MUDARABA RESIDENT FOREIGN
CURRENCY DEPOSIT (RFCD) ACCOUNT

The deposit is accepted on the basis of Mudaraba principle of Islamic Shariah and the fund is invested in accordance with Islamic principles and the Bank will have the right to invest such fund, at its own judgment in any Halal business with the consent which is given by the depositors at the time of account opening contact. Such deposit accounts Mudaraba Resident Foreign Currency Deposit (RFCD) is a Deposit account for resident Bangladeshis which can be opened with foreign exchange brought at the time of their return from abroad. Only Resident Bangladeshi can open this account.

FEATURES

•   The Bank will utilize all such deposits as the Bank may deem appropriate in approved Shariah compliant modes of investments.
•   The Bank pays profit/loss according to Mudaraba Principle on the account as per Bank policy and acts as the Mudarib as well as custodian of money.
•   Account can be opened in USD, GBP, EURO, YUAN & YEN currency.
•   Cash Deposit up to USD 10000 or equivalent without any declaration brought each time after returning from travel abroad.
•   Deposited foreign currency may easily be sent abroad through banking channel.
•   Funds can be withdrawn locally in local currency. Depositors can deposit money as often as they wish and withdraw whenever they desire but the total numbers of withdrawals over a period of time is limited.
•   Local & International Debit Card option
•   No cheque book facility
•   No inward remittance is allowed into this type of account
•   The life cycle of the account is perpetual.
•   Applicable profit can be earned on deposited amount of related foreign currency.
•   The account shall not be allowed for overdrawn.

Eligibility

•   Persons resident in Bangladesh may open RFCD account with foreign exchange brought in at the time of their return from abroad.
•   Age 18+