MUDARABA MONTHLY DEPOSIT
SCHEME (MMDS) ACCOUNT

MMDS account is an installment based savings deposit (on monthly basis) account for individual customer. In this account a customer deposits a certain amount of money for a certain period and on maturity, Principle plus Profit (after deduction of tax on Profit and excise duty) will be paid to the customer.

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) according to Mudaraba Principle on the account as per Bank policy and acts as the Mudarib as well as custodian of money.
  •   Depositing a small amount of money monthly, the scheme holders can withdraw the total deposit at a time including provisional profit on or before maturity.
  •   Account can be opened in the name of the individually or jointly. Minor (to be operated by guardian) account may be opened. Account cannot be opened in the name of any institution.
  •   Client can open more than one account as per their requirement at different tenor & amount and any branch.
  •   This scheme shall be opened for a period of 3, 5, 8 and 10 years or as decided by bank policy.
  •   Any amount of Taka 500 or its multiple i.e. 500/1000/1500/2000/2500… upto 50,000 may be deposited monthly in this account.
  •   All govt. Taxes, excise Duty impose by the regulatory bodies time to time are applicable.
  •   Account cannot be renewed for further period and no profit be paid after maturity.
  •   A demand deposit account is required to be opened.

Eligibility

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

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

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