MUDARABA SAVINGS DEPOSIT (MSD) 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 are generally meant for a class of people who want to save a small part of their income to be used in the near future and also intend to have some income on such savings. These depositors can deposit a small amount and can withdraw whenever they desire but the total numbers of withdrawals over a period of time are limited.

Feature Of MSD

  •   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.
  •   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.
  •   The Bank may impose a number of restrictions for withdrawals from the account.
  •   The life cycle of the account is perpetual.
  •   The account shall not be allowed for overdrawn.
  •   Inter-branch transaction.
  •   Supports standing instruction, Debit Card & Internet banking facility.
  •   MSD should not be operated and conducted by Minors.

Eligibility

Any mentally sound person over 18 years of age can make a contact with Bank’s Branch to open an individual MSD A/C according to the Banks Mudaraba Savings Deposit Principle.

Required Documents

Mandatory

  •   Account opening form duly filled up and signed by the applicant
  •   Duly filled up and signed Specimen Signature Card by the applicant
  •   Two copies of recent passport-size photographs of the applicant


Additional

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

A person who has not completed his 18th year of age is considered to be a minor. An account in the name of a minor shall not be opened unless it is opened by his/her guardian on behalf of the minor. The guardian will operate the account till the minor attains majority (e.g. 18 years of age). On the date of minor attains the age of majority, the operation of the account by the guardian will be ceased. A fresh account opening form duly signed by the newly attained major (account holder) with his/her fresh set of specimen signatures duly attested by the operating guardian should be obtained and retained in bank records. It is noted that a reminder notification message shall be send to client registered mobile one week prior to attain majority.

Required Documents

Mandatory

  •   Please contact with the account officer


Additional

  •   Please contact with the account officer

More than one mature/adult person jointly or combination of mature(s) and minor(s) may constitute joint accounts. Joint holder client can enjoy as per ADC service operation policy.

Required Documents (Residence of Bangladesh)

Mandatory

  •   Account opening form duly filled in and signed by the account operators
  •   Duly filled in and signed Specimen Signature Card
  •   Two copies of recent passport-size photographs of all operators
  •   Photocopy of National ID Card/valid Passport/Birth Certificate of all applicants
  •   Resolution/undertaking regarding account operation


Additional

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

For Individual Joint A/c (Non-Residence of Bangladesh)

Mandatory

  •   Account opening form duly filled up and signed by the Account holder
  •   Duly filled up and signed Specimen Signature Card
  •   Foreign Citizen: Photocopy of passport with valid visa and work permit attested by their respective Embassy/Mission authority
  •   Two copies passport size photograph of applicant duly attested by the respective Embassy/Mission authority
  •   In case of Joint account, Resolution/undertaking regarding account operation


Additional

  •   One copy of nominee’s recent passport size photograph (signature attested by the applicant)
  •   Photocopy of National ID Card / valid Passport / Birth Certificate of Nominee
  •   Tax Certificate issued by foreign country
  •   Document related to source of fund
  •   Introducer Information (if required)

Blind/visually-impaired / Illiterate person can open Savings account in his/her name independently

Required Documents

Mandatory

  •   Account opening form duly signed/Thumb impression by the applicant
  •   Duly fill up and signed/Thumb impression in Specimen Signature Card
  •   Two copies recent passport size photographs of applicant
  •   Photocopy of National ID Card /valid Passport/ Birth Certificate of applicant


Additional

  •   One copy of nominee's recent passport size photograph (signature attested by the applicant)
  •   Photocopy of National ID Card / valid Passport / Birth Certificate of Nominee
  •   Introducer Information
  •   Utility copy for proof of address

Executors/Administrators are appointed by a deceased himself before his death by will to settle his accounts after his death. Administrators are appointed by the court of law in the absence of the deceased's will.

Required Documents

Mandatory

  •   Duly filled in and signed Account Opening Form
  •   Duly filled in and signed Specimen Signature Card
  •   Power of Attorney (A Copy of the Power of Attorney is taken and shall be entered in the Power of Attorney Register serially)
  •   A stamp bearing the words: Shahjalal Islami Bank Limited. Registered Number & Branch shall be affixed on the original and the copy and the serial number noted on them
  •   Copy of Citizenship Certificate/Valid Passport/National I. D. Card of the persons operating the account

Trusts are created by trust deed in accordance with the law. Trustees are given control of an estate, usually of the deceased for the benefit of certain persons who are called beneficiaries.

Required Documents

Mandatory

  •   Duly fill up and signed Account Opening Form
  •   Duly fill up and signed Specimen Signature Card
  •   Certified copy of the constitution/By-Laws/Trust Deed/Memorandum and Articles of Association
  •   Certificate of Registration of the Association/Club/Charity/Trust/Society/Non-trading concern for inspection and return (along with a duly certified photocopy for Bank’s records)
  •   List of members of the Governing Body/Executive Committee of the Association/Club/Charity/Trust/Society/Non-trading concern with their addresses and percentage of share
  •   Extract of Resolution of the Association/Club/Charity/Trust/Society/Non-trading concern for opening the account and authorization of its operation duly certified by the Chairman/Secretary of the Association/Club/Charity/Trust/Society/Non-trading concern etc.
  •   Photocopy of NID/Valid Passport/Birth Certificate of the persons operating the account
  •   Two copies Passport Size Photograph(s) of Signatories (Duly Attested by Authenticated Authority)
  •   Official Seal

These organizations shall be created and registered under Societies Registration Act. They may not be registered organizations. Some of them shall be registered under Companies Act.

