Features and Benefits
- Minimum account opening balance BDT 50,000
- Convenient and competitive monthly profit
- Flexible tenure choice
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
*Above documents are not required, if customer already having current /savings account with CBL.
*Bank may ask any additional document if required so.
Profit Sharing
Profit will be shared based on the income-sharing ratio between Mudarabah Depositors Pool and the Bank, and assigned weightage as published by the Bank. To know more, please click here.
Premature Closure
In case of premature encashment, the following premature adjustment conditions and profit rate determined by the bank will be applied.
|
Before 6 Months/180 Days |
No profit will be paid & the profit which applied will be reversed |
|
After 6 months/180 Days before 1 year |
Expected Profit Rate for General Savings will be applicable for the days completed & the profit which applied will be reversed |
|
After 1 year before maturity |
For the completed tenor, Expected Profit Rate of Monthly Benefit Scheme will be applicable and for rest of the days completed, Expected Profit Rate for General Savings will be applicable. And after completing tenor the profit which applied will be reversed. |
To know more details, please visit your nearest Branch, or respective RM, or contact center
How does it work?
- Customer provides funds to the Bank for fixed time.
- Bank pools funds from the customers and invest them in Shariah-compliant activities.
- Income derived from the activities are shared between Mudarabah Depositors pool and the Bank based on agreed income-sharing ratio and distributed among the depositors as per weightage assigned to the product category.
- Any losses will be borne by the customer except when Bank is negligent.
Shariah Pronouncement
﴿بسم الله الرحمن الرحيم﴾
الحمد لله رب العالمين، والصلاة والسلام على رسول الله، وعلى آله وصحبه أجمعين.
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 an investment account based on partnership contract Mudarabah
- Under this contract, the customer (Rab-ul-Mal) places fund as capital with the Bank
- City Islamic as Mudarib, invests the deposits in Shariah-compliant way.
- These financing transactions and their documents are vetted and supervised by the Shariah Supervisory Committee
- Income derived from the activities are shared between Mudarabah Depositors pool and the Bank based on agreed income-sharing ratio and distributed among the depositors as per weightage assigned to the product category.
- In terms of loss, the customer will bear all the monetary loss whereas the bank will bear the loss of its effort.
- Bank on its sole discretion can provide Hibah (gift) to customer from time to time
Approval of Shariah Supervisory Committee
The Shariah Supervisory Committee of City Bank has reviewed the Islamic Monthly Benefit documentation, related contracts and process.
Therefore, We the “Shariah Supervisory Committee” for City Bank confirm that in our opinion the “Islamic Monthly Benefit” is in accordance with the Mudarabah principle of Islamic finance and hence we allow the bank to provide this product to its customer.
And Allah Knows Best.
_____________________
Mohammad Mizanur Rahman
Chairman
Shariah Supervisory Committee, City Bank
Contract
Islamic Monthly benefit Scheme is based on Islamic partnership contract Mudarabah.
