MUDARABA SAVINGS ACCOUNT

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MUDARABA SAVINGS ACCOUNT

IFIC Bank PLC operates all savings account under the Mudaraba principle (profit & risk sharing) of Islamic Shariah. This principle offers depositors an agreed portion of business profit and assigns risk for any genuine loss. The Bank distributes a minimum 65% of its investment income among all Mudaraba account holders as per product weightage. Hereby the rate of profit paid is not fixed.

Features:

  • This deposit product is guided by the Mudaraba principles of Islamic shariah
  • Standard Savings Account. No limit on withdrawal/deposit
  • Until otherwise decided, the profit sharing ratio is 35:65 between IFIC & the depositor in Mudaraba Savings Accounts
  • Profit is distributed twice a year
  • Cheque Book facility
  • VISA Debit Card.  Dual currency available
  • Self-operability through Internet banking services
  • Quick transactions through IFIC AAMAR BANK APP
  • Country’s largest banking network for banking services
  • SMS notification & query services
  • 24/7 Contact Center support
  • Fees and Charges will be applicable as per latest Schedule of Charges
  • Separate charges applicable for debit card and SMS service subscription
  • Excise duty will be realized as per Govt rules and regulations

 

Eligibility:

  • Any Business entity/Farm/Club/ Religious body/ Educational Institution in Bangladesh
  • Business person operating small business without trade license can also open this A/C
  • Any Bangladeshi national
  • Minimum age: 18 years
  • More than one person can jointly operate Mudaraba Savings Account
  • Guardian on behalf of a minor can open Mudaraba Savings Account
  • Minimum balance for account opening: Tk.500/-

 

Required Documents:

  • Complete and duly signed account opening form
  • NID/ Valid Passport/Driving License
  • 2 copy of recent passport size photo for each signatory
  • Nominee’s NID & photo (attested by applicant)
  • Recent electricity or other utility bill in case of present address differing to NID/Passport
  • Receipt copy of last year’s Income Tax return (optional)

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