Features and Benefits
- Higher profit rate
- Minimum installment is BDT 500 and maximum is BDT 20,000 per month
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
|
Before 6 Months |
No profit will be paid |
|
After 6 months before 12 months |
Expected Profit Rate of General Savings (including missed installments) for the days completed will be applicable |
|
After 12 months & before Maturity |
Expected Profit Rate of Monthly Deposit Scheme for the latest completed tenor (including missed installments) and Expected Profit Rate of General Savings for rest of the days completed will be applicable. |
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 h.
- 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 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.
Mohammad Mizanur Rahman
Chairman
Shariah Supervisory Committee, City Bank
Contract
Islamic Monthly Deposit Scheme is based on Islamic partnership contract Mudarabah.
