CHILDREN’S EDUCATION FUND
Children’s Education Fund (CEF) Account
This fund was designed to allow parents to save for their children’s future educational endeavours. Members of this particular fund may hold up to 250 shares for a minimum term of 6 months. Parents or guardians can open CEF account in the name of their children. Children’s Education Fund account is opened and maintained by an adult, who is legal parent or guardian of a child, who is a minor. This account has been designed to help a child to pay part or full of her/his education expenses when s/he becomes 18 years old or older. Until the child becomes adult and is legally able to have a contract with the institution, the parent or guardian will maintain the account and keep purchasing shares to build a savings for the child. This is a potentially long-term membership account where Instead of paying interest, ICFAL offers Dividend, potentially $1 per share higher than ordinary membership account up to any amount, but higher dividend will be applicable to a maximum of $25,000. However, the fund can be redeemed by the parents at any point of time without losing any dividend for the period the shares were held. The parent or guardian will pay 10% of the membership fee and the child, after becoming an adult pays the rest 90% of the fee as a new general membership account is created for her/him. The Parent or guardian maintains the ownership of this account and may redeem the shares with notice as per Share Redemption Process guide. Members are not encouraged to redeem shares from this account unless urgently required.
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- APR percentages: 0% Non interest (Islamic) product.
- Transaction Fees: Nil (One-off fee of $100 for lifetime membership)
- Interest rates: Non-interest (Islamic) products.
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