Mudaraba Monthly Saving Scheme (MMS) 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 MMSS 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.

Features:

• Fully Shariah compliant & This deposit product is guided by the Mudaraba principles of Islamic Shariah
• Profit is calculated on daily closing balance.
• Can be opened for any tenor between 1 to 10 years.
• Monthly Installment size would be started from Taka 500/- to unlimited. (Multiple of Taka 500/-)
• Until otherwise decided, the profit-sharing ratio is 35:65 between IFIC & the depositor in MMS.
• Installment Payment possible up to the last day of the following month.
• Linked account is mandatory for Mudaraba Monthly Saving Scheme

Eligibility:

• Mudaraba Monthly Saving Scheme Account can be opened in the name of the individually or jointly. Underage or Minor Account may open.
• Minimum balance for account opening: Tk. 500/-

Required Documents:

• Complete Term Deposit A/C opening form
• Personal Information of Account Holder
• Minimum Account opening deposit will be the installment size mentioned in the Form

*Bank may ask for any other additional document (if required)