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islamic

Bank Asia Islamic Banking offers different attractive deposit products under Al-Wadiah and Mudaraba Principle, which is designed to fulfil Shariah Compliance and provides you the maximum convenience & security including reasonable profit, where applicable.

Principles of collecting Deposit


Al-Wadiah Principle:

 

  • Al-Wadiah means amanat (like Bailment)
  • In Al-Wadiah Principle the Bank (Bailee) receives the deposit like amanat and the depositor (Bailor) authorizes the Bank to use the deposit in Shariah compliant modes at the risk of Bank
  • The Bank is liable to return the deposit to the depositor on demand.
  • Usually profit is not allowed against the Al Wadiah deposit

 

Literally Al-Wadiah means amanat (like Bailment) where the Depositor (Bailor, who offers amanat) authorizes the Bank (Bailee, who takes amanat) to use the deposit given as amanat in Shariah compliant modes and the Bank (Bailee) is liable to return the same to the depositor (Bailor) on demand. Islamic Banking Current Account Deposits are managed on this Al-Wadiah principle. This is why in Islamic banking, Current Account is termed or named as Al-Wadiah Current Account. By opening such account, in general a depositor does not acquire any management (voting) right on the Bank or on the funds deposited. Apparently in banking operation Al-Wadiah Current Account seems to be similar to the conventional Current Account (of traditional Banks); but the difference lies in principle. 

The operations of Al-Wadiah Current Account is primarily guided by the aforesaid principle of Al-Wadiah which in Islamic banking means the Bank (as Trustee unlike borrower in case of conventional current Account) would receive money from the client for safe custody with the condition to return the money on demand by the client either through cheques or by any other acceptable means, with prior permission from him/her (client/depositor) to the effect that the Bank can use money at its risk. At present no profit shall be allowed on Al Wadiah Current Account balances. The Bank at its own discretion uses the fund obtaining explicit consent from the depositors through acceptance of account opening rules to use their fund in amalgamation with Bank's other funds at its own risk. Therefore the account holders bear no risk arising from use of their fund. The Bank would, however, enjoy the discretion to realize charges from the clients for safe keeping the money or for any other special services, if rendered.

 

Mudaraba principle:

 

  • In Mudaraba principle the depositor is termed as Rab-al-Mal / Saheb-al- Mal and the Bank as Mudarib.
  • The depositor keeps the Mudaraba fund in a bank and authorises the Bank is to invest the same at the risk of depositor.
  • Profit emerged from deployment of the respective deposit is distributed between the Bank and the depositor as per pre- agreed ratio
  • Loss incurred, if any, is borne by the depositor.

Mudaraba means an arrangement in which a party participates in a venture as provider of fund and another as a Fund Manager. In Mudaraba accounts the party providing the fund (i.e. the depositor) shall be termed as Rab-al-Mal / Saheb-al- Mal (Owner of the fund) and the Bank will be the Mudarib (Manager/ Organiser of the fund). The Bank is authorised to invest the Mudaraba fund at the risk of the depositor (Rab-al-Mal). The Bank will arrange proper deployment of the fund. Through these accounts, usually the depositors do not acquire any management (voting) right on the Bank. Distributable income (means Distributable Investment Income after netting off Provision for Mudaraba Depositors Profit Equalisation at prescribed rate and provision for special mention & classified investment accounts and/or other regulatory requirement) resulting from deployment / investment of the Mudaraba fund will be distributed between the Bank and the depositor as per respective agreed ratio with different types of Mudaraba depositors. Loss incurred, if any, is to be borne by the Owner of the fund.


Smart Junior Saver


Who may open

  • Children / students below 18 years of age.

 

Numbers of MDPS can be opened

  • A person will able to open multiple number of MDPS account with a single link account.

