Mudaraba Mohor Scheme A/C

Savings play an important role in capital formation, income-generation and creation of employment opportunities and contribute towards the increase in wealth of the individual and nation through profitable investment. The people generally try to save a portion of their income with a view to protecting themselves from future financial hardship and also to enhance their earnings for their own benefit and the benefit of their family and the nation as a whole. The people of Bangladesh are deeply religious and committed to Islamic way of life and determined to conduct their economic activities in accordance with the tenets of Islamic Shariah. Islami Bank Bangladesh Limited, has therefore, introduced the savings deposit accounts viz. Mudaraba Savings Account, Mudaraba Term Deposit Account, Mudaraba Hajj Savings Account, Mudaraba Savings Bond, Mudaraba Special Savings (Pension) Scheme Mudaraba Monthly Profit Deposit Account, Mudaraba Foreign Currency Deposit (Savings) Account, Mudaraba Special Notice Account and Mudaraba Special Notice Account as per Islamic Shariah. Islami Bank Bangladesh Limited, being encouraged by the success of the Mudaraba deposit accounts has, therefore, introduced yet another savings scheme namely 'Mudaraba Muhor Savings Scheme'. Muhor is wealth, which a husband is to pay his wife, upon marriage. As per Islamic shariah, it is compulsory for husband to pay this to his wife. But there is a good number of married men from all walks of life in our society who did not pay total Muhor to their wives. Many of them are not aware about the necessity of payment of the deferred amount of Muhor so that wives have been remaining deprived of their fundamental right of Muhor. The wives are to forgive even the claim of the same. Although some of them are aware about it but they are not getting much opportunity to realize it from their husbands.

Eligibility

This Scheme has been designed for all classes of people married particularly the professionals & service holders creating an opportunity for them to save in monthly instalments according to their capability for rectifying their marriage life and to protect the human right of the women.

Objectives:

  • To help the people raising awareness about Muhor, a basic Islamic principle.

  • To help the women protecting their basic rights determined by Allah.  

Term:

The scheme may be of 2(two) different terms:  

  • 5 years

  • 10 years  

Amount of Deposit Installments:

Accounts under this Scheme may be opened for monthly deposits of Tk.500/-, Tk1,000/-Tk.2,000/-, Tk.3,000/-,Tk.4,000/- and Tk.5,000/- only. The deposit will be received on Mudaraba principle.  

         Opening of Account

  • Any married bonafide citizen of the country with sound mind may open account in his wife's name under MMSS by application in Bank's printed application form to be designed for this purpose.

  • Account under the Mudaraba Muhor Savings Account shall only be opened in the name of wife.

  • The applicant shall have to be introduced by a bonafide account holder of the Branch where he intends to open account or any client of any Branch of the Bank or any respectable person known to the Bank

  • 2(two) passport size photographs will be required to open this account.

  • Account may be transferred from one branch to another of the Bank at the written request of the account holder.

  • Separate account number shall be allotted for each account.

  • At the time of opening of the account the client has to give his specimen signature in a separate card. 

  • Account may be also opened by thumb impression in case of illiterate woman. In such a case the introducer has to submit a suitable declaration to this effect in a form to be prescribed for this purpose.

  • No Cheque Book shall be issued to the account holder before full deposit of Muhor money.

  • If the address of account holder as well as the depositors is changed that must be informed to the Bank immediately.

  • Instalment must be deposited within 6th to 25th of each month. If the 25th of any month is a Govt. holiday then instalment may be deposited on the preceding working day.

  • The depositor shall be allowed to fix the monthly instalment of deposit at the rate of his choice from the options as mentioned above (i.e. Tk.500/-, Tk.1,000/-, Tk.2,000/-, Tk.3,000/-,Tk.4,000/- and Tk.5,000/-) so that it covers the payment of total Muhor within the scheduled period of time.

  • 12 (twelve) installments of deposit shall be counted for a year. As such, there will be 60 (sixty) installments for 5 (five) years, 120 (one hundred twenty) installments for 10 (ten) years.

  • Monthly statement, signed by the Manager or by Authorised Officer on his behalf, shall be given to the depositor showing progressive balance of the respective account.

  • Instalment may be also deposited by cheque. In such case proceeds against the cheque must be collected within the 25th day of the month. If the cheque is dishonoured then the cheque shall be returned to the depositor observing due formalities and the instalment shall be treated as overdue.

  • Advance Instalments may be allowed to be deposited.

  • The depositor may issue written standing instruction for monthly transfer of instalment amount from any other account maintained with the same branch for credit to his MMSS account. In that case the client must ensure sufficient credit balance in her Savings or Current account and she has to pay a charge of Tk.5/- only for each such transfer.

  • If any husband wants to pay the Muhor before fixed term, he may be allowed to deposit the rest amount of money at a time.

  • If the deposited amount and the profit given by the Bank stands insufficient, at the end of the term, to pay the total amount of the Muhor it can be paid by depositing the rest amount at a time.

  • The amount of Muhor may be determined more by the husband or less by the wife than the amount mentioned in the Kabin Nama for opening MMSS Account.

