Mudaraba School Banking
Account(MSBA)

Mudaraba School banking account is a savings deposit account heading with the name of student and to be operated jointly in collaboration with guardian’s signature who can be the nominee of the account. It is a sub product of Mudaraba Savings deposit account. Profit sharing and loss bearing of this account is shared based on Mudaraba principle of Islamic Shariah.

Feature Of MSBA

  •   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.
  •   Students aged from 5 to 18 years are eligible to open account.
  •   The account will be managed by parents (Father/Mother) or by a guardian appointed by a court of Competent Jurisdiction.
  •   Both the students and the guardians/legal guardians should be citizens of Bangladesh.
  •   Minimum account opening and retention balance is Tk.100.00.
  •   Daily withdrawal limit through ATM & POS is Tk.2000.00 which can be extended to Tk.5,000.00.
  •   Cheque book is not applicable for this account.
  •   The account shall not be allowed for overdrawn.

Eligibility

Following condition are required to comply to open Payroll Account:

  •   School going children with age limit 5-18 years.
  •   Both the students and the guardians should be Bangladeshi citizens.
  •   Both the students and the guardians should fill the form with personal information and sign it, with the signature of legal guardians.

Mandatory Documents

  •   Account opening form duly filled up (both student & guardian information) and signed by the guardian
  •   Duly filled up and signed Specimen Signature Card
  •   Two copies of recent passport size photographs of student
  •   Photocopy of valid Passport/Birth Certificate of student
  •   Copy of academic ID card/fees payment slip/certificates/transcripts of the student
  •   Two copies of recent passport size photographs of guardian
  •   Photocopy of National ID Card/valid Passport/Birth Certificate of guardian


Additional Documents

  •   One copy of nominee’s recent passport size photograph (signature attested by guardian)
  •   Photocopy of National ID Card/valid Passport/Birth Certificate of Nominee
  •   Utility copy for proof of address
  •   Tax Certificate (TIN) of guardian
  •   Document related to source of fund of guardian
  •   Introducer Information (if required)