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The most important thing in designing savings products is understanding the clients' savings needs and preferences. Once this is clear, we you are able to design a product which will meet the needs . Based on our market activities we found that the problem is not just the low incomes, but also the high cost of saving services; so the bank has introduced three products meeting the clients' needs and will introduce more in the future.
General Saving Principles
· Saving the clients' money and investing it according to their wish.
· Accounts will be offered based on eligibility of the applicant.
· In the child saving the child identity should be taken into consideration.
· Equal opportunity for males and females alike.
Saving Products' Objectives
· Encouraging people to save
· Diversifying the saving products
· Encouraging savers to invest
· Savings' Requirements:
· Applicants can apply for the account personally.
· Deposit and withdrawal must be by the client himself, or by an officially authorised person.
· Saving profit will be a percentage according to the lowest amount left in the account each month.
· Profits will be calculated starting from the next month of depositing the money.
· A Saving account book will be handed to the applicant recording all the account activities, and in case of any loss the bank must be notified.
· The client can authorise the bank to settle his dues to the bank.
· The bank records will be the reference point.
· A minimum of 1000 YR should be left in the account to remain active.
· The child will start being in charge of his account as he reaches 18 years old.
Amal Saving Account:
A saving product target all Yemenis and other nationalities, aimed at encouraging people to save for the future. The bank is providing a competitive product that the customer can have access to his saving any time.
Clients' Requirements:
· Submitting Al-Amal Saving Application (form AD 1).
· Should be 18 years old or more.
· Has a valid ID.
· Provide 2 recent photos 4*6
· Pay the opening amount (1000 YR).
· Fill in the signature verification form.
Amal Children Saving Account:
Based on the interest parents and guardians shown to save for their Children, the bank decided to offer a dedicated product for them. Saving money is hard to do, so the bank is planning through its marketing campaign to teach the children's' parents and guardians to save facing the following needs:
· Emergencies.
· Hard times.
· Studying requirements
Children Saving Client's Requirements:
· Submitting Al-Amal Children Saving Application (form AD 1) by the parent or the guardian.
· Should not be more than18 years old.
· Has a Birth Identification.
· Provide 2 recent photos 4*6 for the child
Pay the opening amount (1000 YR).
Fixed Deposit:
Fixed deposit product is designed for those people interested investing a given amount for fixed period of time (3,6,9,12 months).
The bank invests this money, and the profit will be distributed according to the agreed terms and conditions between the two parties according the Islamic Sharia. The account is offered in both currencies Yemeni and US Dollar.
Opening Fixed deposit Account's requirements:
· The account can be opened by the applicant or any legally authorized representative.
· The applicant can have more than one fixed deposit account.
· Profit is calculated from the second day of depositing.
· Profits will be distributed at the end of the financial year.
· The deposited amount will be renewed automatically if the bank is not notified in case of withdrawal.
· The client can authorize the bank to settle his dues.
· The bank records will be the reference point.
· The bank will notify the clients in case of any changes of these requirements.
Fixed Deposit Client's Requirements:
· Submitting Fixed Deposit Application (form T W 1) by the parent or the guardian.
· Should not be less than18 years old.
· Has a valid ID.
· Provide 2 recent photos 4*6 for the child
· Pay the opening amount (20,000 YR) or the equivalent in USD.
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