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Mudaraba Masik Munafa Amanat Prokolpo
‘Mercantile Bank Islamic Banking offers different attractive deposit schemes under Mudaraba Principles of Islamic Shariah. ‘Mudaraba Masik Munafa Amanat Prokolpo’ (MMMAP) is a time specified deposit scheme for customers where a fixed amount of money deposited for a tenure of 3 or 5 years and the depositor will get a certain sum of money (provisional) in each month proportion to his/her deposited amount during the entire tenure. After maturity, principal amount will be back to the customer(s).

MMMAP is a profit or loss bearing amanat prokolpo. Bank will invest the MMMAP fund through shariah compliant investment modes along with the other mudaraba fund to earn profit. Actual profit on the MMMAP will be calculated on the basis of weightage as decided by the management of the Bank. Provisional profit on MMMAP will be given on maturity which will be subsequently adjusted with the actual profit at the end of the year. 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 Persons having contractual capabilities with sound mind (minimum age is 18 years), having genuine source of regular income and not adjudicated as insolvent by any court of law are eligible to open this account.
Any Institution or Organization operating in Bangladeshis also eligible to open this account.
Main Features
This deposit scheme is guided by the Mudaraba Principles of Islamic Shariah.
Account Holder(s) (single or jointly) are entitled to open this account.
Tenure is 3 years and 5 years.
The minimum deposit amount is BDT 50,000.00 or its multiples.
Provisional benefit BDT 650.00 will be paid each month against the deposit amount of BDT 1.00 Lac. Benefit amount will be increase or decrease proportionately to the deposited amount.
The account will be matured after completing specified years (3 or 5 years) on the same date as it was open. After maturity, principal amount will be back.
In case of pre-mature encashment-
- before 1 year, no profit will be applied.
- after 1 years, Mudaraba Savings Account’s provisional profit rate will be applied.
In case the account is closed before maturity, benefits paid earlier shall be deducted proportionately from the principal amount after adjusting with the profit applied at Mudaraba Savings Account’s provisional profit rate (if any).
At the time of opening a MMMAP opening of a ‘Mudaraba Savings Account’ is mandatory.
Other Terms and Conditions
‘Uniform Account Opening Form’ will be used to open the aforementioned account.
A several number of MMMAP account can be opened having same title of the accounts.
Minor shall be allowed to open this account under the condition that the parents or legal guardians maintain the account.
Deposited amount must be reserved for a period of 3/5 years.
A specially designed instrument (MMMAP receipt) shall be issued for the deposit amount under this scheme and the instrument is neither transferable nor negotiable. In case of lost or stolen or mutilation, duplicate ‘MMMAP 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 MMMAP 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 MMMAP 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.
A saving account shall be maintained in any branch of Mercantile Bank to receive monthly benefit payment.
Payment of provisional benefit shall start after the first month of opening account. The amount of benefit shall be automatically transferred in each month to the saving account of the Account Holder in any branch of Mercantile Bank.
Until otherwise decided, the MMMAP will not be automatically renewed for another term.
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.
Required Documents
Duly filled up Uniform Account Opening Form.
Two copies of recent passport size color photographs of Account Holder(s).
One copy of recent passport size color photograph of each nominee attested by the Account Holder(s).
Copy of NID/ Passport of each Account Holder and nominee.
Copy of Utility Bill (Electricity Bill/ Land Phone bill/ Cell Phone Bill/ Gas Bill/ WASA Bill) in the name of Account Holder(s) to identify present Address.
Copy of e-TIN Certificate of the Account Holder(s) (if any).
Copy of Employee ID (if any) of Account Holder(s).
Documents regarding income source(s) of the Account Holder(s).
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(s).
Any other document(s) required by the Bank from time to time.
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