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Islamic Mode
of Deposit |
Mudaraba Education
Savings Scheme |
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We are receiving demands from the Islamic minded people of our country for an
attractive Savings Scheme on the basis of Islamic Shariah so as to encourage them to save
in Islamic way for education of their children.
With this end in view, Prime Bank Limited has introduced a Savings Scheme entitled
“Mudaraba Education Savings Scheme (MESS)” in accordance with the principles of Islamic Shariah
i.e., on the basis of profit and loss sharing. The scheme provides a unique opportunity to
the parents to make a future provision for the educational expenses of their children when
they enter into Schools, Colleges and Universities out of the benefit of a small amount of
savings with the Bank at an opportune moment. |
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The salient features of the Scheme are given below : |
| 01. |
Deposit of Tk.
50,000/- and multiples thereof but maximum limit of Tk.
5,00,000/- at a time will be acceptable under the Scheme. |
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02. |
A
specially designed Receipt shall be issued for the deposit under
the Scheme in the same manner as issued in case of Mudaraba Term
Deposit Receipt (MTDR). |
| 03. |
The instrument shall be issued for
5 years term. |
| 04. |
On
maturity an estimated lump sum amount of Tk. 85,382/- shall be payable or
education allowance at an estimated rate of Tk. 1,854/- per month per Tk.
50,000/- shall be payable on the basis of deposit amount for
next 5 years starting from the completion of the term as per
following table. |
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Initial Deposit (Taka)
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Estimated lump sum amount payable at maturity
(Taka)
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Estimated amount of Education allowance per month
(Taka) |
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50,000/- |
85,382/- |
1,854/- |
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1,00,000/- |
1,70,763/- |
3,705/- |
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1,50,000/- |
2,56,145/- |
5,558/- |
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2,00,000/- |
3,41,526/- |
7,410/- |
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2,50,000/- |
4,26,908/- |
9,263/- |
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3,00,000/- |
4,69,704/- |
11,115/- |
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3,50,000/- |
5,47,988/- |
12,968/- |
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4,00,000/- |
6,26,272/- |
14,820/- |
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4,50,000/- |
7,04,556/- |
16,673/- |
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5,00,000/- |
7,82,840/- |
18,525/- |
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| 05. |
Lump sum amount and monthly
allowances may be varied because lump sum amount and monthly
allowances will be calculated according to profit sharing /
weightage basis. The minimum weightage for profit sharing under
this scheme will be 1 (One). |
| 06. |
To avail the monthly allowance, the
depositor is required to surrender the savings instrument to the
Bank duly discharged with a written instruction to the Bank to
pay the allowance to his ward on monthly installment basis as
stipulated in the scheme. |
| 07. |
Photograph of the Nominee and
Ultimate Beneficiary, if any, duly attested by the depositor,
shall be obtained at the time of opening the account. |
| 08. |
Normally no withdrawal will be
allowed before maturity. But if any depositor intends to
withdraw his deposit before maturity, the following rules will
apply: |
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a) |
No benefit
including profit shall be allowed for pre-mature encashment within
one year. |
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b) |
If the
accounts / deposits are closed / encashed after one year of its
opening, profit shall be allowed on the deposit at prevailing
Mudaraba Savings Deposit rate. |
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09. |
The instrument will be acceptable as
collateral security against any investment subject to
registering lien with the issuing Branch. |
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10. |
In case of death of depositor, the
amount of the instrument will be paid to the nominee or, in the
absence of a nominee, to the legal heirs of the depositor on
production of succession certificate. |
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11. |
But if the nominee after the demise
of the depositor intends to continue the deposit to enjoy the
monthly educational allowances for five years, as admissible
under the rules of the scheme, the receipt should be surrendered
to the Bank on maturity duly discharged by the nominee and duly
authenticated by the legal guardian. |
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12. |
In case of instrument is lost the
procedure for the issuance of a duplicate will be the same as
applicable in case of loss of MTDR. |
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