Accounts

Types of accounts:

BMS offers consumers and businesses the opportunity to open a number of account types that allow them to accommodate and effectively manage their liquidity while receiving halal earnings on investment accounts.

 

§  Current accounts and payroll accounts:

This type of accounts allows the customer to deposit money and withdraw it without restrictions, obtain checkbook, a debit card, withdraw from banks’ ATMs, access their account online via internet and receive SMS messages on the movement and balance of his account;

 

§  Call accounts:

This type of account is designed for customers who do not wish to use checks and allows customers to deposit and withdraw their cash without restriction on visits to a branch of the bank and have the same benefits as other current accounts.

 

§  Savings accounts or investment accounts:

This type of accounts meets the needs of clients with modest revenues wishing to save to participate in investment operations while allowing them to continue to make withdrawals under specific conditions. This type of accounts participates in profits, and allows access to ATM, card, Internet banking and SMS mesages.

 

§  Term Accounts:

The account holders are involved in investment operations and participate in profits. Balances of these accounts are unavailable for the selected period. Any term account holders can withdraw money before maturity. The sums thus withdrawn prematurely lose the right to benefit.

 

§  Notice Term Accounts:

These account holders are involved in investment operations and profits. Holders can withdraw money from these accounts under 90 days notice prior to the date of withdrawal.

 

 

§  Specific Investment Accounts:

These are accounts in which clients deposit money to be invested in specific investment operations that the client selects under Musharaka, Mudaraba, Murabaha contracts or under an agency agreement. These accounts participate in the profits made and losses suffered by the specific transactions in which the customer subscribes.

 

§  Investment portfolio Accounts:

These accounts receive the value of bonds invested in portfolio investment (which are flexible investment vehicles) that the client subscribed to; and the bank invest these fund in specific investment operations against receiving a share of the profit under the principle of Islamic Mudaraba and in compliance with the prospectus for the portfolio. These bonds may be sold and thus rendered liquid at any time with the possibility of obtaining a share in the profits.

 

§  Investment Accounts by Agency:

These are accounts in which the clients may deposit amounts to be invested by the bank acting as an agent on behalf of the clients. The bank receives an annual fee as a percentage of the invested amount under an agency agreement signed between the bank and the account holder.

 

§  Accounts Quard Hassan Fund:

These accounts are set for social support as an act of charity by which a client allocates a certain amount of his resources for loans without interest to be given to the needy to meet specific needs he determines and he requests the bank to manage these social charity loans.

 

§  Accounts in foreign currencies:

 

 Requirements for opening accounts:

1 For private accounts:

Fill an individual account form and present:

§  A request to open a current account or;

§  a request to open a notice account or;

§  a request to open a term account or;

§  a request to open a deposit account or;

§  a request to open a deposit account with withdrawal on notice

§  Fill the “Know Your Client form” for individuals

 

Supporting documents required for individuals:

§  A valid National Identity Card;

§  A Certificate of employment for employees;

§  For Non Mauritanians; a valid passport and / or a valid residence permit.

 

2 Corporate accounts:

Fill a corporate account form and present:

§  A request to open a current account or;

§  A request to open a term notice account or;

§  A request to open a term account or;

§  A request to open any one of the other above accounts;

§  Fill the “Know Your Client Form ¨ for companies

 

Documents required for business:

§  For companies:

o   A certificate of registration issued by the Chamber of Commerce,

o   Articles of Incorporation;

o   The minutes of the constituent General Assembly meeting;

o   The signing authority.

 

§  For other organizations, associations and legal entities:

o   A certificate of registration issued by the licensor or by the concerned authority;

o   Entity constitution documents;

o   The signing authority