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.
  •   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

  •   Two copies of recent passport-size photographs of the applicant
  •   Photocopy of National ID Card/valid Passport/Birth Certificate of the applicant
  •   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
  •   Photocopy of utility bill
  •   Photocopy of Tax Certificate (TIN) (if any)
  •   Source of fund-related documents

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

  •   Please contact with the branch

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

  •   Two copies of recent passport-size photographs of all operators
  •   Photocopy of National ID Card/valid Passport/Birth Certificate of all applicants
  •   Notarized Agreement of Joint Venture
  •   Resolution/undertaking regarding account operation
  •   Source of fund-related documents
  •   Photocopy of Tax Certificate (TIN) (if any)