IFIC Mudaraba Term Deposit (MTD) is a profit bearing account which offers returns by depositing money for fixed period of time based on Mudaraba concept. These deposits are repayable subject to a period of notice and hence known as time deposits for specific the period. The depositors can take facility for 3 months, 6 months, 12 months, 24 months and 36 months accordingly.

Features:

• This deposit product is guided by the Mudaraba principles of Islamic shariah.
• Bank will invest the MTD fund through shariah compliant investment modes along with the other Mudaraba fund to earn profit.
• Until otherwise decided, the profit-sharing ratio is 35:65 between IFIC & the depositor in MTD.
• Actual profit on the MTD will be calculated at the day end based on weightage fixed by the bank.
• Provisional profit on MTD will be given on maturity of the MTD which will be subsequently adjusted with the actual profit at the end of the year.
• All Govt. Taxes, VAT, Excise duty etc. imposed by the regulatory bodies time to time including management charges are applicable on MTD.

Eligibility:

• Must be a citizen of Bangladesh.
• Any Business entity/Farm/Company/Organization operating in Bangladesh.
• Businessperson operating small business without trade license can also open this A/C.
• Any Bangladeshi citizen with minimum Age 18 years
• Minimum balance for account opening: Tk.50,000/-
• Linked account is mandatory for Mudaraba Term Deposit Account

Required Documents:

• Complete Term Deposit A/C opening form
• Personal Information of Account Holder

*Bank may ask for any other additional document (if required)