UAN: 111-331-331 / 111-331-332  | 26 May, 2013 | Rajab 15, 1434 Contact Us | News

Meezan Bank Logo

Home | Personal Banking | Term Certificates | Dollar Mudarabah Certificate

Dollar Mudarabah Certificate

Halal, Riba-Free Investment with Competitive Returns

The Dollar Mudarabah Certificate (DMC) is a deposit product through which you can invest your US Dollars with Meezan Bank for periods ranging from 3 months to 3 years and earn six-monthly or at maturity profit payments on your investment.

 

Dollar Mudarabah Certificates (DMC) work on the principle of Mudarabah under which the customer is an Investor (Rab-ul-Maal), and the Bank is the Manager (Mudarib) of the funds deposited by the customer. The Bank allocates the funds received from the customers to a Deposit pool; funds from the pool are utilized to provide financing to customers under Islamic modes that include, but are not restricted to Murabaha, Ijarah, Istisna and Diminishing Musharakah.

 

The Dollar Mudarabah Certificate is an ideal investment for Individuals, Sole Proprietorships, Partnerships and Limited Companies.

Enjoy a range of valuable features including:

 

  • Minimum Investment required is USD 10,000/-
  • Investment tenures are 3 months, 6 months, 1 year and 3 years
  • Profit payment will be made either at maturity or on a  six-monthly basis to your Meezan Bank Dollar Saving Account
  • Pre-mature withdrawal options available as per approved Early Redemption Schedule

 

Profit sharing & Distribution Method

 

The Bank calculates the profit of the deposit pool every month. Gross income of the deposit pool is shared between the Bank (Mudarib) and customers (Rab-ul-Maal) on the basis of a predetermined profit-sharing ratio announced at the beginning of the month. The profit is distributed amongst the Account holders on the basis of predetermined weightages, announced at the beginning of the month. In case of a loss, as per the rules of Mudarabah, the Rab-ul-Maal shall bear the loss in the ratio of their investment.

 

 

Profit Sharing Ratio

  • Bank will share 50% of Gross Income as Mudarib
  • Depositor will share 50% of Gross Income as Rab-ul-Maal

Profit sharing & Distribution Method

 

The Bank calculates the profit of the deposit pool every month. Gross income of the deposit pool is shared between the Bank (Mudarib) and customers (Rab-ul-Maal) on the basis of a predetermined profit-sharing ratio announced at the beginning of the month. The profit is distributed amongst the Account holders on the basis of predetermined weightages, announced at the beginning of the month. In case of a loss, as per the rules of Mudarabah, the Rab-ul-Maal shall bear the loss in the ratio of their investment.

 

Profit Sharing Ratio

  • Bank will share 60% of Gross Income as Mudarib
  • Depositor will share 40% of Gross Income as Rab-ul-Maal

 

Weightages for the Month of May 2013

 

Account Categories
Profit Distribution Periods/
Tier groups
Weightage Assigned
Dollar Mudarabah Certificate - 3 months
Maturity
10K - 49.9K
0.77
Dollar Mudarabah Certificate - 3 months
Maturity
50K & Above
0.87
Dollar Mudarabah Certificate - 6 months
Maturity
10K - 49.9K
0.84
Dollar Mudarabah Certificate - 6 months
Maturity
50K & Above
0.91
Dollar Mudarabah Certificate - 1 year
6 Monthly
10K - 49.9K
1.19
Dollar Mudarabah Certificate - 1 year
6 Monthly
50K & Above
1.26
Dollar Mudarabah Certificate - 1 year
Maturity
10K - 49.9K
1.23
Dollar Mudarabah Certificate - 1 year
Maturity
50K & Above
1.30
Dollar Mudarabah Certificate - 3 years
6 Monthly
10K - 49.9K
1.26
Dollar Mudarabah Certificate - 3 years
6 Monthly
50K & Above
1.33
Dollar Mudarabah Certificate - 3 years
Maturity
10K - 49.9K
1.30
Dollar Mudarabah Certificate - 3 years
Maturity
50K & Above
1.35

Consolidated Weightages

Profit Rates for the month of April 2013

Period
Profit Rates (% per annum) 10K - 49.9K
 
Six Monthly
Maturity
Three Months
-
1.63%
Six Months
-
1.77%
One Year
1.84%
1.92%
Three Year
1.98%

2.07%

 

Period
Profit Rates (% per annum) 50K & Above
 
Six Monthly
Maturity
Three Months
-
1.84%
Six Months
-
1.92%
One Year
1.98%
2.07%
Three Year
2.13%
2.17%

 

 Historical Profit Rates

Shariah Fatwa 

Premature Encashment of a Certificate(s)



In case of Premature Encashment of a certificate(s), profit will be paid with respect to the applicable product category rate mentioned below.

