Mudaraba Short Notice Deposit is a mode of deposit under Mudaraba principles of Islamic Shariah where refund of the principal is guaranteed by the bank and depositor may receive a share on profit of the bank’s business as per management’s discretion. Deposits under MSND are accepted for savings mode as decided by the Bank and are entitled to receive profit on their deposit on the basis of weightage as decided by the management.
- This deposit product is guided by the Mudaraba principles of Islamic Shariah with additional conditions as stated.
- Before withdrawal of deposit it is required to submit a letter before 7 (seven) working days.
- Bank will invest the MSND fund at its own risk through Shariah compliant investment modes along with the Mudaraba fund to earn profit.
- Until otherwise decided, the profit sharing ratio is 50:50 between TBL & the depositor in MSND.
- Actual profit on the MSND will be calculated at the year end on the basis of weight age fixed by the bank.
- Provisional profit on MSND will be given on half yearly basis 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 MSND.