SBYB offers a minor account service for the purpose of saving in the minor's name with a guardian/custodian/official acting as the account custodian. The service allows the minor to manage the account upon reaching the age of 18, subject to specific terms and conditions.
Benefits of the Minor Account Service:
Accounts can be opened for minors by a guardian/custodian/ official acting as the account custodian, in local or other foreign currencies.
Accounts comply with Islamic Sharia law.
Confidentiality and security.
No minimum age requirement to open an account; the service is available to children from birth until they reach 18 years of age.
Manage your funds and earn appropriate profits in accordance with the provisions of Islamic Sharia law.
Deposit or withdraw can be done from any SBYB branch.
You can get a detailed account statement of all account transactions and in all currencies.
Requirements for opening a minor account:
A copy of the original (valid ID or family card or valid passport) of the guardian, custodian, or official acting as the account custodian
The father's family card
Two 4x6 color personal photos of the guardian, custodian, or official acting as the account custodian
Two 4x6 color personal photos of the minor
A copy of the original birth certificate of the minor
A decision of the competent court that gives the guardian the right of guardianship, trusteeship, or appointment of a child other than the father.
A decision by the competent court to open the account and allow the guardian or the appointed person to make deposits, withdrawals, and any other transactions for the benefit of the minor.
Terms and Conditions for Opening a Minor Account:
Complete the account opening application form and have it signed by the parent/guardian/ official acting as the account custodian
Submit the required documents above.
