Our Group Savings Account is specially designed to meet the financial needs of organized groups such as investment clubs, welfare groups, self-help groups (chamas), and small business associations. This account enables groups to pool resources, grow their collective savings, earn competitive interest, and access affordable loans based on their savings balance.
Key Features:
Interest Earning: The group’s savings attract interest, helping the members’ collective funds grow steadily over time.
Loan Access: Groups can qualify for loans based on their total savings, offering an opportunity to fund joint projects, investments, or meet shared financial goals.
Tailor-Made for Groups: The account supports the unique dynamics of group savings, accountability, and joint financial planning.
Group Categories:
Groups can select the category that best fits their purpose and operations:
1. Group Deposit Account:
Perfect for groups aiming to save collectively while enjoying interest earnings and access to credit facilities at affordable interest and repayment plan. Does not allow withdrawal of funds.
2. Group Savings Account:
Ideal for groups focusing on safe and regular deposit accumulation with withdrawals allowed.
3. Business Account
4. Micro Savings and Lending Activity (MISLA):
Designed for small, informal lending groups seeking to save, lend among members, and build a financial track record for future growth. Each member can borrow at a multiplier of individual savings authorized by the group and secured by all members’ micro-savings and group savings.
Benefits:

a. Safe and transparent way to manage group finances.
b. Access to affordable group-based credit facilities.
c. Encourages disciplined group savings culture.
d. Helps groups build financial strength for future projects or investments.