In a developing country like Bangladesh people of middle and lower middle class specially service holders with limited income find it difficult to purchase articles like refrigerator, television, cot, almirah, wardrobe, sofa-set, pressure cooker, sewing machine etc. which are part of modern and decent living. They can not enhance the standard and quality of life to the desired level due to the constrain of their limited income.
Islami Bank Bangladesh Limited has, therefore, introduced Household Durables Investment Scheme which has already created great enthusiasm among the people and received tremendous response from them.
Objectives
To assist
the service holders with limited income in purchasing household durables.
To assist
the fixed income group in raising the standard of living.
To create
opportunity for the service holders to enjoy the benefit of modern and
sophisticated living and at the time lead a decent and honest life.
Items
a.
Refrigerator/Deep
freeze.
b.
Television.
c.
Radio/Two-in-one/Three-in-one.
d.
Motor
cycle/Bi-cycle.
e.
Air
cooler/ Air conditioner.
f.
Personal
computer.
g.
Washing
machine.
h.
Furniture,
viz. cot, almirah, sofa-set, wardrobe, carpet etc.
i.
Sewing
machine.
j.
Kitchen
appliances like oven, toaster, blender, pressure cooker etc.
k.
Electronic
generator: IPS, UPS etc.
l.
Power
generator, motor pump/power pump etc.
m.
CI sheet,
Rod, Wood etc.
n.
Gold
ornaments
o.
Tube-wels
p.
Mobile
telephone set
q.
Medical/Engineering
Equipment/Machinery
r.
Educational
equipment/Machinery, books etc.
s.
Any other
item considered suitable by the Bank.
Eligibility
Interested permanent officials of the
following organizations may apply for investment:
a.
Government
Organizations.
b.
Semi-Government
Organizations and Autonomous Bodies.
c.
Banks and
Financial Institutions
d.
Armed
Forces, BDR, Police and Ansars.
e.
Teachers
of Universities, Government Colleges and Schools and Senior
Madrashas.
f.
Officers
of International Financial & Relief Organization.
g.
Officers
of the multinational companies.
h.
Officers
of the local established and renowned public limited companies.
i.
Permanent
Teachers & Officers of established & prominent Private Universities,
Medical Colleges & University Colleges.
-
House Owners
-
Doctors, Engineers, Architects, Chartered Accountants/FCMA
and other important professionals.
-
Investment Clients of IBBL
-
Deposit Clients of IBBL
-
Shopkeepers and businessman
-
Wage earners, Panel lawyers of IBBL, C&F Agents
enlisted in IBBL etc.
-
Graduate & Post-Graduate Students of Universities,
Medical Colleges, Engineering Colleges, University Colleges for purchase of PC,
Medical/Engineering Equipment/Machinery, Books etc.
-
In case of Government, Semi-Government and Autonomous
Organisations the age of the investment clients must be 25 and above with at
least three years of service and he must have at least three years of service
prior to his retirement. In case of private organisations, teachers of school,
collage and madrashas the age of investment clients must be in between 30-50,
with at least five years of service and he must have five years of confirm
service prior to his retirement in the same organisation.
-
In case of others except service holders the age limit
must be within 27-60 years.
-
In case of students the minimum age must be 18 years and
maximum 25 years.
Amount
For
doctors, Engineers, Architects, Chartered Accountants, FCMAs the Ceiling of the
investment of the Bank will be -
a.
Dhaka City: Maximum Tk.3,00,000.00
b.
Other Metropolitan Cities: Maximum Tk.2,00,000.00
c.
Other Municipal Areas: Maximum Tk.1,00,000.00
For
Depositors Tk. 2,00,000.00
For
others: Tk.1,00,000.00
NCOs of
Bangladesh Armed Forces, Teachers of Primary Schools, Private School &
Colleges and other professionals: Maximum Tk. 35,000.00
For
Students : Maximum Tk. 40,000.00
Period of
Investment: Maximum
two years
Mode of
Investment: Bai-Muajjal
Equity
Minimum 25% of the total value
of the articles. The client shall have to deposit the amount of equity in his
Mudaraba Savings/Investment Account with the concerned branch before the
disbursement of investment.