 

Initial Deposit & Maximum Balance

  • Tk. 100.00 (One Hundred only)
  • Tk. 10,00,000.00 (Ten Lac) only

 

Salient Features

  • Since Smart Junior Saver is a minor account, a guardian of the Account Holder will operate the Account up to his/her age of 18 years.
  • After completion of 18 years of age: The Account may be transferred to Normal Savings Account (Code of Account type: S08) namely 'MSA (Smart)'.
  • Allowing the minor A/C holder aged 12 & above as joint signatory.
  • Cheque Book facility
  • ATM Card Facility
  • Higher Income Sharing Ratio from normal saving account.
  • Profit calculation on daily balance basis.
  • No Incidental Charge for Smart Junior Saver and its Link Account (Islamic) of Operating Guardian, if any.
  • Free Debit/ ATM Card facility.
  • Free Internet Banking and Online Banking facility.
  • Fund transfer/Cheque Book facility.
  • Attractive prizes for Meritorious account holders.
  • Scholarship/ Financial Assistance in case of death of Account Holder's earning guardian.

 

Required Documents to Open Account

  • One copy of passport size photograph of Account Holder Operating Guardian duly attested by introducer.
  • One copy of passport size photograph of nominee duly attested by operating guardian.
  • Account Holder's Birth Registration certificate/ Passport / ID card of educational institution
  • Operating Guardian's National ID Card/ Passport/ Birth Registration certificate with or any valid photo Id.
  • A/C Opening Form duly filled in.
  • Any other document required by the Bank from time to time.

Al- Wadiah Current Account


Salient Features

  • Initial Deposit: Minimum Tk. 5,000/-
  • Profit is not applicable on deposit
  • Cheque-book facility
  • Transfer of fund on Standing Instruction Arrangement
  • Collection of cheques through Clearing House
  • Free Online Banking service all over the country
  • Bank Asia ATM Card Service

Required Documents to Open Account

For individual:

  • Photocopy of National ID Card/ Passport/ Chairman Certificate
  • Two copies of passport size recent photograph of account holder duly attested by the introducer.
  • Photograph and signature of the nominee(s), if any, duly attested by the account holder.
  • A/C Opening Form duly filled in.
  • Specimen Signature Card duly signed in presence of the Manager or Authorized Officer.
  • Any other document required by the Bank from time to time.

Additional documentation and formalities to be observed before opening the account for the following entities:


For Limited Company:

  • Certified true copy or memorandum and Articles of Association.
  • Certified true copy of Certificate of Incorporation.
  • Certified copy of Certificate of Commencement of Business(for public Limited Company)
  • Copy of the Resolution of the Board of Directors deciding to open account with the Bank Asia Limited and authoring specimen signatories for operation of the Account duly attested by the Chairperson/Managing Director.
  • Trade License
  • TIN certificate.


For Partnership Enterprise:

  • Trade License
  • TIN certificate.
  • Certified copy of the constitution of the firm.
  • Registered partnership deed /duly notarized partnership deed at will (incase of unregistered firm).
  • Minutes of the Committee meeting deciding to open account with Bank Asia Limited duly certified by the secretary and the chairperson.
  • Copy of laws and by laws /constitution duly attested by proper authority.
  • A copy of the resolution of the committee authorizing specific signatories to operate the account.
  • Certificate of Registration (where applicable).


For Proprietorship Enterprise:

  • Trade License
  • TIN Certificate.

Mudaraba Special Notice Deposit Account (MSNDA)


Salient Features

 

  • Initial Deposit: Minimum Tk. 50,000/-
  • Profit calculation on daily balance basis (any amount)
  • Cheque-book facility
  • Transfer of fund on Standing Instruction Arrangement
  • Collection of cheques through Clearing House
  • Free Online Banking service all over the country
  • Bank Asia ATM Card Service
  • Present Income sharing Ratio (ISR)- Client : Bank :: 35 : 65


Required Documents to Open Account


For individual:

 

  • Photocopy of National ID Card/ Passport/ Chairman Certificate
  • Two copies of passport size recent photograph of account holder duly attested by the introducer.
  • Photograph and signature of the nominee(s), if any, duly attested by the account holder.
  • A/C Opening Form duly filled in.
  • Specimen Signature Card duly signed in presence of the Manager or Authorized Officer.
  • Any other document required by the Bank from time to time.
  • Additional documentation and formalities to be observed before opening the account for the following entities:


For Limited Company:

 

  • Certified true copy or memorandum and Articles of Association.
  • Certified true copy of Certificate of Incorporation.
  • Certified copy of Certificate of Commencement of Business(for public Limited Company)
  • Copy of the Resolution of the Board of Directors deciding to open account with the Bank Asia Limited and authoring specimen signatories for operation of the Account duly attested by the Chairperson/Managing Director.
  • Trade License
  • TIN certificate.