Required Documents

Mandatory

  •   Duly fill up and signed Account Opening Form
  •   Duly fill up and signed Specimen Signature Card
  •   Certified copy of the constitution/By-Laws/Trust Deed/Memorandum and Articles of Association
  •   Certificate of Registration of the Association/Club/Charity/Trust/Society/Non-trading concern for inspection and return (along with a duly certified photocopy for Bank’s records)
  •   List of members of the Governing Body/Executive Committee of the Association/Club/Charity/Trust/Society/Non-trading concern with their addresses and percentage of share
  •   Extract of Resolution of the Association/Club/Charity/Trust/Society/Non-trading concern for opening the account and authorization of its operation duly certified by the Chairman/Secretary of the Association/Club/Charity/Trust/Society/Non-trading concern etc.
  •   Photocopy of NID/Valid Passport/Birth Certificate of the persons operating the account
  •   Two copies Passport Size Photograph(s) of Signatories (Duly Attested by Authenticated Authority)
  •   Official Seal


Additional

  •   Two copies of recent passport-size photographs of all operators
  •   Special instruction (If any)
  •   Tax Certificate (If any)

An official person or organization that is given the job to investigate company's financial affairs for closing a company by selling its assets for the benefit of creditors and shareholders

Required Documents

Mandatory

  •   please contact with account officer


Additional

  •   please contact with account officer

These organizations shall be created and registered under Societies Registration Act. They may not be registered organizations. Some of them shall be registered under Companies Act.

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
  •   Certified copy of the constitution/By-Laws/Trust Deed/Memorandum and Articles of Association
  •   Extract of Resolution of the Association/Club/Charity/Trust/Society/Non-trading concern for opening the account and authorization of its operation duly certified by the Chairman/Secretary of the Association/Club/Charity/Trust/Society/Non-trading concern.
  •   List of members of the Governing Body/Executive Committee of the Association/Club/Charity/Trust/Society/Non-trading concern with their addresses and percentage of share
  •   Certified copy of Certificate of Registration of the Association/Club/Charity/Trust/Society/Non-trading concern for inspection and return (along with a duly certified photocopy for the Bank’s records)
  •   Two copies of recent passport-size photographs of all authorized signatories
  •   NID/Passport/Birth certificate of A/c authorized signatories


Additional

  •   Special instruction (If any)
  •   Source of fund-related documents
  •   Net worth of operators/IT10 B
  •   Tax Certificate
  •   Introducer Information (if required)

Executors/Administrators are appointed by a deceased himself before his death by will to settle his accounts after his death. Administrators are appointed by the court of law in the absence of the deceased’s will.

Required Documents

Mandatory

  •   Duly filled in and signed Account Opening Form by authorized signatories
  •   Duly filled in and signed Specimen Signature Card by authorized signatories
  •   Certified copy of Grant of Probate in case of Executor's Account
  •   Letter of Administration from the Court of Law in case of Administrator's Account
  •   Power of Attorney (A Copy of the Power of Attorney is taken and shall be entered in the Power of Attorney Register serially)
  •   Copy of Citizenship Certificate/Valid Passport/National ID Card of the persons operating the account

Trusts are created by trust deed in accordance with the law. Trustees are given control of an estate, usually of the deceased for the benefit of certain persons who are called beneficiaries.

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
  •   Certified copy of registered Deed of Trust in case of Trustee account
  •   Resolution of the Trustee Board
  •   List of the Members of the Trustee Board
  •   Two copies of recent passport-size photographs of all authorized signatories
  •   NID/Passport/Birth certificate of A/c authorized signatories

These organizations shall be created and registered under Societies Registration Act. They may not be registered organizations. Some of them shall be registered under Companies Act.

Required Documents

Mandatory

  •   Duly fill up and signed Account Opening Form
  •   Duly fill up and signed Specimen Signature Card
  •   Certified copy of the constitution/By-Laws/Trust Deed/Memorandum and Articles of Association
  •   Certificate of Registration of the Association/Club/Charity/Trust/Society/Non-trading concern for inspection and return (along with a duly certified photocopy for Bank’s records)
  •   List of members of the Governing Body/Executive Committee of the Association/Club/Charity/Trust/Society/Non-trading concern with their addresses and percentage of share
  •   Extract of Resolution of the Association/Club/Charity/Trust/Society/Non-trading concern for opening the account and authorization of its operation duly certified by the Chairman/Secretary of the Association/Club/Charity/Trust/Society/Non-trading concern etc.
  •   Photocopy of NID/Valid Passport/Birth Certificate of the persons operating the account
  •   Two copies Passport Size Photograph(s) of Signatories (Duly Attested by Authenticated Authority)
  •   Official Seal