Jeelkum Terms and Conditions

17.5 Jeelkum Savings Account

a) Jeelkum savings account is an account in which the deposited funds are invested on the unrestricted Mudaraba basis. These investments are approved by the Bank’s Shari’a Supervisory Board. The Bank shall have the right to perform any acts, which it deems fit to achieve the interest of both parties.  

b) Jeelkum savings accounts may be held in the name of a minor, originally opened by the father or exceptionally by the mother/ the guardian, upon an instruction letter from the Minor Authority. These accounts are opened as a link account to the legal guardian 

c) The average balance below QAR 25,000 to earn savings account profit rate. The maximum limit to earn profit is QAR 2,000,000. Average balances above QAR25,000 to earn special expected profit rate to be announced by the bank after each period  

d) More than one (1) withdrawal (any mode of transaction including retail transaction at any retail store through POS) in a calendar month will also result in a reduction of the profit rate and it would be reduced to regular savings account profit rate.  

e) The Account is provided with a debit Card; withdrawals and deposits can be made from to the Account. The Card will be issued according to (b) above and the name on the card could be of the child or  father/ guardian.   

The card could be of the child or father/ guardian.   

f) The father/ the guardian has the exclusive right to operate the account (subject to the court/ Minor Authority instruction in this respect) until the minor reaches majority. 

g) Only one Jeelkum savings account is permitted per Customer (child).  

h) Withdrawal may only be made by using special stationery or debit Cards provided by the Bank. Unless arranged otherwise, over-the-counter withdrawal will be permitted only to the account holder(s) guardian on personal application and identification.  

i) Profit is payable on deposit of QAR 2,000,000 or less in a calendar month only. Deposits in excess of QAR 2,000,000 will earn profit only for QAR 2,000,000 and amounts above QAR 2,000,000 will have the regular savings account profit rate. 

 j) Profit on Jeelkum savings account for a calendar month is calculated on the average monthly balance of the calendar month and is paid every calendar month.  

k) Upon reaching majority the father or guardian shall not be permitted to further operate the minor’s account and the account shall be converted into a normal account and shall require new account forms being submitted by the minor upon reaching majority. 

This terms and conditions shall be governed and constructed in accordance with the laws of the state of Qatar to the extent that there shall be no conflict with Shari‘a rulings. General banking terms and condition to apply.