 

For Partnership Enterprise:

 

  • Trade License
  • TIN certificate.
  • Certified copy of the constitution of the firm.
  • Registered partnership deed /duly notarized partnership deed at will (incase of unregistered firm).
  • Minutes of the Committee meeting deciding to open account with Bank Asia Limited duly certified by the secretary and the chairperson.
  • Copy of laws and by laws /constitution duly attested by proper authority.
  • A copy of the resolution of the committee authorizing specific signatories to operate the account.
  • Certificate of Registration (where applicable).


For Proprietorship Enterprise:

 

  • Trade License
  • TIN Certificate.

Mudaraba Savings Account (MSA)


Salient Features

  • Initial Deposit: Minimum Tk. 1,000/-
  • Profit calculation on daily balance basis (any amount)
  • No withdrawal restriction/ ceiling in a week/month
  • Cheque-book facility
  • Fund transfer on Standing Instruction, BEFTN & RTGS
  • Charge-free Online Banking service all over the country
  • Bank Asia ATM Debit Card Service
  • Free Internet Banking
  • Free SMS Alert
  • Free “Bank Asia Smart App” facility through Smart phone
  • To be opened and operated from any Branches / Windows / SME Service Centers as well as Agent Banking Outlets
  • Present Income sharing Ratio (ISR)- Client : Bank :: 45 : 55

 

Required Documents to Open Account

 

For individual:

  • Photocopy of National ID Card / Passport or Birth Registration Certificate with any valid Photo ID.
  • Copy of Utility Bill or any other authentic document as proof of address.
  • Copy of Business Card or any other profession supported documents like ID Card / Appointment Letter / Trade License / Pay advice etc.
  • Two copies of passport size recent photograph of account holder duly attested by the introducer.
  • Photograph and signature of the nominee(s), if any, duly attested by the account holder.
  • A/C Opening Form duly filled in.
  • Specimen Signature Card duly signed in presence of the Manager or Authorized Officer.
  • Any other document required by the Bank from time to time.

 

Additional documentation and formalities to be observed before opening the account for the following entities:

 

For Limited Company:

  • Certified true copy or memorandum and Articles of Association.
  • Certified true copy of Certificate of Incorporation.
  • Certified copy of Certificate of Commencement of Business(for public Limited Company)
  • Copy of the Resolution of the Board of Directors deciding to open account with the Bank Asia Limited and authoring specimen signatories for operation of the Account duly attested by the Chairperson/Managing Director.
  • Trade License.
  • E-TIN Certificate.

 

For Partnership Enterprise:

  • Trade License.
  • E-TIN Certificate.
  • Certified copy of the constitution of the firm.
  • Registered partnership deed /duly notarized partnership deed at will (in case of unregistered firm).
  • Minutes of the Committee meeting deciding to open account with Bank Asia Limited duly certified by the secretary and the chairperson.
  • Copy of laws and by laws /constitution duly attested by proper authority.
  • A copy of the resolution of the committee authorizing specific signatories to operate the account.
  • Certificate of Registration (where applicable).

 

For Proprietorship Enterprise:

  • Trade License.
  • E-TIN Certificate.

Mudaraba Term Deposit Accounts (MTDA)


Salient Features

 

  • Minimum Deposit: Tk. 25,000/-
  • Tenure: 1, 2, 3, 6, 12, 24, 36, 48, 60 months
  • Quard /withdrawal facility Maximum 80% of (subject to the principal amount reaches minimum Tk. 1,00,000/-)

 

Required Documents to Open Account
 

For individual:

  • Photocopy of National ID Card / Passport or Birth Registration Certificate with any valid Photo ID.
  • One copy of passport size recent photograph of account holder duly attested by the introducer.
  • Photograph and signature of the nominee(s), if any, duly attested by the account holder.
  • A/C Opening Form duly filled in.
  • Any other document required by the Bank from time to time.

