
➧ It is intended for saving money to cover vacation expenses;
➧ Transaction processing fees will be waived;
Features
➧ It is intended for saving money for the purchase/construction/rehabilitation of a house;
➧ The customer shall continuously deposit specified amount to reach up to 40% of the cost of the house to be purchased
➧ The deposit shall be made in installments; with at least 1/4th of the 40% amount deposited in each quarter.
➧ The customer can deposit the estimated amount in a lump sum at early stage.
➧ To be eligible for the financing, the account holder is expected to deposit at least for one year.
Features
➧ It is designed for saving money for the purchase of vehicle;
➧ The customer shall continuously deposit specified amount to reach up to 40% of the cost of the vehicle to be purchased;
➧ The deposit shall be made in installments; with at least 1/4th of the 40% amount deposited in each quarter.
➧ The customer can deposit the estimated amount in a lump sum at early stage.
➧ The account holder should deposit at least for one year to be eligible for the finance.
➧ All the requirements for account opening and financing facilities stipulated in the Bank’s procedures would also apply.
Features
➧ It is intended for saving money for a business startup and expansion/upgrading finance;
➧ The customer shall continuously deposit specified amount to reach up to 40% of his/her startup capital requirement
➧ The deposit shall be made in installments; with at least 1/4th of the 40% amount deposited in each quarter.
➧ The customer can deposit the estimated amount in a lump sum at early stage.
➧ To be eligible for the finance, the account holder is expected to deposit at least for one year.
➧ If the customer anticipates that the startup capital will increase due to inflation, he/she can save more than the stipulated 40% amount; and
Features
➧ It is designed for saving money for the purchase of consumer durable goods;
➧ The customer shall continuously deposit specified amount to reach up to 40% of the cost of the consumer durable good to be purchased;
➧ The deposit shall be made in installments; with at least 1/4th of the 40% amount deposited in each quarter;
➧ The customer can deposit the estimated amount in a lump sum at early stage;
➧ To be eligible for the finance, the account holder is expected to deposit at least for one year
Features
➧ Withdrawals is approved by the Branch Manager or Manager Operation for settling cash shortage reported by the account holding staff; and
➧ Payments may be effected to the account holding staff after one year of leaving cash related post for which she/he was entitled to the cash indemnity.
Features
➧ The service is mainly designed for petty traders, semi-skilled workers, Small holding farmers, Shoe polishers and other self-employed individuals;
➧ It is offered by the Bank to accumulate/save money in designated box and to be deposited in to the respective customer account;
➧ It shall be used by New Wadia’h Sunduq/Muday account holders by providing the account opening application form or by associating with other Tsehay Bank saving accounts;
➧ The Front IFB customer service officer or the service manager of the branch shall explain the benefits of the Sunduq/Muday service;
➧ The Bank shall provide Sunduq/Muday Service agreement for the customer and help them to understand and sign on the contract/agreement;
➧ The service shall be provided by the Bank with dual control;
➧ It shall be operated by the Sunduq/Muday Box and other formats prepared for this purpose;
➧ The Bank shall provide Wadia’h Sunduq/Muday box to the customer after fulfilling the necessary process;
➧ When the customer approaches or brought the saved amount in the box to the Bank for deposit , it shall be opened by responsible assigned person of the Bank to open the box and the customer her/herself or her/himself; and
➧ The Bank shall review the monthly customer’s account performance to ensure the customer is making deposits as per the agreement.
Eligible Entities
➧ IFB Customer of petty traders, semi-skilled workers, Small holding farmers, Shoe polishers, Zakat
Beneficiary Account Holders and other self-employed individuals; and
➧ Other Interested Individuals to use the IFB Sunduq/ Muday Service.
Features
➧ It is designed for saving money for covering Eid/holiday expenses
➧ Transaction processing fees like standing order charge will be free.
Eligibility
➧ Any Ethiopian citizen above the age of 18 years could open for oneself or for others;
➧ Parents or guardians can also open for their children
➧ Customers can open this account either individually or jointly (and/and or/or).
Features
➧ It is designed for saving money for Nikah wedding costs;
➧ Transaction processing fees like standing order charge will be free.
Eligibility
➧ Any Ethiopian citizen above the age of 18 years could open this account for oneself or for others;
➧ Parents or guardians can also open for their children
➧ Customers can open this account either individually or jointly (and/and or/or)
Features
➧ It is a non-interest-bearing deposit account;
➧ Foreign currency is the only source of fund for this account;
➧ It is opened with a minimum initial deposit of USD 100 or its equivalent of any other currencies that can be converted to any of the three currencies (USD, Pound Sterling and Euro);
➧ Account operation is carried out using formats prepared for this purpose;
➧ The Bank undertakes to pay any amounts outstanding in the account in full, in local currency or as the case may be;
Features:
➧ The account shall be operated by IFB Cheque and can also be operated by using ATM card, mobile and internet banking;
➧ The account shall be opened with a minimum balance of Birr 1,000 and Birr 2,000 for individual and business customers respectively;
➧ No restrictions on the number and amount of deposits and withdrawals as long as the account have sufficient balance.