 

Early Redemption Schedule for the Dollar Mudarabah Certificate (Effective: Nov 1, 2009)
S No.
Tenure
Rates Applicable on Premature Encashment within
    1 Months 3 Months 6 Months 1 Year 2 Years 3 Years
1.
3 Months
No Profit $ Saving Rate        
2.
6 Months
No Profit $ Saving Rate 3 Months
$ COII
     
3.
1 Year - 6 Monthly
No Profit $ Saving Rate 3 Months
$ COII
6 Months
$ COII
   
4.
1 Year - Maturity
No Profit $ Saving Rate 3 Months
$ COII
6 Months
$ COII
   
5.
2 Years - 6 Monthly
No Profit $ Saving Rate 3 Months
$ COII
6 Months
$ COII
1 Year -
$COII 6monthly 
 
6.
2 Years - Maturity
No Profit $ Saving Rate 3 Months
$ COII
6 Months
$ COII
1 Year -
$COII 6monthly
 
7.
3 Years - 6 Monthly
No Profit $ Saving Rate 3 Months
$ COII
6 Months
$ COII
1 Year -
$COII 6monthly
1 Year -
$ COII maturity
8.
3 Years - Maturity
No Profit $ Saving Rate 3 Months
$ COII
6 Months
$ COII
1 Year -
$COII 6monthly
1 Year -
$ COII maturity

 

To invest in a Meezan Bank Term Certificate, visit any of Meezan Bank’s branches and complete a few simple formalities including providing your Meezan Bank deposit account details or opening a Deposit Account at the branch.

 
*The Bank reserves the right to request further documentation on a case-to-case basis.

 

Apply Now

 

Personal Accounts

 

For Individuals (inclusive of Housewives / Students / Retired Personnel)

  • CNIC / NICOP / POC (signed by customer)
  • Any job / Business proof 
  • Any other related document requested by the Bank
     

 

For a Non-Resident Pakistani (Pakistani Nationals Residing outside Pakistan)

  • NICOP / CNIC
  • Visa/Passport Copy
  • Job Proof (Salary Certificate/Slip) / Business Proof

 

 

For Minors (individuals below the age of 18)

  • Attested copy of Birth Certificate
  • Attested copy of B Form
  • CNIC copy of guardian
  • Valid proof of source of income of guardian

 

Business Accounts

 

For a Limited Company

  • Attested copy of Certificate of Incorporation
  • List of Directors
  • Attested copy of Memorandum & Articles of Association
  • Board Resolution
  • Attested copy of Certificate of Commencement of Business (For Public Ltd. Co.)
  • Attested copies of CNICs of all Directors / Signatories
  • Latest copy of certified Form-29 issued by SECP

 

For a Sole-Proprietorship

  • CNIC of Proprietor
  • Attested Copy of NTN Certificate
  • Account Opening Request & Proprietorship Letter on Firm's Letter Head

 

For a Partnership

  • Partnership Deed (attested by notary public)
  • Letter of Authority & Mandate (if applicable)
  • Attested copies of CNICs of all Partners
  • Account Opening Request Letter on Firm's Letter Head
  • Attested copy of Registration Certificate with registrar of the firms

 

For a Club / Society / Association / Trust

  • Copy of Rules/By-Laws
  • Copy of Registration Certificate
  • List of Executive Members/Management Committee/Management Body
  • Copy of Resolution
  • CNICs of all Members of Management Body
  • Undertaking to immediately inform the Bank in writing about any changes in Management Committee/Authorized persons.

 

 

 

 

Register for Meezan Internet Banking Accout Login to your Meezan Internet Banking Account