 

 

Additional documentation and formalities to be observed before opening the account for the following entities:

 

For Limited Company:

  • Certified true copy or memorandum and Articles of Association.
  • Certified true copy of Certificate of Incorporation.
  • Certified copy of Certificate of Commencement of Business(for public Limited Company)
  • Copy of the Resolution of the Board of Directors deciding to open account with the Bank Asia Limited and authoring specimen signatories for operation of the Account duly attested by the Chairperson/Managing Director.
  • Trade License.
  • E-TIN Certificate.

For Partnership Enterprise:

  • Trade License.
  • E-TIN Certificate.
  • Certified copy of the constitution of the firm.
  • Registered partnership deed /duly notarized partnership deed at will (in case of unregistered firm).
  • Minutes of the Committee meeting deciding to open account with Bank Asia Limited duly certified by the secretary and the chairperson.
  • Copy of laws and by laws /constitution duly attested by proper authority.
  • A copy of the resolution of the committee authorizing specific signatories to operate the account.
  • Certificate of Registration (where applicable).

For Proprietorship Enterprise:

  • Trade License.
  • E-TIN Certificate.

Corporate Term Deposit Account (CTDA)


Salient Features
 

  • Institutional term deposit based on Mudaraba Principle
  • Minimum Deposit: Tk.1,00,00,000/-
  • Tenure: 3, 6 and 12 months
  • Different Income Sharing Ratio (ISR) may be applied than regular MTDA
  • Present ISR is as follows:

 

Different Tenure of CTDA

Present Income Sharing Ratio (ISR)*

Bank

Client

CTDA – 3 months

30%

70%

CTDA – 6 months

24%

76%

CTDA – 1 year

15%

85%

* The above ISR is effective from November 01, 2018

Required Documents to Open Account
 

  • Account Opening Form (AOF) duly filled in.

 

For Every Account Operator:
 

  • One copy of passport size recent photograph duly attested by the introducer.
  • Photocopy of National ID Card or valid Passport
  • Any other document required by the Bank from time to time.

 

For Limited Company:
 

  • Certified true copy or memorandum and Articles of Association.
  • Certified true copy of Certificate of Incorporation.
  • Certified copy of Certificate of Commencement of Business(for public Limited Company)
  • Copy of the Resolution of the Board of Directors deciding to open the account with the Bank Asia Limited and authoring specimen signatories for operation of the Account duly attested by the Chairperson/Managing Director.
  • Trade License.
  • E-TIN Certificate.

 

For Partnership Enterprise:
 

  • Trade License.
  • E-TIN Certificate.
  • Certified copy of the constitution of the firm.
  • Registered partnership deed /duly notarized partnership deed at will (in case of unregistered firm).
  • Minutes of the Committee meeting deciding to open account with Bank Asia Limited duly certified by the secretary and the chairperson.
  • Copy of laws and by laws /constitution duly attested by proper authority.
  • A copy of the resolution of the committee authorizing specific signatories to operate the account.
  • Certificate of Registration (where applicable).

 

For Proprietorship Enterprise:
 

  • Trade License.
  • E-TIN Certificate.

 


Mudaraba Hajj Savings Scheme(MHSS)


Salient Features

  • Facility to open account deposit the installment in any working day of month
  • Tenure: 1-10 years
  • No maintenance charge for the linked account
  • Highest Income sharing Ratio (ISR) applicable for the Client
  • Profit calculation on daily balance
  • No late payment fee applicable
  • Size of monthly installment amount is as follows:
     
Tenure in Years 1 2 3 4 5 6 7 8 9 10
Installment Size(In Taka) 29,000 15,800 11,000 8,600 7,500 6,600 5,900 5,500 5,300 5,200

Required Documents to Open Account

  • Photocopy of National ID Card / Passport or Birth Registration Certificate with any valid Photo ID.
  • One copy of passport size recent photograph of account holder duly attested by the introducer.
  • Photograph and signature of the nominee(s), if any, duly attested by the account holder.
  • A/C Opening Form duly filled in.
  • Any other document required by the Bank from time to time.

