FNBB diversifies Islamic Banking offering
First National Bank Botswana (FNBB) is diversifying its Islamic Banking offering with the launch of a new product, Islamic Term Deposit. The product is designed to offer an alternative form of saving and investing that operates separately from other conventional accounts. Customers are offered a monthly profit share that complies with Islamic Finance principles.
The product features are as follows:
- A choice of varying investment periods from 30 days to 36 months
- Unlimited investment amount
- A monthly profit share that is reinvested into the investment account
- P1000 minimum opening balance
FNBB is currently the only bank in the country that offers Islamic Banking saying there is a strong customer demand for the offering. Under Islamic Banking, the bank offers Personal Cheque Accounts, Business Cheque Accounts, Vehicle and Asset Finance, Residential Property Finance, Commercial Property Finance and Savings and Investments.
“As a Bank that continues to offer customer-centric solutions, we are very excited to introduce this new product to the market. The unique features of this product make it a viable option for any client looking for an alternative form of banking and investing,” said Mike Honeywell, FNBB Commercial Director.
Honeywell also mentioned that Islamic Banking products are not exclusively for members of the Muslim community but are available to all who choose it, irrespective of religious denomination. He concluded by stating that the Bank continuously develops and grows the Islamic Banking portfolio to meet the diverse needs of customers.
FNB Islamic Banking products comply with Islamic Law and have been endorsed by our Shari’ah Advisory Committee. The Shari’ah Advisory Committee, approves, reviews, supervises and monitors the activities of FNB Islamic Banking in the country to ensure compliance with Shari’ah (Islamic Law).