➧ The Bank undertakes to pay its customer on demand any amount outstanding in the account partially or fully;
➧ The Bank shall use the deposit in Amanah account for financing of permissible business activities upon getting the permission of the customer;
➧ All profits generated from the use of funds stated on item ‘v’ belong to the Bank as no benefit or return is attached to this account;
➧ The Bank may request service charge to be determined from time to time in relation to the operation of this account;
Eligibility
➧ All natural and legal persons recognized by Ethiopian laws;
➧ Interdicted persons through legal guardians.
The account is opened to facilitate commodity trading at ECX and the account opening and closing process is carried out by conventional Payment Operation.
A. Types and Features of Amanah ECX Account
1. Member Pay-in
➧ Used as payment guarantee to participate in the trading floor of ECX;
➧ The member is a legal owner of the account however; the member shall empower ECX for debit transaction;
➧ It can only be debited by the Conventional Payment Unit as per the instruction of ECX;
2. Member Pay-out
➧ Used to receive payment from ECX trading floor;
➧ The member/account holder has exclusive right on the account.
3. Client Pay-in
➧ It is an account maintained by members on behalf of their clients; and
➧ It can only be debited by the Conventional Payment Unit as per the instruction of ECX.
4. Client pay-out
➧ This account is maintained by members on behalf of their client; and
➧ The member/account holder has exclusive right on the account.
Eligible Entities for ECX
➧ All Sharia Permissible businesses who are involved in ECX trading activities.
Features:
➧ The only source of fund for this account shall be FCY;
➧ It can be opened with an initial deposit of USD 100 or its equivalent in any of the permitted convertible currencies;
➧ The Amanah Diaspora Account (FCY account) should be operated by Cheque book and withdrawals can be made at any time by writing a Cheque.
➧ The account can be opened at any of the Tsehay Bank branches with Windows and dedicated branches.
➧ Full or partial withdrawals from this account shall be allowed only in local currency at any point converted at spot rate.
➧ All deposits to this account shall be made in the following foreign currency USD, Pound sterling, and EURO type only.
➧ Credit to this account should be by cash Foreign currency; Direct credit to the account using SWIFT or via money transfer agents, Transfer from Diaspora Foreign currency accounts and Cheque deposits originated from foreign banks.
➧ Foreign currency credits to this account shall be converted to local currency using the Bank’s particular currency buying rate at the date of transaction.
➧ This account shall not bear any financial return/benefit in the form of profit sharing.
➧ The Bank reserves the right of closing this account if there be local currency credit transaction to this account and When the account holder starts to live/reside permanently in Ethiopia after completion of his/her stay abroad.
Features:
➧ It is a type of foreign currency account maintained only in Birr and can be used for payment of local expenses to customer;
➧ It could be convertible into foreign currency after securing NBE’s Approval.
➧ The minimum balance to open this account is USD 100.00 or its equivalent in any of the eligible currencies;
➧ Funds in this account cannot be transferred abroad without obtaining foreign exchange permit and paying exchange commission to NBE;
➧ The account is mainly used by NGO’S to facilitate local projects;
➧ Non-Transferable Birr Accounts shall be credited only with:
➧ Foreign Exchange receipt from abroad.
➧ Payments from other Non-Resident Transferable Birr or Foreign Currency account.
➧ Payments from residents of Ethiopia effected under specific authorization of Exchange Control.
Eligibility:
The following entities, but not limited to the list, shall open Amanah Non-Residence transferable and Non-Transferable Birr accounts;
➧ Embassies;
➧ Foreign diplomats;
➧ International organizations;
➧ Expatriate employees of international organizations;
➧ Foreign based charities;
➧ Foreign investors;
Features:
➧ It is a type of Amanah foreign currency account maintained in foreign currency and can be used locally or transferred abroad in foreign currency without the necessity of obtaining foreign exchange permit;
Features
➧ It is a type of Amanah foreign currency account maintained in foreign currency and can be used locally or transferred abroad in foreign currency without the necessity of obtaining foreign exchange permit;
➧ The source of fund is overseas and the account can be maintained in foreign currency;
➧ The minimum balance to open this account is USD 100.00 (One hundred US Dollars only) or its equivalent in any of the eligible currencies;
➧ Funds in this account can be transferred abroad without the necessity of obtaining foreign exchange permit and without paying exchange commission to NBE;
➧ The account holders can withdraw money from this account in foreign currency upon presentation of travel documents (VISA and valid Air Ticket), without having a foreign exchange control permit. However, for the purpose of using the money here in Ethiopia, the account holder withdraws in local currency (Birr) only.
➧ Persons residing abroad can open such accounts in person or by mail in their names through Ethiopian Embassies;
➧ Foreign currency shall be credited to the account through;
2. Foreign currency cash note; (the account holder presents a signed and sealed foreign currencydeclaration form from Ethiopian Customs Authority for foreign currency notes above 3,000 USD) and
4. Cheque deposits that originate from abroad.
The following entities, but not limited to the list, shall open Amanah Non-Residence Transferable Foreign
Currency;
Welcome to Teshay Bank!
Dear Customer, What can I help you?
Tsehay Bank ©️ 2024 All Rights Reserved.
