Falah
Mahana Munafa Certificates
If you are looking to earn high rate of returns on
your savings with the flexibility of withdrawing your profits at your
convenience, then Falah Mahana Munafa Certificates may be best suited for you.
You can place funds in this product if you are an individual or a business
entity.
It is a profit bearing fixed deposit account designed
on the foundation of ‘Mudarabah’, where Bank is the ‘Mudarib’ (manager of the
funds) and you, the customer is the ‘Rabb-ul-Maal’ (owner of funds). Bank at
its discretion, use or employ your deposited funds in Shariah compliant modes
such as Ijarah, Murabaha and Musharakah. Bank Alfalah Islamic Banking will
share the profit on the basis of predetermined profit sharing ratio.
The rate of return on your deposit will be determined
through a Shariah approved mechanism called weightages, which are announced
before the beginning of each calendar month and shall remain applicable for
upcoming month. In the event of loss, all depositors will share such loss
proportionate to their investment.
Features:
·
Invest with a minimum deposit of Rs. 100,000 only
·
Available for one and five year tenures
·
No maximum balance limit.
·
Profit is paid monthly.
·
Rollover option available upon written intimation.
·
Multiple tier product
*Withholding Tax and Zakat is applicable as per existing
policy of Government.
** In case of premature encashment profit shall be calculated and adjusted on the basis of actual declared monthly profit rates of TDR for the corresponding completed period as per related tier for the relevant period of stay of deposit with the Bank.
** In case of premature encashment profit shall be calculated and adjusted on the basis of actual declared monthly profit rates of TDR for the corresponding completed period as per related tier for the relevant period of stay of deposit with the Bank.
Note: Profit
rates of all Islamic Banking deposit products are declared on monthly basis.
Profit is credited to accounts within 7 working days of next month, but is
value dated to the first of the month.
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