Halal Home Savings Save Smart. Build Equity: Grow your deposit through profit-sharing accounts. No interest.
What it is
Our Halal Home Savings Accounts are Shariah-compliant deposit products designed to help you save toward your home purchase while maintaining ethical principles. Based on Qard (benevolent loan) or Wadiah (safe custody) models, these accounts allow you to build equity without earning or paying interest.
How It Works:
- Open a savings account with as little as ₦5,000
- Make regular or automated deposits (salary deduction available)
- Track your progress using our digital savings goal tracker
- Optionally receive hibah (gift) from the Bank based on performance
- Convert your savings balance into eligibility for home financing
Key Features:
- Minimum Opening Balance: ₦5,000
- Target Tenor: 6 months to 5 years
- Profit Model: No fixed return; optional hibah based on Bank’s discretion
- Withdrawal Terms: Full or partial withdrawal anytime
- Eligibility Booster: Account behavior influences mortgage qualification and rates
Who Is it For?
- Young professionals planning to own homes within 3–5 years
- Civil servants awaiting housing allocations
- Cooperative societies and mosque-based thrift groups
- Informal sector workers needing low-barrier entry into formal banking
Shariah Compliance
Complies with AAOIFI Shariah Standards on Qard and Wadiah. No interest charged or promised. Hibah is non-obligatory and cannot be pre-agreed. Funds never mixed with interest-bearing instruments.