A contract where fund is deposited with Banks by the depositors with clear permission to utilize/invest the fund is called Al-Wadiah. Al-Wadiah Depositors do not share any profit or loss earned/incurred out of using of this funds by the Bank. Islamic banks receive deposits in Current Accounts on the basis of this Al-Wadiah Principle.
Mudarabah is partnership in profit whereby one party provides capital, called ‘Rab al-Mal’ and the other party provides labour, known as ‘Mudarib’ for the purpose of doing Shari’ah permissible trade and commerce. Under Mudarabah principle, the profit generated is shared as per predetermined ratio between the `Rab al-Mal’ and the `Mudarib. In case of loss, the `Rab al-Mal’ bears the entire amount of loss.
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| Eligibility/Target Customer | A citizen/resident of Bangladesh having sound mind with minimum 18 years of age and Corporates like registered Companies, Clubs/Societies/NGOs/Charitable Organizations, Proprietorship and Partnership Firms etc. |
| Nature of Account | Demand Deposit |
| Minimum Deposit requirement | BDT 1,000 for Metro/Urban area and BDT 500 for Semi-Urban/Rural area. |
| Income Sharing Ratio | Depositors will neither share Income nor bear Loss. |
| Tax, VAT and Excise Duty, etc. | Will be deducted from depositor’s account as per rules of National Board of Revenue (NBR). |
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| Introduction | Meghna Islamic Business Plus Account (MIBPA) is a special account for non-individual customers, combined between Al-Wadiah current account and Mudarabah SND account, tagged with Sweep-in and Sweep-out facility in which Al-Wadiah current account will be conducted based on Al-Wadiah principle of Islamic Shariah and Mudarabah SND account will be conducted based on Mudarabah principle of Islamic Shariah. |
| Eligibility | Any legal non-individual entity except Sole Proprietorship / Partnership Firms |
| Nature of Account | Demand Account |
| Features |
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| Individual/Joint Applicant Option | The account can be opened singly/jointly by non-individuals only |
| Minimum Amount for Opening Account | BDT 1,000 (as per BRPD Master Circular 11/June 10, 2021) |
| Income Sharing Ratio | Income Sharing Ratio to be fixed by ALCO from time to time. |
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| Introduction | MEGHNA ISLAMIC SUPREME ACCOUNT (MISA) is a special account for non-individual corporate banking customers, combined between Al-Wadiah current account and Mudarabah SND account, tagged with Sweep-in and Sweep-out facility in which Al-Wadiah current account will be conducted based on Al-Wadiah principle of Islamic Shariah and Mudarabah SND account will be conducted based on Mudarabah principle of Islamic Shariah. |
| Eligibility | Any legal non-individual entity except Sole Proprietorship / Partnership Firms |
| Nature of Account | Demand Account |
| Features |
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| Minimum Amount for Opening Account | BDT 1,000 (as per BRPD Master Circular 11/June 10, 2021) |
| Income Sharing Ratio | Income Sharing Ratio to be fixed by ALCO from time to time as slab basis. |
| Profit Calculation Method | Profit will be calculated/accrued daily basis on end of day balance of the linked MSND account and will be booked on monthly basis, and will be credited to the linked MSND account on half yearly basis. |
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| Introduction | MEGHNA ISLAMIC SUPREME PLUS ACCOUNT (MISPA) is a special account for non-individual corporate banking customers, combined between Al-Wadiah current account and Mudarabah SND account, tagged with Sweep-in and Sweep-out facility in which Al-Wadiah current account will be conducted based on Al-Wadiah principle of Islamic Shariah and Mudarabah SND account will be conducted based on Mudarabah principle of Islamic Shariah. |
| Eligibility | Any legal non-individual entity except Sole Proprietorship / Partnership Firms |
| Nature of Account | Demand Account |
| Features |
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| Minimum Amount for Opening Account | BDT 1,000 (as per BRPD Master Circular 11/June 10, 2021) |
| Profit Calculation Method | Profit will be calculated/accrued daily basis on end of day balance of the linked MSND account and will be booked on monthly basis, and will be credited to the linked MSND account on half yearly basis. |
| Income Sharing Ratio | Income Sharing Ratio to be fixed by ALCO from time to time. |
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| Introduction | Al-Wadiah Global FC Current Account is a Foreign Currency transactional account, based on Al-Wadiah principle of Islamic Shariah, which can be opened in USD/GBP/Euro/Yen without restriction on transaction frequency. |
| Eligibility | a. Bangladesh nationals residing abroad b. Foreign nationals residing abroad or in Bangladesh c. Foreign firms registered abroad and operating in Bangladesh or abroad d. Foreign missions and their expatriate employees. e. Age should be 18+ |
| Nature of Account | Demand Account |
| Minimum Amount for Opening Account | USD 500 or equivalent GBP/EURO/YEN |
| Individual/Joint Applicant Option | Customer can open joint account with another NRB (preferably close relative). KYC to be confirmed for each individual. |
