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Mudaraba Term Deposit
Mudaraba Term Deposits are accepted by the bank with a sum of Tk. 5000 or above (multiple of 1000) from individuals (single and joint), firms (Proprietorship/Partnership), limited companies, autonomous bodies, charitable institutions, association, educational institution, local bodies, trusts, etc, against issuance of non transferable receipts in acknowledgement of MTD account may be opened in the names of minors jointly with their guardians, for example :
Received from Mr. X Guardian of Mister/Miss.... (Minor)
The mudaraba term deposits are accepted for periods of 12, 24, 36 months. Weightage on the rate of return is given to deposits of longer maturity.
The Bank reserves the right to invest the funds received in mudaraba term deposit accounts, in its sole judgement, in any interest-free "Halal" business it deems fit.
Mudaraba term deposit account holder will share the profit of investment with Social Islami Bank Ltd, at the rate declared by the bank from time to time. Any loss which cannot be covered by the investment loss offsetting reserve will be adjusted from Mudaraba fund and in that case the bank shall not take any remuneration for the service rendered in managing the fund.
The profit earned on Mudaraba Term Deposit account will be credited as determined by the bank as its sole direction on the basis of its net working results at the end of the year, within a reasonable time from the date of the close of the books of accounts of the bank. The banks decision in this respect will be final & binding on the Mudaraba Term depositors. If the Mudaraba Term Deposit account is closed before declaration of profit of current year, the depositor shall accept profit at the rate declared in the preceding year. In that case, both the bank & the depositor will relinquish their claim on difference amount of profit, which may accrue at the close of the year.
The account holder is not allowed to withdraw the amount before maturity date. But on obtaining the Bank's prior consent the depositor(s) may withdraw the deposit before maturity without any profit i.e. no profit no loss basis.
MTD account holder may withdraw the profit amount annually if he so desires on condition the final adjustment. If needed, will be made at the end of the year. MTD account holder will give an undertaking to that effect.
If the profit amount is not withdrawn it will automatically be added to the principal amount annually and the entire amount will earn profit/loss.
MTDR is not transferable instrument & as such it cannot be endorsed in favor of others.
The MTDR should be preserved properly. In case of loss, the account holder should notify the issuing branch immediately by quickest possible means so that the bank can take care of.
Matured deposit if not encashed within one month of maturity, the deposit shall automatically be renewed for the period it kept before.
Any change in the address of the depositor should be immediately communicated to the bank. No responsibility can be accepted by the bank for delay, non-delivery etc. of letters, remittances etc sent through Post office and other agents.
The bank retains the right of refusing to accept any deposit from any person in MTD account without assigning any reason.
The bank reserves the right to add or alter any or all the rules governing this scheme and such altered or additional rules shall be immediately thereafter be deemed to be binding on all depositors.
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