Mudaraba Savings Account (MSA)

Islamic Shariah defines ‘Mudaraba’ as ‘a contract between two parties’, in which one party is called ‘Sahib-Al-Maal’, i.e. owner of the fund, and the other party is called “Mudarib”, the investor/entrepreneur. Mudarib runs the business on the condition that, the profit earned by the business shall be distributed between them at a certain pre-agreed ratio. But the entire financial losses, if any, shall be borne only by the Sahib-Al-Maal. The Mudaraba Short Notice Deposit (MSND) account is opened according to Shari’ah Principles of Mudaraba. According to Mudaraba principles, the Mudaraba depositor is the Sahib-Al-Maal (owner of the fund) and the bank is the Mudarib (investor/entrepreneur of the fund). The bank is authorized by the depositor to invest the Mudaraba fund at the risk of the Sahib Al-Maal.

  • Islamic Mode
    • Mudaraba is a partnership in profit whereby one party provides capital and the other party provides skill and labour. Profit distributed as per agreed ratio and loss is borne by Sahib AI-Maal.
  • Eligibility
    • Any Legitimate business entity like Sole Proprietorship, Partnership or Private limited Company, Clubs/ Societies/ NGOs/ Charitable Organizations/ School/ College/University with valid trade license and other documents as per Bangladesh Bank requirements.
  • Required/Identification Document
      1. Complete Account Opening Form with TP & KYC.
      2. Two recent Passport Size Photographs of the Proprietor duly attested by Introducer.
      3. Introducer’s signature in the A/C opening form and at the back of the photograph(s) of signatories.
      4. Copy of valid Trade License issued by Local Government authority (City Corporation, Pourashava, Union Parishad etc.).
      5. Upto date TIN (Optional).
      6. The personal identity of the proprietor of the Firm has to be established by regular individual account opening documentation.
      7. Sole Proprietor declaration.
      8. Proof of Address- Copy of Utility Bill for latest 3 months.
      9. Photocopy of NID/Passport/Driving License/Ward Commissioner Certificate with photo (Photo must be attested by ward commissioner).
      10. Certified true copy of the Memorandum & Articles of Association of the Company.
      11. Copy of Certificate of Incorporation.
      12. Copy of Certificate of Commencement of Business (For Public Limited Companies only).
      13. Extract of the Board resolution/General Meeting of the Company for opening the account and authorization for its operation duly certified by the Chairman/Managing Director of the Company.
      14. List of the Directors with address in specified Form.
      Charges: See schedule of charges of the bank.
Give us Feedback