Mudaraba Money Double Deposit Scheme (MMDDS) is a mode of deposit under Mudaraba principles of Islamic Shariah.It is a profit / loss bearing account. These deposits are repayable subject to a period of notice and hence known as time deposits or time liabilities meaning thereby that these are withdraw able subject to a period of notice and not on demand. Deposits under MMDDS are accepted for different tenures as decided by the Bank and are entitled to receive profit on their deposit on the basis of weightage as decided by the management. A receipt is issued against each deposit under MMDDS.
- This deposit product is guided by the Mudaraba principles of Islamic sharia.
- Bank will invest the MMDDS fund through sharia compliant investment modes along with the other Mudaraba fund to earn profit.
- Until otherwise decided, the profit sharing ratio is 35:65 between TBL & the depositor in MMDDS.
- Actual profit on the MMDDS will be calculated at the year end on the basis of weightage fixed by the bank.
- Provisional profit on MMDDS will be given on maturity of the MMDDS which will be subsequently adjusted with the actual profit at the end of the year. If the actual profit is higher than the provisional profit, bank will credit the excess amount to the beneficiary and if it is lower than the provisional rate, bank will claim refund from the beneficiary. However, if the amount of excess or shortfall is less than Tk.100/- than no party will claim refund & forego their respective claim.
- All Govt. Taxes, VAT, Excise duty etc imposed by the regulatory bodies time to time including management charges are applicable on MMDDS.
- MMDDS can be opened for 8 Years 1 Month.
- Minimum amount to open an MMDDS is Tk.10, 000/-. A Mudaraba Term Deposit Receipt (MTDR) shall be issued there against and MMDDS are not transferable. The beneficiary shall ensure safe keeping of the MTDR at his/her own risk and immediately notify the bank in case loss or damage of the MTDR.
- Incase of encashment before maturity Profit shall be payable at the provisional rate of Mudaraba Saving Deposit of the Bank.