Eligibility

• Must be a citizen of Bangladesh
• Above 18 years’ old

Required Documents

• NID/Birth certificate/Passport
• Photograph – 2 Copies
• Nominee photograph – 1 Copy
• Nominee’s NID/Birth certificate/Passport
• Income source document
• E-TIN

Profit Sharing Ratio

No profit or losses are shared in Islamic current account

How does it work?

• Customer provides fund to the bank as Amanah
• Bank safe-keeps the money and with the permission of client can utilize the fund.
• Upon demand of the customer, the bank is liable to refund the whole amount.
• No profit is shared between bank and customer.

Shariah Pronouncement

All praise to Allah and May peace and blessings be upon his messenger, his family, his companions and all followers of his guidance.

Shariah Structure of the Product

• This is a trust account based on safekeeping contract Al-Wadiah.
• Under this contract, the customer entrusts fund to the bank as “Amanah”.
• Bank guarantees that the fund will be returned immediately if customer demands.
• Bank can use the fund by taking permission from the customer.
• These financing transactions and their documents are vetted and supervised by the Shariah Supervisory committee
• Bank is not obliged to share the profit with customer. However, bank at its sole discretion can share the profit with customer as “Hibah” or gift.
• Bank bears the risk of any losses from investment of the fund.
• Customer will not bear any losses from investment of the fund and bank is obliged to pay back the fund upon demand.

Approval of Shariah Supervisory Committee

The Shariah Supervisory Committee of City Bank has reviewed the City Islamic Current Account documentation, related contracts and process.

Therefore, We the “Shariah Supervisory Committee” for City Bank confirm that in our opinion the “City Islamic Current Account” is in accordance with the “Al-Wadiah” principle of Islamic finance and hence we allow the bank to provide this product to its customer.

And Allah Knows Best.

_____________________

Dr. Md. Anwar Hosain Molla
Chairman

Shariah Supervisory Committee, City Bank
This certificate was signed on Tuesday 11th May 2021