Mudaraba Digun Briddhi Amanat Prokolpo

Mercantile Bank Islamic Banking offers different attractive deposit schemes under Mudaraba Principles to his customers. ‘Mudaraba Digun Briddhi Amanat Prokolpo’ (MDBAP) is a mode of deposit under Mudaraba principles of Islamic Shariah. MDBAP is a time specified deposit scheme for customers where the deposited money will be doubled (provisional) on maturity. A financial instrument (MDBAP receipt) is issued against each deposit under MDBAP. It is a profit or loss bearing amanat prokolpo. Bank will invest the MDBAP fund through shariah compliant investment modes along with the other mudaraba fund to earn profit. Actual profit on the MDBAP will be calculated on the basis of weightage as decided by the management of the Bank. Provisional profit on MDBAP will be given on maturity which will be subsequently adjusted with the actual profit at the end of the year.

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 under law of Land and operating in Bangladesh is also eligible to open this account.

Main Features

  • This deposit scheme is guided by the Mudaraba Principles of Islamic Shariah.
  • Bank will invest the MDBAP fund through sharia compliant investment modes along with the other Mudaraba fund to earn profit.
  • Account Holder(s) (single or jointly) are entitled to open this account.
  • Deposit amount becomes double (provisional) in stipulated period (at present 9 years).
  • The minimum deposit amount is BDT 10,000.00 or its multiples.
  • The account will be matured after completing specified years (at present 9 years) on the same date as it was open.
  • In case of premature encashment, Mudaraba Savings Account’s provisional profit rate will be applied; no profit will be applied before 1 year.

Other Terms and Conditions  

  • ‘Uniform Account Opening Form’ will be used to open the aforementioned account.
  • Customers can open account in any banking (or working) day of a month.
  • A several number of MDBAP 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.
  • A specially designed instrument (MDBAP 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 ‘MDBAP 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 MDBAP 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.
  • 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.
  • Until otherwise decided, the MDBAP 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.

Mudaraba Digun Briddhi Amanat Prokolpa (MDBAP) Provisional Profit Rate

 Deposit Product Name  Tenure  Weightage     Provisional Rate    
 Mudaraba Digun Briddhi Amanat Prokolpa (MDBAP)      10 years      1.10         7.18%


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