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Mudaraba Savings Account

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Islami Bank operates savings accounts under the Mudaraba principle of Islamic Shariah. This principle offers depositors an agreed portion of business profit and assigns risk for any genuine loss. Islami Bank distributes a minimum 65% of its investment income among all Mudaraba accounts as per wait-age. Mudaraba Savings accounts are mainly meant for Non-Trading customers who have some potential saving with small no. of transactions.

Features
- Standard Savings Account. No limit on withdrawal/deposit.
- Minimum balance: BDT 500.00.
- Cheque Book facility.
- Instant or personalized Debit Cards. Dual currency available.
- Self operabilty thru Internet Banking service.
- Self opening & transactions thru CellFin service.
- Country’s largest network for ATM and any Branch service.
- SMS notification & query service.
- 24/7 Contact Center support.

Who Can Open
- Any Bangladeshi national.
- Minimum age: 18 years.
- More than one person can jointly operate MSA.
- Guardian on behalf of a minor can open MSA.

Profit & Charges
- Profit on provisional basis is paid twice a year.
- Additional amount (if any) is paid after annual calculation of Final Rate.
- Lowest balance of a month is eligible for profit.
- No profit for a month in case of 4 times or more withdrawal.
- Fees and Charges as per Schedule of Charges will be realized twice a year.
- Separate charges applicable for debit card and SMS service subscription.
- Excise duty may be realized as per Govt rules and regulations.

Required Documents
- Complete and duly signed account opening form.
- NID/ Valid Passport/Driving License.
- Recent Photo: 2 copy, passport size, attested by introducer.
- Nominee’s NID & photo (attested by applicant).
- Recent electricity or other utility bill in case of present address differing to NID/Passport.
- Receipt copy of last year’s Income Tax return (optional).
* Bank may ask for any other additional document.

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More Islami Bank Accounts

• Al-Wadeah Current Account
• Mudaraba Term Deposit Account
• Mudaraba Special Notice Account
• Mudaraba Special Savings (Pension) Account
• Mudaraba Savings Bond
• Mudaraba Waqf Cash Deposit Account
• Mudaraba NRB Savings Bond Account
• Mudaraba Foreign Currency Deposit Account
• Students Mudaraba Savings Account
• Mudaraba Farmers Savings Account

About Islami Bank Bangladesh PLC

Islami Bank Bangladesh Limited (IBBL) holds a significant place in the financial landscape of Bangladesh, being the first bank to operate under Islamic banking principles in the country. Established in 1983, it was a pioneering effort to offer banking services compliant with Shariah law, catering to a growing demand for ethical and interest-free banking options. The inception of IBBL marked a pivotal moment in the financial sector, as it sought to align financial practices with Islamic teachings while promoting socio-economic development.

Over the years, IBBL has expanded its services to include a wide array of banking products that cater to both individual and corporate clients. These services encompass personal banking, corporate financing, trade finance, and various investment opportunities, all structured to comply with Islamic principles. The bank emphasizes profit-sharing models, such as Mudarabah and Musharakah, which foster a sense of partnership between the bank and its clients, promoting equitable distribution of wealth. Additionally, IBBL offers microfinance programs aimed at empowering marginalized communities, thereby contributing to poverty alleviation and sustainable development.

The growth trajectory of IBBL has been impressive, with an extensive network of branches across Bangladesh, making it one of the largest banks in the country. Its commitment to customer service and community welfare has enhanced its reputation, attracting a diverse clientele. Moreover, the bank has played a vital role in financial inclusion, providing banking services to individuals who may have been excluded from traditional banking due to religious beliefs. This inclusivity has not only fostered economic participation but also contributed to the overall growth of the banking sector in Bangladesh.

In addition to its financial services, IBBL is actively involved in various philanthropic activities. The bank supports educational initiatives, healthcare projects, and disaster relief efforts, aligning with its mission to contribute positively to society. By integrating corporate social responsibility with its business model, IBBL sets an example of how financial institutions can play a crucial role in national development.

Overall, Islami Bank Bangladesh Limited has significantly influenced the banking sector in Bangladesh by introducing Islamic banking principles that resonate with a large segment of the population. Its comprehensive range of services, commitment to ethical banking, and active involvement in community welfare have solidified its position as a leader in the Islamic banking industry, demonstrating the viability of Shariah-compliant finance in a modern economy.