Foreign Exchange Business

Islami Bank Bangladesh Limited has introduced a new deposit product titled 'Mudaraba Foreign Currency Deposit Scheme (Savings)' under Mudaraba principle and endeavouring to invest the foreign currency funds in profitable way through its Foreign Correspondent Banks under Shariah Principle so as to enable the Bank to pay profit to its FC/PFC depositors, who will intend to open/maintain Mudaraba Foreign Currency Deposit (MFCD) Account particularly in US Dollar. This Scheme offers investment opportunities to wage earners and other private Foreign Currency Account holders who do not like to keep their funds in interest bearing deposit accounts or invest in interest bearing schemes. To encourage savings in Foreign Currency by offering a safe and profitable opportunity to the savers/investors by way of sharing a portion of the profit out of the investment of their funds as per principles of Shariah and to extend the Banks Deposit Scheme for mobilisation of remittance of Bangladeshi expatriates to increase the opportunity for their income generation and increase in the wealth of individuals and of the nation through profitable investment as per Shariah principles are the special features of the Scheme.

Objectives

  • To offer investment opportunity to the Wage Earners and other private Foreign Currency account holders who do not like to keep their funds in interest bearing deposit accounts or invest in interest bearing schemes.

  • To encourage savings in Foreign Currency by offering a safe and profitable opportunity to the savers/investors by way of sharing a portion of the profit out of the investment of their funds as per principles of Shariah.

  • To extend the Bank's Deposit Scheme for mobilization of remittance of Bangladeshi expatriates to increase the opportunity for their income generation and increase in the wealth of individual and of the nation through profitable investment as per Islamic Shariah Principles.

 

Eligibility of the Persons/Firms for opening MFCD A/c(s)

  1. Bangladeshi nationals residing, working and earning abroad.

  2. Foreign nationals residing in Bangladesh and also Foreign Firms registered abroad and operating in Bangladesh.

  3. Foreign missions and their expatriate employees.

 

Opening of the Account (Currency, Type and withdrawal)

  1. Account may be opened in US Dollar, Pound Sterling or other eligible currencies at the option of the account-holder (However, at the moment Deposit in such account will be accepted only in US. Dollar).

  2. Types of account will be "Mudaraba Foreign Currency Deposit Account".

 

Payment of Profit

  • Initial Deposit must be USD=1000/-

  • In case the balance falls below USD=1000/-, no profit will be paid.

  • Withdrawal is allowable twice in a month and each withdrawal must not exceed ¼ of the credit balance. Withdrawal exceeding the said limit will require 7 days notice.

  • Balance will carry profit only if it remains for one month or above.

  • Profit will be on average monthly balance.

  • Islami Bank Bangladesh Limited will try to invest such funds profitably in Foreign Investment as per Islami Shariah through their Foreign Correspondent Banks.

  • Minimum 65% of the gross investment income derived from Mudaraba Foreign Currency Deposit (MFCD) funds, shall be distributed to this account-holders on half yearly basis.

  • If there will be no available opportunity for Foreign Investment as per Shariah, Profit will not be given to the account holders.  

 

Procedure/Requirement for opening of MFCD A/c

  • Foreign Currency (Current) Account may be opened with any Authorised Dealer (AD) Branch of the Bank. But for availing the facility of profit, the MFCD Account should be maintained with under-mentioned A/D branches of the Bank.

  • Related Account opening form duly filled in alongwith Specimen Signature Card and signed by the account-holder.

  • In case of nomination, Signature of the nominee in the account opening form and Signature Card be attested by the account-holder.

  • Photocopy of passport (upto VISA pages).

  • Passport-size photographs 2 copies.

  • Nominee's Photographs 2 copies (if there be any) duly attested by the account holder.

  • Service contract/selection letter/Appointment letter/VISA and other relevant papers regarding occupation.  

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