Mudarabah Saving Account
Islamic Banking Window of
Ghazanfar Bank, provides great opportunity for its customers to earn Halal
profit on their saving while having the flexibility to withdraw funds when
required, via having Mudarabah Saving account.
The Structure is based on
the principle of Mudarabah which is strictly in conformity with the rules of
Islamic Sharia’h. Under this relationship, the customer is an investor
(Rab-ul-Maal) and the bank is Manager ( Mudarib) of the deposited fund.
Profit Sharing Rule:
1. No fixed profit will be
committed before or at the time of opening an Account.
2. Earned profit will be
divided between bank and customer based on agreed ratio
3. Profit (if any) will be on
the minimum balance after Banks quarter.
Declared Profit:
Latest rate announced for
Mudarabah saving: 0.5 % (per Annum)
Eligible Customer:
Adult individuals, singly
or jointly with other adults.
Requirement:
1. Address proof by taking
taskara.
2. Identification proof like
passport, voter identity card, identity cards issued by employer.
3. Latest photograph.
Schedule of Charges:
1. On the closure of account
before three months USD $10 will be charged and it will go to the charity Waqf
fund account.
2. Cheque book of 25 Leaves
shall be issue free for the first time and subsequent issue shall be charged at
USD 10.
3. Profit amount will be transferred
to the customers’ accounts after tax deduction.
Minimum Amount:
1. The minimum initial deposit
should be USD 100 or equivalent
2. Minimum account balance to
be maintained is AFN 1000 or USD 20
The account holder will be
provided unique user ID and secured password to view his account through the
Bank’s internet facility at a later date to be communicated to him/her. The
customer can take print of account statement by using the facility.
Maximum Amount:
No Maximum limit.
Benefits:
1. Free cheque book for the
first time
2. Monthly statement
3. Incompliance with Shariah
rules and principles
4. Internet banking
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