MUDARABA MULTIPLE (DOUBLE/TRIPLE)
BENEFIT SCHEME (MMBS) ACCOUNT

Mudaraba Multiple Benefit Scheme (MMBS) account is a special type of fixed deposit account where initial deposited amount will be double/triple after a certain period of time. Client are entitled to receive profit on their deposit on the basis of weightage as decided by the management. A receipt is issued against each deposit under Multiple Benefit 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 account cannot be transferred from one branch to another.
  •   Account tenor depend on type of scheme (double/triple) and time frame set by bank time to time.
  •   Account can be opened in the name of the individually or jointly.
  •   Minimum deposit amount of BDT 10,000.00 or its multiple may be deposited in this Account.
  •   All govt. Taxes, excise Duty impose by the regulatory bodies time to time are applicable.
  •   A demand deposit account is required to be opened.

Eligibility

MMS A/c can not be opened in the name of any institution

Any mentally sound person over 18 years of age can make a contact with Bank’s Branch to open an individual MMBS A/C according to the Banks Mudaraba long term deposit Scheme Principle.

Required Documents

Mandatory

  •   Any mentally sound person over 18 years of age can make a contact with Bank’s Branch to open an individual MMBS A/C according to the Banks Mudaraba long term deposit Scheme Principle.
  •   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

More than one mature/adult person jointly or combination of mature(s) & minor(s) may constitute joint accounts and can open an individual MMBS A/C according to the Banks Mudaraba long term deposit Scheme 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
  •   Document related to source of fund