Disbursement
After
sanction of investment and deposit of required equity by the client, the Branch
shall supply to the concerned investment client the desired articles within
seven days by procuring them by way of pay-order/cheque/draft etc. favouring the
supplier.
For
ensuring the ownership of the Bank over the goods, all papers and documents
related to the procurement of the goods shall remain in the name of the Bank and
Bank's sticker shall remain affixed over the same. The ownership shall be
transferred in favour of the client after full adjustment of the dues to the
Bank.
Mode of
Recovery
The
Bank's investments and profit thereon shall be recovered in 24 monthly
instalments within a period of 2 (two) years.
The
monthly installment shall be payable by the first week of every month. The first
instalment shall be due for payment in the first week of the subsequent month of
the disbursement/delivery of goods/articles.
Dues
payable to the Bank shall be recovered in the following manner depending on the
nature of the organization and the status of the client :
i.
On request of the employee, the employer shall deduct the monthly installment
from his salary and remit the amount to the Bank. In this connection,
the client shall have to furnish a letter of consent from the employer.
ii.
Before the delivery of goods, the client shall deposit to the Bank 24
post-dated cheques giving specific dates against each monthly installment. The
cheques shall be presented to the concerned bank on due dates for encashment and
adjustment of proceeds towards repayment of installment.
Security
The investment client shall execute/provide the following
documents in order to secure the investment.
All
required charge documents as per rules of the Bank.
A written
undertaking to the effect that the monthly installments shall be paid regularly.
Personal
guarantee of an official of the same rank or of superior rank. The guarantee
shall have to be duly authenticated by the competent authority of the concerned organization.
Personal
guarantee of another person, preferably family member
Procedure for
Application
Interested clients shall apply
in prescribed form to the concerned Branch. The application shall have to be
duly recommended by the Divisional Chief of the organisation where the applicant
serves. Form and booklet outlining the rules and procedures of the Scheme may be
obtained from the selected Branches of the Bank on payment of Tk. 25.00 only.
Supervision of
Investment
Under this Scheme, the Bank, at the initial stage,
has engaged M/s. Anudip Services Private Ltd., Ibn Sina Group Investment Company
Ltd., Faisal Investment Foundation and Crescent Consultants on commission basis
for selection of client, disbursement and recovery of investment
and for overall supervision of the Scheme. The concerned investment client shall
pay the commission of the supervising agency at the rate of 2% per annum over
the investment.
Risk Fund
A risk fund shall be created
under this Scheme by charging the investment account @ 2% at a time against the
total investment at the rate of 1% per annum for 2 years. In case of any genuine
damage or if the concerned client is totally incapable to the Bank, then the
amount shall be covered or adjusted from the risk fund.
Other Terms
& Conditions
The concerned Branch of the Bank shall
take possession of the goods supplied to the client
in case of his failure to repay 3 (three) installments
consecutively.
The
client shall bear all necessary expenses relating
to license, registration, insurance etc. of the
goods supplied.
The client shall bear cost of all maintenance, repair and preservation.
The
client shall use and handle the goods with utmost
care and he will be liable to pay for any damage
of the articles in his possession due to his negligence,
carelessness and inefficient use. In case of total
damage and destruction of the goods or if it becomes
irreparable, the client shall be liable to pay
immediately the balance amount of Bank's investment
including profit.
The
client shall use the goods supplied to him personally
and under no circumstances he shall let-out or
transfers the possession of the goods to others
without prior written permission from the Bank.
The
client shall be bound to allow the Bank's Authorised
agent and representative to inspect the goods
as and when required.
The
client, before availing the investment facility,
shall execute Bai-Muajjal agreement and other
documents as per investment rules and procedure
of the Bank.
The
client must keep the Branch abreast and informed about any change in his
official and residential address.
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