Features and Benefits
- No minimum balance is required
- Higher profit rate
- Minimum installment is BDT 500 and maximum is BDT 20,000 per month
- Attractive lump sum amount end of deposit period
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 Ratio
The profit sharing ratio will be determined based on IISR from time to time. To know more about IISR please click here.
Premature Closure
| No. of Year | Applied profit |
|---|---|
| Less than 1 year | No profit is applicable. Account holder will get only the amount of self deposited portion. |
| More than 1 year but less than 3 years | Account holder will get the amount of self deposited portion along with profit at the prevailing savings profit rate. |
| More than 3 years but less than 5 years | Account holder will get the amount of matured value of 3 years and the amount of self deposited portion for the fraction period at prevailing savings profit rate. |
| More than 5 years but less than 7 years | Account holder will get the amount of matured value of 5 years and the amount of self deposited portion for the fraction period at the prevailing savings profit rate. |
| More than 7 years but less than 10 years | Account holder will get the amount of matured value of 7 years and the amount of self deposited portion for the fraction period at the prevailing savings profit rate. |
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.
- Profit derived from the activities are shared between Bank and customer based on the agreed IISR
- 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 h.
- Under this contract, the customer (Rab-ul-Mal) places fund as capital with the Bank
- City Islamic as Mudarib allocates the fund in deposit pool and invest them in Shariah-compliant way
- These financing transactions and their documents are vetted and supervised by the Shariah Supervisory Committee
- Profit generated from the investment of deposit pool is shared between the customer and Bank based on IISR
- 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 Deposit documentation, related contracts and process.
Therefore, We the “Shariah Supervisory Committee” for City Bank confirm that in our opinion the “Islamic Monthly Deposit” 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.
Dr. Md. Anwar Hosain Molla
Chairman
Shariah Supervisory Committee, City Bank
This certificate was signed on Tuesday 11th May 2021
Contract
Islamic Monthly Deposit Scheme is based on Islamic partnership contract Mudarabah.