| Income Sharing Ratio | Not Applicable, As it is a non-profit bearing account. |
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| Eligibility/Target Customer |
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| Nature of Account | Demand Deposit |
| Minimum Deposit requirement | BDT 1,000 (as per BRPD Master Circular 11/June 10, 2021) |
| Notice Period | At least one working day prior notice is required for withdrawal above BDT 10 Lac. / any deposit |
| Income Sharing Ratio | Depositor 45 : Bank 55 (Changeable depending on investment income generation) |
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| Eligibility/Target Customer |
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| Nature of Account | Demand Deposit |
| Minimum Deposit requirement | BDT 1,000 for Metro/Urban area and BDT 500 for Semi-Urban/Rural area |
| Income Sharing Ratio | Depositor 50 : Bank 50 |
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| Introduction | Mudarabah Payroll Account (MPA) is daily profit bearing and half yearly profit paying account for Bangladeshi Citizens. |
| Eligibility | Bangladeshi Citizen of 18 years and above. |
| Nature of Account | Demand Account |
| Features |
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| Minimum Amount for Opening Account | BDT 500 (as per BRPD Master Circular 11/June 10, 2021) |
| Individual/Joint Applicant Option | The account can be opened salaried person singly. |
| Income Sharing Ratio | Income Sharing Ratio to be fixed by ALCO from time to time. |
| Account Introduction | Account must be introduced by HR department of the respective company |
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| Introduction | Mudarabah RFC Savings Account is a profit bearing account which can be opened within 30 days of return from overseas with the funds brought in from abroad. |
| Eligibility |
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| Nature of Account | Demand Account |
| Features |
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| Minimum Amount for Opening Account | USD 500 or GBP 250 |
| Individual/Joint Applicant Option | The account can be opened individually only |
| Income Sharing Ratio | Income Sharing Ratio to be fixed by ALCO from time to time by treasury & IBD |
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| Introduction | Mudarabah Fast Remit Savings account is a daily Profit bearing and monthly Profit paying account for the families of NRBs, based on Mudarabah principle of Islamic Shari`ah. |
| Eligibility |
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| Nature of Account | Demand Account |
| Features |
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| Minimum Amount for Opening Account | BDT 500/- (as per BRPD Master Circular 11/June 10, 2021) |
| Minimum balance for Profit Eligibility | BDT 10,000/- |
| Individual/Joint Applicant Option | The NRB (non-resident) person can open joint account with the beneficiary (resident) either being the singly or jointly. |
| Income Sharing Ratio | Income Sharing Ratio to be fixed by ALCO from time to time. |
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| Introduction | Mudarabah Fifty Plus Savings Account is a daily profit bearing and monthly profit paying account for 50+ aged population of Bangladeshi Citizens based on Mudarabah principle of Islamic Shariah. |
| Eligibility | Bangladeshi Citizen of Age 50 years and above. |
| Nature of Account | Demand Account |
| Features |
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| Minimum Amount for Opening Account | BDT 500 (as per BRPD Master Circular 11/June 10, 2021) |
| Individual/Joint Applicant Option | The account can be opened individually/jointly. |
| Income Sharing Ratio | Income Sharing Ratio to be fixed by ALCO from time to time. |
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| Introduction | Mudarabah Youngster Savings Account is a daily profit bearing and half yearly profit paying savings account for any Bangladeshi Students aged below 18 years, based on Mudarabah principle of Islamic Shariah. |
| Eligibility |
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| Nature of Account | Demand Account |
| Profit Calculation Method | Profit will be calculated/accrued daily basis and will be booked on monthly basis and will be credited to the customer accounts on half yearly basis. |
| Conversion | Accountholder and Parent will be invited to convert the account with updated photographs and signature upon the student reaching 18 years of age; |
| Minimum Amount for Opening Account | Tk. 100/- (can be changed as per Bangladesh Bank guidelines) |
| Individual/Joint Applicant Option | The account can only be opened jointly with Parents /Legal Guardian. |
| Income Sharing Ratio | Income Sharing Ratio to be fixed by ALCO from time to time. |
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| Introduction | Mudarabah Youngster Plus Savings Account is a daily profit bearing and half yearly profit paying savings account for any Bangladeshi Students aged between 18-25 years, based on Mudarabah principle of Islamic Shariah. |
| Eligibility |
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| Nature of Account | Demand Account |
| Feature |
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| Minimum Amount for Opening Account | Tk. 500/- (can be changed as per Bangladesh Bank guidelines) |
