Features and Benefits
- Half-yearly profit payable
- Minimum balance for earning profit is BDT 5,000 only
- Instant debit card & instant transaction facility
- Free half yearly statement
- Cash back facility on spending amount through CitymaxX card
- Citytouch digital banking facility
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
Profit-Sharing
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?
- The 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 the Bank is negligent.
Shariah Pronouncement
﴿بسم الله الرحمن الرحيم﴾
الحمد لله رب العالمين، والصلاة والسلام على رسول الله، وعلى آله وصحبه أجمعين.
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 customers from time to time
Approval of Shariah Supervisory Committee
The Shariah Supervisory Committee of City Bank has reviewed the Islamic Savings Account documentation, related contracts, and process.
Therefore, We the “Shariah Supervisory Committee” for City Bank confirm that in our opinion the “Islamic 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
The Islamic Savings Account is based on the Islamic partnership contract Mudarabah.
