This product is designed under Mudaraba principles of Islamic Shariah. The Depositors will deposit a fixed amount at the beginning and expected to get a double amount at the maturity before tax and other charges.
- 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.
Expected duration to double: 12 years
Minimum amount to open account: BDT 10,000.00
Provisional Profit rate: 6.00% p.a
Any Person (individual/joint) is eligible to open MMDS account.
- Copy of National ID Card/Passport/Chairman certificate for A/C Holder and Nominee.
- 03 Passport size photographs of account holder duly attested by introducer
- 1 photograph of nominee duly attested by the account holder