MUDARABA MONTHLY INCOME
SCHEME (MMIS) ACCOUNT

Mudaraba Monthly Income Scheme (MMIS) is a special type of deposit account where client can avail monthly profit which may be transferred to client Demand Account. Client who need monthly return on deposit such as Retired Service Holders, Idle Fund Holders who have no scope to invest in business are entertained in this scheme.

Feature

  •   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 (provisional weight based) according to Mudaraba Principle on the account as per Bank policy and acts as the Mudarib as well as custodian of money.
  •   One-time Deposit Account and it’s not auto renewable.
  •   The MIS account is a non-transferrable account.
  •   Account tenor can be for 1,2,3 year or as decided by bank policy and client request.
  •   Account can be opened in the name of the individually or jointly. Minor (to be operated by guardian) account may be opened.
  •   Minimum deposit amount of BDT 100,000.00 or its multiple may be deposited in this Account.
  •   MIS account cannot be transferred from one branch to another branch.
  •   A Mudaraba Savings Deposit/AWCD/MSND account is required to be opened for getting MIS account facility.

Eligibility

Prior approval requires from concern deparment of HO to open Mis A/c under corporate banking

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

Required Documents

Mandatory

  •   Account opening form duly filled up and signed by the applicant
  •   One copy of recent passport-size photograph of the applicant
  •   Photocopy of National ID Card / valid Passport / Birth Certificate 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 the nominee
  •   Tax Certificate (TIN) with proof of updated tax submission receipt
  •   Utility copy for proof of address
  •   Document related to source of fund

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

Mandatory

  •   Account opening form duly filled up and signed by the applicant
  •   Photocopy of passport with valid visa and work permit of applicant attested by their respective Embassy/Mission authority
  •   One copy 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's
  •   Tax Certificate issued by foreign country
  •   Document related to source of fund

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.

Required Documents

Mandatory

  •   Account opening form duly filled up and signed by the guardian
  •   One copy of recent passport size photographs of the guardian
  •   Photocopy of National ID Card / valid Passport / Birth Certificate of the guardian
  •   One copy of recent passport size photographs of the account holder
  •   Photocopy of valid Passport / Birth Certificate of the account holder


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 the nominee
  •   Tax Certificate (TIN) with proof of updated tax submission receipt
  •   Utility copy for proof of address
  •   Document related to source of fund

More than one mature/adult person jointly or combination of mature(s) & minor(s) may constitute joint accounts and can open an individual MMDS A/c according to the Banks Mudaraba Scheme Deposit Principle

Required Documents

Mandatory

  •   Account opening form duly filled in and signed by the applicant
  •   One copy of recent passport size photographs of all applicants
  •   Photocopy of National ID Card / valid Passport / Birth Certificate of all applicants
  •   Resolution / undertaking / mandate 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 (TIN) with proof of updated tax submission receipt
  •   Utility copy for proof of address
  •   Document related to source of fund

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

Mandatory

  •   Account opening form duly filled up and signed by the applicant
  •   Photocopy of passport with valid visa and work permit of applicant attested by their respective Embassy/Mission authority
  •   One copy 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's
  •   Tax Certificate issued by foreign country
  •   Document related to source of fund

A proprietorship firm is known as a sole trader ship, individual entrepreneurship or proprietorship enterprise owned and run by one person and in which there is no legal distinction between the owner and the business entity. A proprietor can open MIS account in the name of the firm according to the Banks Mudaraba Monthly Income Scheme Principle.

Required Documents

Mandatory

  •   Account opening form duly filled up and signed by the proprietor
  •   Certified copy of updated trade license
  •   One copy of recent passport size photograph of the proprietor
  •   Photocopy of National ID Card /valid Passport/ Birth Certificate of the proprietor


Additional

  •   One copy of nominee's recent passport size photograph (signature attested by proprietor)
  •   Photocopy of National ID Card /valid Passport/ Birth Certificate of Nominee's
  •   Utility copy for proof of address
  •   Tax Certificate (TIN) with proof of updated tax submission receipt

A partnership firm is a type of business entity that is formed by the association of two or more members who have agreed to share the profits of the business, which is carried on by all partners or one partner acting for all. Authorized partners can open MIS account in the name of the firm according to the Banks Mudaraba Monthly Income Scheme Principle.

Required Documents

Mandatory

  •   Certified copy of Partnership deed (registered/notarized)
  •   Certified copy of updated trade license
  •   Resolution/undertaking/mandate regarding account operation
  •   One copy recent passport size photographs of all authorized signatories
  •   Photocopy of National ID Card /valid Passport/ Birth Certificate of all authorized signatories


Additional

  •   Tax Certificate (TIN) with proof of updated tax submission receipt

A private company is a company held under private ownership with shares that are not traded publicly on exchanges. A company can open MIS account in the name of the company according to the Banks Mudaraba Monthly Income Scheme Principle.

Required Documents

Mandatory

  •   Application for opening account
  •   Board resolution for opening account
  •   Certified copy of updated trade license
  •   Certified copy of Memorandum and Articles
  •   Certified copy of certificate of Incorporation
  •   Certified copy of updated Form XII and schedule X
  •   One copy recent passport size photographs of all authorized signatories
  •   Photocopy of National ID Card /valid Passport/ Birth Certificate of all authorized signatories


Additional

  •   Tax Certificate (TIN) with proof of updated tax submission receipt

A public limited company is a business that is managed by directors and owned by shareholders. A company can open MIS account in the name of the company according to the Banks Mudaraba Monthly Income Scheme Principle.

Required Documents

Mandatory

  •   Application for opening account
  •   Board resolution for opening account
  •   Certified copy of updated trade license
  •   Certified copy of Memorandum and Articles
  •   Certified copy of certificate of Incorporation
  •   Certified copy of updated Form XII and schedule X
  •   Certified copy of certificate of commencement
  •   One copy recent passport size photographs of all authorized signatories
  •   Photocopy of National ID Card /valid Passport/ Birth Certificate of all authorized signatories


Additional

  •   Tax Certificate (TIN) with proof of updated tax submission receipt

Government institutions means Government ministries, departments, companies, agencies, authorities, training institutions, research institutions and local government authorities.

Required Documents

Mandatory

  •   Application for opening account
  •   Resolution/instruction/circular regarding account operation
  •   Account opening form duly filled in and signed by authorized signatories


Additional

  •   One copy of recent passport size photographs of all authorized signatories
  •   Photocopy of National ID Card /valid Passport/ Birth Certificate of all authorized signatories

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
  •   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
  •   One copy Passport Size Photograph(s) of Signatories (Duly Attested by Authorized 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
  •   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
  •   One copy Passport Size Photograph(s) of Signatories (Duly Attested by Authorized Authority)
  •   Official Seal