Mudaraba Deposit Pension Scheme(MDPS)


Salient Features

  • Facility to open account deposit the installment in any working day of month
  • Installment amount: Tk. 500 & its multiple. Maximum Tk. 50,000
  • Tenure: 3 to 12 years
  • Quard /withdrawal facility Maximum 80% of (subject to the principal amount reaches minimum Tk. 1,00,000/-)
  • Present Income sharing Ratio (ISR)- Client : Bank :: 85 : 15

Required Documents to Open Account

  • Photocopy of National ID Card / Passport or Birth Registration Certificate with any valid Photo ID.
  • One copy of passport size recent photograph of account holder duly attested by the introducer.
  • Photograph and signature of the nominee(s), if any, duly attested by the account holder.
  • A/C Opening Form duly filled in.
  • Any other document required by the Bank from time to time.

Mudaraba Monthly Profit Paying Deposit Scheme (MMPPDS)


Salient Features

  • Facility to open account in any working day of month
  • Profit is credited to the link account in the last working day of the month
  • Deposit amount: Tk.1,00,000 & more
  • Tenure: 1 - 5 years
  • Present Income sharing Ratio (ISR)- is as follows:
Different Tenure of MMPPDA Present Income Sharing Ratio (ISR)
Bank Client
MMPPDA - 1 year 20% 80%
MMPPDA - 2 years 18% 82%
MMPPDA - 3 years 15% 85%
MMPPDA - 4 years 15% 85%
MMPPDA - 5 years 15% 85%

Required Documents to Open Account

  • Photocopy of National ID Card / Passport or Birth Registration Certificate with any valid Photo ID.
  • One copy of passport size recent photograph of account holder duly attested by the introducer.
  • Photograph and signature of the nominee(s), if any, duly attested by the account holder.
  • A/C Opening Form duly filled in.
  • Any other document required by the Bank from time to time.

Cash Waqf


"Do good as Allah has done good to you." (Surah Al Qasas: Ayah 77)
Cash Waqf refers to the deposit which is irredeemable & perpetual in nature, donated in cash form in order to ensure regular flow of income for using in social welfare sectors in a Shariah compliant way.
According to the Hadith of Sahih Muslim "All our activities end on death except three things-

  • Contribution to knowledge,
  • Ongoing charity and
  • Faithful child

Salient Features:

  • Facility to open account deposit the installment in any working day of month
  • Facility to deposit Cash Waqf in onetime and installment (Monthly/Quarterly) basis or in Common Fund
  • Maximum Income sharing Ratio: (ISR)
  • Ensure Shariah compliant ever-lusting / permanent income to any social institute
  • Create a scope of Sadaqa-E-Jariah for here and hereafter

GENERAL TERMS & CONDITIONS:

  • Cash Waqf is an endowment according to the Shariah. Bank will manage the waqf fund on behalf of the donor/Waqif.
  • Cash Waqf Account can be opened in any working day.
  • Cash Waqf fund will be invested in various Shariah compliant domestic and global investment portfolios.
  • In case of specific beneficiary of waqf fund income, the concerned beneficiary must have a bank account. Profit generated from the concerned Cash Waqf account will be credited to the Beneficial's account on monthly basis.
  • Waqif (donor) may alter the beneficiary only on separate written request.
  • For common beneficiary, profit shall be payable to the selected 24 sectors at the sole discretion of the Bank.
  • Only the profit, generated from the waqf fund will be distributed to beneficiary(s)/ different sectors.

Investors Relationship Contact Person

Contact Person : Mohammed Monzur Morshed Bhuiyan
Telephone Number : +88 02- 47110062, 47110247, 47113867, 47110278, 47110173, 47115813, Ext-301
Fax No : +88 02 9514820
Cell No. : +88 01711 198 680
Email : monzur.morshed@bankasia-bd.com