Objectives:  

• This is a Deposit Scheme based on Shariah Principles where the depositor/investor gets monthly profit out of his/her deposit/investment. The scheme is designed to attract:

• The retirement benefits of service holders,

• The investment of Wage Earners who want to pay a fixed amount monthly to their families/dependants in Bangladesh from the profit of their investment,

• The deposit of those persons who intend to meet the monthly budget of their families from the income out of their deposit,

• Investment of fund of Trusts and Foundations who award monthly scholarship/stipends to students and

• Parents who want to defray the educational expenses of their children from the monthly profit of their deposit with the Bank.

Term:

The Deposit shall be for a period of 5(five) years. The amount is refundable on maturity as per Mudaraba principle.  

Ceiling of Deposit:

Under this Scheme Deposits shall be received on Mudaraba principles in the amounts of Tk.100,000/- and multiples thereof. Specially designed Monthly Mudaraba Profit Deposit Receipt will be issued there-against.  

Payment of Profit:

The deposits shall receive estimated monthly profit out of the share of investment income calculated on the basis of the weightage determined for such deposits and to be adjusted on completion of each accounting year and declaration of final rate of profit.  

Opening of Account:

• Any bonafide adult citizen of Bangladesh with sound mind may open this account in his/her name or in the name of his/her dependants in any of the Branches of the Bank by application in Bank's printed Account Opening Form designed for this purpose. The depositor will be issued a specially designed Receipt for the deposit under the Scheme in the same manner as is issued in case of MTDR. This receipt shall not be transferable.

• The depositor shall have to maintain a separate Mudaraba Savings/Al-Wadeeah Current Account at the concerned branch where the monthly profits on his deposit shall be credited as per his written request. No separate introducer and photograph shall be required to open account under the scheme.

• At the time of the opening of the account besides filling in the relative Account Opening Form the client has to give his/her specimen signature in the specific place of the AOF as provided for the purpose.

• No cheque book shall be issued against this account.  

Profit Sharing & Weightage:

• The depositor of Mudaraba Monthly Profit Deposit Scheme shall share income derived from investment i.e. income from the use of the funds in economic activities permitted by Islamic Shariah. This includes profit, dividend, capital gains, rent and any other income derived from investment.

• The depositor under this scheme along with other Mudaraba depositors shall get the share of minimum 65% of the income derived from the deployment of all Categories of Mudaraba Fund in the investment during any accounting year according to their proportion applying the weightage of 1.05.

• Benefits of full weightage shall become payable if withdrawn on maturity. In case of premature withdrawal before 1(one) year, no profit shall be payable.

• In case of pre-mature withdrawal after 1(one) year profit shall be payable at the rate applicable for Mudaraba Savings Deposit. In such cases excess monthly profits so far paid shall be adjusted.

• Estimated profit calculated on the basis of weightage fixed for deposits under this scheme shall be payable on monthly basis.

• The payment of monthly profit shall start from the subsequent month after a clear minimum gap of 30(thirty) days from the date of deposit. The monthly profit shall be credited each month to a separate Mudaraba Savings/Al-Wadeeah Current Account of the depositor to be opened at the concerned branch for this purpose if not maintained earlier.  

Pre-mature encashment:

Normally, the deposit will not be encashable before 5(five) years. But if any depositor intends to withdraw his deposit before maturity due to certain unavoidable reasons, he would be allowed to do so, on the basis of written application.  

Nomination:

• The depositor may nominate one or more persons as his nominee of the account. In case of more than one nominee, he should fix their respective share in the nomination.

• Minors may also be named as nominee. In such a case he may also give written instruction as to who is to receive the amount in the event of his death before the attaining of maturity of the nominee(s). Otherwise payment will be made to the legal guardian approved by the court.

• The depositor may at any time nominate a new nominee canceling the previous nominee in writing.

• In the event of the death of the nominee during the life time of the depositor and before the withdrawal of the balance of the account, the nomination shall be treated cancelled.

• The nominee(s) shall be entitled to receive the money of the account according to apportionment only after the death of the depositor. In such case there shall be no need for Succession Certificate and the matter shall be settled at the branch level. The nominee (s) shall be responsible to distribute the portion of other heirs, if any, as per rule of Islamic Shariah.  

Special Benefits:

• Mudaraba Monthly Profit Deposit Account may be opened in single name or in joint name and there will be provision for nominating nominee(s).

• Separate photographs will not be needed to apply for opening this account.

• Monthly Mudaraba Profit Deposit receipts will be acceptable as security.

• Monthly Mudaraba Profit Deposit account holders along with other Mudaraba depositors shall get preference in the matter of investment of their deposits over the Bank Equity and other cost-free funds.

• Gross investment income derived from deployment of mudaraba fund during the accounting year, will at first be allocated to the Mudaraba depositors according to their proportion in the total investment as per principle of distribution of profit to Mudaraba Depositors.

Other Terms & Conditions:

• Deposits under Mudaraba Monthly Profit Deposit Scheme shall be accepted strictly on Mudaraba principles of Islamic Shariah and accordingly the deposits so received shall also be invested as per Shariah principles.

• The depositors must preserve the Receipts properly and carefully. In case of loss or damage of the Receipts, the depositor must inform the Bank immediately for taking necessary precautions. Duplicate receipt may be issued after observing necessary formalities in that regard as per Bank's existing rules.

• Profits of any accounting year will be declared after certifying the Accounts of the Bank by the auditors appointed by the shareholders in the Annual General Meeting.

• If the deposit is withdrawn on maturity of the account but before finalisation of the Annual accounts of the Bank, profit will be paid as per provisional rates. However, on declaration of final rates of profit for that year, the difference amount between the provisional and final rates, if any payable, will be allowed to the account holder on submission of written claim there against.

• Profits will be calculated on the basis of weightage pertaining to the particular deposit.

• The Bank reserves the right to change, amend, modify or cancel any rules, terms and conditions and the client shall have to abide by the same.