MUDARABA TERM DEPOSIT RECEIPT (MTDR) ACCOUNT

Mudaraba Term Deposit Receipt (MTDR) account is a mode of deposit under Mudaraba principles of Islamic Shariah. It is a profit / loss bearing product. These deposits are repayable subject to a period of notice and hence known as time deposits or time liabilities meaning thereby that these are withdraw able subject to a period of notice and not on demand. Deposits under MTDR are accepted for different tenures as decided by the Bank and 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 MTDR account.

FEATURES OF MTDR ACCOUNT

  •   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 weightage Based) according to Mudaraba Principle on the account as per Bank policy and acts as the Mudarib as well as custodian of money.
  •   Profits/Loss will be accrued on monthly but paid at maturity.
  •   If not instructed otherwise, its auto renewable for another term and One-time Deposit Account.
  •   The MTDR are in neither transferable nor negotiable.
  •   Account can be opened for minimum 1 (one) month tenor or more tenor as decided by bank policy and client request.
  •   Account can be opened in the name of the individually or jointly or institution. Minor can open the account.
  •   Any amount of Taka 10,000.00 or its multiple may be deposited in this Account.
  •   MTDR account cannot be transferred from one branch to another branch.
  •   All govt. Taxes, excise Duty impose by the regulatory bodies time to time are applicable on MTDR.

Eligibility

Any mentally sound person over 18 years of age can make a contact with Bank’s Branch to open an individual MTDR A/C according to the Banks Mudaraba Term 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 (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


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. 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 send to client registered mobile one week prior to attain majority.

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 MTDR A/C according to the Banks Mudaraba Term 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
  •   Document related to source of fund

For 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 MTDR account in the name of the firm according to the Banks Mudaraba Term Deposit 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 MTDR account in the name of the firm according to the Banks Mudaraba Term Deposit Principle.

Required Documents

Mandatory

  •   Account opening form duly filled in and signed by authorized signatories
  •   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 MTDR account in the name of the company according to the Banks Mudaraba Term Deposit Principle.

Required Documents

Mandatory

  •   Account opening form duly filled in and signed by authorized signatories
  •   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 MTDR account in the name of the company according to the Banks Mudaraba Term Deposit Principle.

Required Documents

Mandatory

  •   Account opening form duly filled in and signed by authorized signatories
  •   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

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


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