CBE Noor
CBE Noor is a dedicated interest-free banking service of Commercial bank of Ethiopia established to provide comprehensive Shariah-compliant financial service.
Profit Equalization Reserve
It is a fund left from Net Income of the pool during periods when the profit to be paid to customers are above market price, which helps to smoothen the regular profit payment to the depositors. In other words, the PER used to improve the returns to the depositors during periods when the pool’s profits are below market expectations.
Profit Distribution
The distribution of profit or loss on Mudaraba Saving Account or Mudaraba Deposit Account is depend on the profit or loss involved in financing product or investment. Profits are distributed after the bank has collected commission income and other similar incomes for the service of financing.
CBE NOOR Legal Maxim
General Permissibility: Everything is allowed unless specifically prohibited by the Sheria Law. Consistent with shariah, the following undertakings are not allowed to utilize interest free banking services:
Prohibited by the Sheria Law
Running pig farm and pork trading
Alcoholic beverages production and alcohol trading
Gambling and related activities such as running casinos
Other activities classified as harmful to the society in general
Terms And Conditions
Mudaraba Account will be deemed to be closed when a customer withdraws the whole of his/her balance over the counter, leaving a nil balance in the account.
A minimum balance of Birr 1,000 must be maintained in the account for profit distribution purposes.
The Bank reserves the right to reject any deposits derived from Shariah non-compliant activities.
The customer is required to examine all entries in the pass book and report at once to the Bank any errors, irregularities or unauthorized withdrawals & missing entries.
As a condition of withdrawal over the counter, the customer/representative/agent shall present personally, and provide ID together with passbook.
The Bank shall issue a deposit slip to the customer when depositing cheque or cash.
The customer must ensure that receipts bear computer validation, be stamped & endorsed by authorized officer of the Bank before leaving the bank’s premises.
Receipts are valid as an acknowledgement of deposit if they bear such endorsement.
CBE Noor Financing
MURABAH
SALAM
ISTISNA
IJARA
CBE Noor services
Local and foreign Remittance /Hiwalah
Foreign currency exchange services/Serf
Letter of Guarantee /Kafala
Bill payment and Collection
Salary Payment
Standing instruction
Safe Deposit Box
Cash Pickup service
CBE Noor Deposit and Investment Products
Ordinary saving and Investment accounts
Almerah/Women/ Savings and Investment accounts
Ashebab/Youth/ saving and Investment accounts
Almerahiq/Youth teen/ saving and investment accounts
Atea’lim/Education/ saving and Investment accounts
Lebbaik/Hajj/Umrah/ saving account
Zakat/Tithe/Alms/saving account
Nikah/Weeding/ saving account
Eid/Holiday/saving account
Muday saving Account
Diaspora Mortgage Accounts
Time deposit investment
ECX account
Foreign currency account (NRT/NRNT)
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