Eligibility

• Must be a citizen of Bangladesh
• Above 18 years old

Required Documents 

• NID/Birth certificate/Passport
• Photograph – 2 Copies
• Nominee photograph – 1 Copy
• Nominee’s NID/Birth certificate/Passport
• Income source document
• E-TIN

*Above documents are not required if customer already having current/savings account with City Bank.
*Bank may ask any additional document if required so.

Profit Sharing Ratio

Profit will be shared based on the income-sharing ratio between Mudarabah Depositors pool and the Bank, and assigned weightage as published by the Bank.To know more, please click here.

How does it work?

• Customer provides funds to the bank.
• Bank pools funds from the customers and invest them in Shariah-compliant activities.
• Income derived from the activities are shared between Mudarabah Depositors pool and the Bank based on agreed income-sharing ratio and distributed among the depositors as per weightage assigned to the product category.
• Any losses will be borne by the customer except when bank is negligent.

Shariah Pronouncement

All praise to Allah and May peace and blessings be upon his messenger, his family, his companions and all followers of his guidance.

Shariah Structure of the Product

• This is an investment account based on partnership contract Mudarabah.
• Under this contract, the customer (Rab-ul-Mal) places fund as capital with the bank
• City Islamic as Mudarib, invests the deposits in Shariah-compliant way.
• These financing transactions and their documents are vetted and supervised by the Shariah Supervisory Committee
• Income derived from the activities are shared between Mudarabah Depositors pool and the Bank based on agreed income-sharing ratio and distributed among the depositors as per weightage assigned to the product category.
• In terms of loss, the customer will bear all the monetary loss whereas the bank will bear the loss of its effort.
• Bank on its sole discretion can provide Hibah (gift) to customer from time to time.

Approval of Shariah Supervisory Committee

The Shariah Supervisory Committee of City Bank has reviewed the Islamic High Value Savings Account documentation, related contracts and process.

Therefore, We the “Shariah Supervisory Committee” for City Bank confirm that in our opinion the “Islamic High Value Savings Account” is in accordance with the Mudarabah principle of Islamic finance and hence we allow the bank to provide this product to its customer.

And Allah Knows Best.

_____________________

Mohammad Mizanur Rahman
Chairman
Shariah Supervisory Committee, City Bank
 

Contract

Islamic High Value Savings Account is based on Islamic partnership contract Mudarabah.