‘Mudaraba Masik Sanchaya Prokolpo’ (MMSP) is a mode of deposit under Mudaraba principles of Islamic Shariah. A receipt is issued against each deposit under MMSP. It is a profit or loss bearing sanchaya prokolpo. Bank will invest the MMSP fund through shariah compliant investment modes along with the other mudaraba fund to earn profit. Actual profit on the MMSP will be calculated on the basis of weightage as decided by the management of the Bank. Deposits under MMSP are accepted for different tenures as decided by the Bank and are entitled to receive profit on their deposit on the basis of weightage as decided by the management. As per Shariah principles, Profit (if any) is divisible between the Depositor (Sahib-Al-Maal) and the Bank (Mudarib) at a predetermined profit sharing ratio, while loss (if any) is borne by the Depositor (Sahib-Al-Maal) only.

Eligibility Criteria

• Citizen of Bangladesh only (including Non-resident Bangladeshi).
• Individual Person only (minimum age is 18 years).
• Persons having contractual capabilities with sound mind, having genuine source of regular income and not adjudicated as insolvent by any court of law are eligible to open this account.

Main Features  

• This deposit scheme is guided by the Mudaraba Principles of Islamic Shariah.
• Only Individual Customers (single account holder) is entitled to open this account. There is no option to open an MMSP account jointly.
• Tenure is 3 years, 5 years, 8 years and 10 years.
• Monthly Installment: BDT 250, 500, 1000, 1500, 2000, 2500, 5000, 10000, 15000, 20000 and 25000.
• The account will be matured after completing specified years (3/5/8/10) on the same date as it was open.
• In case of pre-mature encashment-
  • before 1 year, no profit will be applied.
  • before 3 years, Mudaraba Savings Account’s provisional profit rate will be applied.
  • before 5 or 8 or 10 years, the account holder will get full benefit up to previous slab and Mudaraba Savings Account’s provisional profit rate for each subsequent year; no profit will be paid for fraction year.
• At the time of opening a MMSP opening of a ‘Mudaraba Savings Account’ is mandatory.

Other Terms and Conditions  

• ‘Uniform Account Opening Form’ will be used to open the aforementioned account.
• Customers can open account and deposit monthly installment in any banking (or working) day of a month.
• A customer will able to open several number of MMSP account in a single name.
• Minor shall be allowed to open this account under the condition that the parents or legal guardians maintain the account.
• The account holder will be given a ‘MMSP Acknowledgement Receipt’, which is not transferable. In case of lost or stolen or mutilation, duplicate ‘MMSP Acknowledgement Receipt’ may be issued at the request of the client, after completing necessary formalities as per Bank's existing rules.
• Until otherwise decided, the profit sharing ratio is 65:35 between ‘Customer’ (Sahib-Al-Mal) and ‘Bank’ (Mudarib).
• Bank will invest the MMSP fund through shariah compliant investment modes along with the other mudaraba fund to earn profit.
• Provisional profit calculated & credited which is ultimately adjusted with actual profit calculated at the year end. Until otherwise decided actual profit on the MMSP will be calculated on the basis of weightage as fixed by the management of the Bank.
• If the actual profit is higher than the provisional profit, bank will credit the excess amount to the beneficiary and if it is lower than the provisional rate, bank will claim refund from the beneficiary. However, if the amount of excess or shortfall is less than BDT 100/- than no party will claim refund & forego their respective claim.
• Specified monthly installment shall be deposited within10thday of every month. If the 10th day of any month is a holiday then installment may be deposited on the preceding working day.
• In case of failure to deposit the monthly installment within the stipulated time, penal charge will be deducted for every month @ 5% on the amount of default installments with the installment amount. The total amount of penalty will be posted manually in the respective field of Core Banking Software.
• Advance deposit of any quantum of monthly installment is acceptable.
• The account holder may avail ‘standing instruction’ facility for transfer of monthly installment amount from any other account maintained with the Bank. No charge will be applicable for this ‘standing instruction’.
• During the tenure of the MMSP, if total of any 3 (three) installments has not been deposited or defaulted, the account must be closed immediately.
• Bank reserves the right to change and modify any feature, terms and conditions from time to time and the customer shall have to abide by the same.
• For further information, follow the latest circular as well as Operational Manual of Islamic Banking of MBL.

Required Documents

• Duly filled up Uniform Account Opening Form.
• Two copies of recent passport size color photographs of Account Holder.
• One copy of recent passport size color photograph of each nominee attested by the Account Holder.
• Copy of NID/ Passport of Account Holder and each nominee.
• Copy of Utility Bill (Electricity Bill/ Land Phone bill/ Cell Phone Bill/ Gas Bill/ WASA Bill) in the name of Account Holder to identify present Address.
• Copy of e-TIN Certificate of the Account Holder (if any).
• Copy of Employee ID (if any) of Account Holder.
• Documents regarding income source(s) of the Account Holder.
• In case of house wife customers, the information of ultimate beneficial owner must be obtained and documents related to source(s) of fund must be collected.
• A separate sheet containing terms and condition of this deposit scheme duly attested by Account Holder.
• Any other document(s) required by the Bank from time to time.

Mudaraba Mashik Shanchay Prokolpa (MMSP) Provisional Profit Rate