  • The amount of instalment and the duration of Account can not be changed or returned.  

Profit Sharing and Weightage

The Mudaraba Muhor Savings Scheme account holders shall share income derived from investment made out of the Mudaraba funds in economic activities permitted by Islamic Shariah. This includes profit, dividend, capital gains, rent and any other income derived from investment.

  1. The account holders under this scheme along with other Mudaraba depositors shall get minimum 65% of the income derived from the deployment of Mudaraba Fund in the investment during any accounting year according to their proportion in the total investment on daily product basis applying weightage of 1.10 for 5 (five) years term and 1.30 for 10 (ten) years term. Benefits of full weightage with yearly cumulation of profit shall become payable if withdrawn on maturity.
  2. If the account is matured before declaration of annual final rate of profit for the relevant year the profit shall be paid to the concerned account as per provisional rate and then the surplus amount of profit, if any, shall be paid after declaration at the written request of the account holder (wife).  

Nomination

  • The account holder (wife). may nominate one or more persons as her nominee of the account. In case of more than one nominee, she should fix their respective share in the nomination.

  • Minor(s) also may be named as nominee. In such a case she may also give written instruction as to who is to receive the amount in the event of her death before the attaining of maturity of the nominee (s). Otherwise payment will be made to the legal heirs/guardian.

  • The account holder may at any time nominate new nominee(s) cancelling the previous nominee in writing.

  • In the event of the death of the nominee during the life time of the account holder 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 has to submit the under mentioned papers to receive the balance of the account:

  1. Application of the nominee /nominees/nominated guardian.

  2. Death Certificate regarding the deceased Account holder.

  3. Identification Certificate in favour of the nominee, nominees by two valued account holders or two officers of the Bank or from the Chairman or Commissioner of local Union Parishad/ Municipality.

  4. Duly attested Passport - size photograph of the nominee/nominees or nominated guardian.

  5. Indemnity bond jointly executed by the nominee/nominees/nominated guardian along with two valued clients of the branch.

  6. If no nominee is mentioned, the balance of the account will be paid to the heirs of the deceased account holder as per Succession Certificate

 

Payment Clause

The balance of the Muhor Savings Account is payable at the maturity of the term for which the account is opened. Amount shall be paid to the Account Holder and in case of death of the account holder the same shall be paid to the nominee(s) as per instructions described at the heading 'Nomination'.  

The deposit value - wise approximate amount payable after maturity: 

Amount of monthly contribution

Term

Amount expected to be paid  after  maturity

Tk.    500.00

5 (five) years

Tk.   38,518.00

Tk.  1,000.00

-do-

Tk.   77,036.00

Tk.  2,000.00

-do-

Tk.  1,54,072.00

Tk.  3,000.00

-do-

Tk.  2,31,108.00

Tk.  4,000.00

-do-

Tk.  3,08,144.00

Tk. 5,000.00

-do-

Tk.  3,85,180.00

Tk.   500.00

10 (ten) years

Tk. 1,10,354.00

Tk.1,000.00

-do-

Tk. 2,20,708.00

Tk.  2,000.00

-do-

Tk. 4,41,416.00

Tk.  3,000.00

-do-

Tk. 6,62,124.00

Tk.  4,000.00

-do-

Tk. 8,82,832.00

Tk. 5,000.00

-do-

Tk. 11,03,540.00

Automatic closure and revalidation of the account

The account shall be treated automatically closed if monthly installments are not deposited within the 25th day of each month. However;        

  • Where a monthly installment falls in arrear within one year of the opening of the account and the depositor deposits the same within the 25th of the following month with a written application showing valid reasons for such default, the account may be revalidated for operation.

  • If after one year of opening of the account 3(three) consecutive instalments are not deposited, the account may be revalidated subject to deposit of all arrear instalments within 25th day of the 4th month with a written application showing valid reasons for such default.

  • The client shall get 5 (five) chances for 5 years accounts, 10 (ten) chances for 10 years accounts to revalidate the account.                     

  • In case of automatically closed accounts, the depositor shall get profit applicable as per terms described at para no. 10 below. The balance of automatically closed accounts shall be paid to the client on serving notice to her after three months from such closure through pay order or transfer to her Savings/Current Account. If no response to the notice is received within a reasonable time, the Pay Order shall be sent to the account holder's recorded address by registered post and the postal expenses shall be recovered from the balance of the account.  

Pre-mature closing of account:

If the husband subsequently becomes disinterested/unable to continue the account and the wife wants to withdraw the deposit, she will be given profit in the line of MSS (Pension) Account as under:  

  • In case of pre-mature withdrawal within 1 (one) year, no profit shall be payable.

  • Encashment after 1(one) year but before 5(five) years shall be entitled to profit at the rate of Mudaraba Savings deposit.

  • In case of 10 (ten) year term account- if encased after 5 (five) years, but before maturity of the term, profit shall be payable at the rate applicable to 5 (five) year term accounts for 5 (five) years period and for the remaining period at the rate applicable for Mudaraba Savings Account.

  • The account holder (wife) can withdraw the entire balance of the account before of after maturity through her single signature.

 

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