| Maximum balance | BDT 20,00,000/- |
| Individual/Joint Applicant Option | The account can only be opened singly by student or jointly with parents/legal guardian. |
| Income Sharing Ratio | Income Sharing Ratio to be fixed by ALCO from time to time. |
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| Eligibility/Target Customer |
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| Nature of Account | Time Deposit |
| Auto Renewal | Upon maturity, the MTD may be auto renewed with/without profit amount. |
| Tenor | 1 month, 3 Months, 6 Months, 1 Year, 2 years and 3 years , 91 Days, 100 Days, 181 Days, 200 Days and 300 Days |
| Minimum Amount of Deposit | BDT 10,000/- |
| Income Sharing Ratio | Different ISR rate depends on deposit amount & tenor |
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| Eligibility/Target Customer |
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| Nature of Account | Time Deposit |
| Linked Account | Mandatory |
| Minimum Amount of Deposit | BDT 1,00,000/- |
| Tenor | 1 (One) year, 2 (Two) years, 3 (Three) years, 4 (Four) & 5 (Five) years. |
| ISR | Different ISR rate depends on deposit amount & tenor |
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| Introduction | Mudarabah NFC Term Deposit Account is a profit bearing time deposit account for non-resident Bangladeshi which can be opened with foreign currencies for a period of 1/3/6/12 months. |
| Eligibility |
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| Nature of Account | Time Deposit |
| Feature |
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| Minimum Amount for Opening Account | Category A & B: minimum amount of US$ 1000 or pound sterling 500 or equivalent. Category C : The minimum amount of US$ 25,000 or its equivalent in pound sterling, Euro or Japanese yen. |
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| Eligibility/Target Customer |
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| Nature of Account | Time Deposit |
| Period of Bond | 3 (Three), 5 (Five) and 10 (Ten) Years. |
| Values/ Denominations | i) Tk. 25,000 ii) Tk. 50,000 iii) Tk. 1,00,000 iv) Tk. 2,00,000 v) Tk. 5,00,000 and (vi) Tk. 10,00,000 |
| Linked Account | Mandatory |
| Income Sharing Ratio | Different ISR rate depends on deposit amount & tenor |
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| Eligibility/Target |
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| Nature of Account | Scheme Deposit. |
| Tenor | 3 (Three), 5 (Five) and 10 (Ten) Years. |
| Profit accrual and Payable | Profit will be calculated/accrued on the daily product basis and will be credited on half yearly basis. |
| Income Sharing Ratio | Different ISR rate depends on deposit amount & tenor |
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| Eligibility | An adult male or female person of sound mind and national of Bangladesh may open MDARABAH BIBAHO DEPOSIT SCHEME in his/her name. However, if a male Account holder withdraws money for the purpose of payment of Mohor to his wife, he must provide marriage document like ‘Kabin Nama’. |
| Nature of Account | Scheme Deposit. |
| Tenor | 3 (Three), 5 (Five) and 10 (Ten) Years. |
| Income Sharing Ratio | Different ISR rate depends on deposit amount & tenor |
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| Eligibility | A married Muslim male person, for the purpose of payment of unpaid portion Mohor amount, will open MUDARABAH MOHOR DEPOSIT SCHEME in the name of his wife having sound mind and minimum 18 years of age and a citizen of Bangladesh providing marriage document like KABIN NAMA. |
| Nature of Account | Scheme Deposit. |
| Mode of Operation | Singly by the Account holder (wife) but Specimen signatures of both the Husband and the wife shall have to be Obtained on the Signature Card |
| Tenor | 3 (Three), 5 (Five) and 10 (Ten) Years. |
| Income Sharing Ratio | Different ISR rate depends on deposit amount & tenor |
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| Eligibility/Target Customer |
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| Nature of Account | Scheme Deposit. |
| Link Account | Mandatory |
| Tenor | 3 (Three), 5 (Five) and 10 (Ten) Years. |
| Income Sharing Ratio | Different ISR rate depends on deposit amount & tenor |
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| Introduction | Mudarabah Business DPS is a very lucrative savings plan for non-individuals clients based on Mudarabah principle of Islamic Shari’ah. |
| Eligibility |
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| Nature of Account | Scheme Account |
| Tenor | 3 Years, 5 Years, 7 Years & 10 Years |
| Minimum Amount for Opening Account | Any multiple of BDT 5,000 but not exceeding BDT 5,00,000 |
| Individual/Joint Applicant Option | This account cannot be opened jointly. |
| Income Sharing Ratio | Income Sharing Ratio to be fixed by ALCO from time to time. |
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| Eligibility/Target Customer |
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| Nature of Account | Scheme Deposit. |
| Tenor | 3 (Three), 5 (Five) and 10 (Ten) Years. |
| Profit accrual and Payable | Profit will be calculated/accrued on the daily product basis and will be credited on half yearly basis. |
| Income Sharing Ratio | Different ISR rate depends on deposit amount & tenor |
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