FAQ on Deposit
Question: 1. How do I open an Account?
To open an account one has to obtain Account Opening Form from the branch, fill in the form and submit to the branch.
Question: 2. Can I open a joint account, say, with my wife/husband?
Yes, our computerized account opening system is able to accommodate the opening of joint accounts.
Question: 3. How would someone from outside of Dhaka open account?
If someone from out side of Dhaka is interested to open an account with HFCL, he may send written request asking for Account opening Form. When the Form is ready to be submitted, it has to be sent to the branch along with A/C Payee cheque in favour of HFCL. The charge for clearing the cheque will be adjusted from the account of the depositor.
Question: 4. How would someone from outside of Bangladesh open account?
Any one from out of the country cannot open any account at the moment as this may require foreign currency dealing permission.
Question: 5. What is Mudaraba?
Mudaraba is sharia-based investment scheme where profit and loss on the deposit is shared by the depositor (Sahabul Mal) and receiver (Mudarib). HFCL is a Mudarib.
Question: 6. If someone cannot open an account with fixed installment amount, what other type of accounts that are available?
At the moment we start with only with Mudaraba Hajj Deposit Scheme. We will soon introduce different schemes where a depositor can open an account depositing any convenient amount of money for Hajj purpose into the account.
Question: 7. Is Zakat amount deducted from the account?
No, zakat is not deducted from this account. The depositor will pay his own zakat.
Question: 8. How will this deposited money will be invested?
The deposited amount will be invested according to Sharia principles in different sectors within the country. The Sharia Council will decide on the modes of investment.
Question: 9. What will be the situation if the projected return on deposit is not satisfactory?
The projected return is based on estimation. It may vary depending on returns generated from our investment and the agreed profit and loss sharing ratio.
Question: 10. Can anyone withdraw money from the account?
No money can be withdrawn from the account other than for Hajj purposes. Other than this, one can withdraw money only if he wishes to close the account qurbani expenses.
Question: 11. Who will bear the charge of clearing A/C Payee cheques?
The charge for clearing cheque from the house will be borne by the depositor. It will be adjusted from the account of the depositor on receipt of the cheque.
Question: 12. How will someone pay the fine Tk.25.00?
The fine amount of Tk.25 (Twenty five only) has to be paid by the depositor in cash with the instalment of the following month.
Question: 13. Why would someone open Hajj deposit account with HFCL?
HFCL is the only dedicated non-bank financial institution which focuses on Hajj savings scheme and Hajj management. HFCL has expertise in Hajj management who are responsible for all logistic and travel related matters in respect to performance of Hajj in the Holy Land. HFCL, through it related concerns, offers hassle-free and comfortable Hajj services.
Question: 14. Do you have branches other than the one in Dhaka?
We start with one branch. Our plan is to open branches in other locations throughout Bangladesh.
Question: 15. How do I get statement of my account?
Statement of account will be sent to every depositor once a year. If any depositor wishes to get his statement, he may do so by applying in prescribed application form for statement and depositing Tk.50 (Fifty only) at any time throughout the year. The statement will be mailed to the depositor’s present address or he may take delivery of the same personally from the Branch.
FAQ on Investment
Question: 1. When HFCL will start providing financing facilities?
HFCL is finalizing its various investment and financing schemes and will soon be ready to receive applications for such facilities.
Question: 2. Can any one without participating in savings scheme with HFCL apply for a financing facility?
Yes, any creditworthy person may apply for financing facility subject to our creditworthiness evaluation.
Question: 3. How will deposited money will be invested?
The deposited amount will be invested according to Sharia principles in different sectors within the country. The Sharia Council will decide on the modes of investment.
FAQ on Hajj
Question: 1. Can one open account to perform Umrah?
No. At the moment, we have saving plan for Hajj only.
Question: 2. How can we register for Hajj?
We have Hajj Information and Liaison Officer who would be happy to give answer to all Hajj related queries including Hajj registration.
Question: 3. Does the projected amount include all expenses of Hajj?
The projected amount takes into account almost all expenses of Hajj including.
Question: 4. Will HFCL subsidize if the actual cost of Hajj is much higher than the projected amount?
No. The actual cost of Hajj may well differ from the projected amount. It will depend on various financial and economic factors. At the time a depositor wants to register for Hajj, if his accumulated deposits plus profits fall short of the actual cost of Hajj, he will have to top up the amount. If otherwise, he can withdraw the excess amount.
Question: 5. Why would someone open Hajj deposit account with HFCL?
HFCL is the only dedicated non-bank financial institution which focuses on Hajj savings scheme and Hajj management. HFCL has expertise in Hajj management who are responsible for all logistic and travel related matters in respect to performance of Hajj in the Holy Land. HFCL, through it related concerns, offers hassle-free and comfortable Hajj services.
