AL WADIA NON RESIDENT FOREIGN
CURRENCY DEPOSIT ACCOUNT

A customer’s account maintained in a Bank (AD) which is in the currency of a foreign country that is called foreign currency account. Non- Resident FC deposit A/C is designed under the Al-Wadiah principles of Islamic Shariah. Islamic banks receive deposits in Current Accounts on the basis of this Al- wadiah Principle. In that case Islamic banks obtain permission from the Al- Wadeeah depositors to utilize the funds at its own responsibility and the depositors would not share any profit or loss earned/incurred out of using of this funds by the bank. The banks have to pay back the deposits on the principle of Al-Wadeeah on demand of the holders. Here depositors call as a Muwaddi and Bank acts as Muwadda.

FEATURES

  •   The Bank will utilize all such deposits as the Bank may deem appropriate in approved Shariah compliant modes of investments at its own discretion without any risk to the account holder.
  •   Depositors will not be shared with profit or loss earned from investment.
  •   Deposits can be made in foreign currency only
  •   Funds can be withdrawn locally in local currency or transferred to non-resident Taka accounts.
  •   Foreign exchange out of the retention quota may be maintained in FC accounts with the concerned ADs in US Dollar, Pound Sterling, Euro or Yuan upon realization of the export proceeds.
  •   Local & Global VISA debit cards are issued against account balance.
  •   Inward remittance is allowed into this type of account.
  •   Account balance is freely remittable or payments may be made freely abroad from these foreign currency accounts to the extent of balances lying therein.
  •   Funds can be used to make investment in Wage Earners' Bond/NFCD term deposits.
  •   Cheque book issuance.
  •   The life cycle of the account is perpetual except for FC A/C for temporary A/c.
  •   The account shall not be allowed for overdrawn.
  •   The account can be opened in USD, POUND, EURO, ACU & YEN.
Note: Foreign Missions and their Expatriate Employees foreign exchange earned through business done or services rendered in Bangladesh can’t be put into these accounts. Credits to a Foreign Currency account may be made against inward remittance of foreign exchange in any form or transfer from another of account or non -resident Taka accounts of Banks broad.

Eligibility

  •   Any Bangladeshi passport holder who is living outside Bangladesh with a valid work permit/resident visa.
  •   Bangladeshi Nationals migrating abroad can open NRB account.
  •   Foreign Nationals residing abroad or in Bangladesh.
  •   Foreign Firms registered abroad and operating in Bangladesh or abroad.
  •   Diplomatic Bonded Warehouse.
  •   Resident Bangladesh nationals working with Foreign Firms/International bodies.
  •   Local & joint venture contracting firms (Temporary).
  •   Initial Public Offerings (IPO) (Temporary).

Mandatory

  •   Account opening form duly filled up and signed by the Account holder
  •   Duly filled up and signed Specimen Signature Card
  •   Two copies of recent passport-size photographs of the applicant
  •   Copy of passport along with valid work permit visa or valid resident permit (In case of foreign passport customer needs to provide the copy of "No Visa required traveling to Bangladesh" page – if his/her birthplace is abroad.)
  •   Employment Certificate/Pay Slip/Employment Contract mentioning Income/Bank Certificate mentioning Salary/Last Tax Return Paper


Additional

  •   Photocopy of National ID Card/Birth Certificate of applicant
  •   One copy of nominee’s recent passport size photograph (Attested by the applicant)
  •   Photocopy of National ID Card/valid Passport/Birth Certificate of Nominee
  •   Utility bill copy for proof of address
  •   Tax Certificate (TIN)
  •   Document related to source of fund
  •   Salary certificate or employer’s certificate
  •   Declaration of Income in case of absence salary certificate
  •   All photocopies of the account holder must be attested by the high commission of Bangladesh abroad (in the absence of the account holder)
  •   Account opening form must be signed by the high commission of Bangladesh abroad (in the absence of the account holder)
  •   Proof of address (applicable for overseas address only) – copy of recent utility bill/bank statement. If the address proof document is not in the Account holder's name then the applicant's signature is required on the proof document

Required Documents

Mandatory

  •   Account opening form duly filled up and signed by authorized signatories
  •   Duly filled up and signed Specimen Signature Card with organization seal by authorized signatories
  •   Two copies of recent passport-size photographs of all authorized signatories
  •   Photocopy of passport of signatory
  •   Photocopy of National ID Card/valid Passport/Birth Certificate of all authorized signatories
  •   Certified copy of Trade license or Business-related documents


Additional

  •   Source of fund related documents
  •   Approval of Bangladesh Bank, BOI & other authorities
  •   Approval of Securities & Exchange Commission (SEC)
  •   Approval of BIDA
  •   Permission of Bangladesh Parjaton Corporation
  •   Certified copy of Memorandum and Article of Association
  •   Board Resolution Regarding Opening of A/C and Authorization of the Same
  •   All photocopies of account holder must be attested by the High Commission of Bangladesh abroad (in absence of account holder)
  •   Account opening form must be signed by the High Commission of Bangladesh abroad (in absence of account holder)
  •   Custom Authorities License
  •   Recommendation Letter By The Employer
  •   Non-Resident Status Letter
  •   KYC Form if necessary
  •   Tax Certificate (TIN) if any
  •   VAT Registration Certificate If any
  •   Business Identification Number (BIN) If any
  •   Special instructions