Mudaraba Monthly Saving Scheme (MMSS) 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.
Product Features
- Fully Shari’ah compliant
- Profit is calculated on daily closing balance
- Can be opened for any tenor between 1 to 30 years
Other Features
- Mudaraba Monthly Saving Scheme Account can be opened in the name of the individually or jointly. Underage or Minor Account may open.
- Monthly Installment size would be from Taka 500/- to Taka 100000/-. (Multiple of Taka 500/-)
- Installment Payment possible up to the last day of the following month.
- Advance installment payment possible.
- Present Provisional Profit rate for MMSS is 10.00% p.a.
Basic Requirements
- Complete account opening form
- Personal Information of Account Holder
- 2 copies of passport size photograph of Account Holder duly attested by introducer
- 1 copy passport size photograph of nominee duly attested by Account Holder
- Identification proof like National ID Card/Passport/Driving License of Account Holder
- Signature of Introducer (if required)
- Updated TIN Certificate
- Minimum Account opening deposit will be the installment size mentioned in the Form
