UAN: 111-331-331 23 February, 2012 | Rabi-ul-Awal 30, 1433

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MIIDA

A Deposit Account exclusively for Islamic Financial Institutions

The Meezan Islamic Institution Deposit Account (MIIDA) is a unique product, tailored exclusively for Islamic Financial Institutions (IFIs). With MIIDA, any IFI now has the opportunity to manage excess liquidity in an immediate and profitable manner by maintaining a checking account with Meezan Bank.

 

Meezan Islamic Institution Deposit Account (MIIDA) can be opened by Individuals, Sole-Proprietorships, Partnerships and Limited Companies.

 

MIIDA works 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 in the pool are invested under Islamic modes of finance that include but are not restricted to Murabaha, Sukuk and Ijarah.
 

The features and mechanics of the product are detailed below providing a ready-made solution ensuring high returns, easy accessibility, total stability, and absolute Shariah compliance.

 

  • A Checking Account only available for IFIs.
  • Deposits invested under a Mudarabah arrangement
  • Minimum investment amount- PKR 10,000,000/- or multiples thereof
  • Maximum investment amount – PKR 1 billion
  • Withdrawals of funds :
    • 24 hrs. notice for PKR 50 - 200M deposit
    • 48 hrs. notice for 200M+ deposit
  • Profit disbursed on a monthly basis
  • Profit calculated on daily product basis

 

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

 

 

Weightages for the Month of February 2012

 

Account Categories
Profit Distribution Periods/
Tier groups
Weightage Assigned
     
Meezan Islamic Institution Deposit Account
10M-199.9M
0.85
Meezan Islamic Institution Deposit Account
200M-399.9M
1.00
Meezan Islamic Institution Deposit Account
Above 400M
1.08

 

Consolidated Weightages

Profit Rates for the month of January 2012

Tier (PKR)
Profit Rates (% per annum)
   
10 million to 199.99 million

5.60%
200 million to 399.99 million
6.58%
Above 400 million

7.11%

 

 

 Historical Profit Rates

Shariah Fatwa 

We at Meezan Bank, look forward to your positive response and the opportunity to provide you with outstanding service.

 

Our Treasury and Financial Institution Department may be contacted at

 

Meezan Bank Limited
Mr. Abdullah Ahmed – Head of Treasury and FI
Meezan Bank Limited, Meezan House, C-25 Estate Avenue, SITE, Karachi.
Phone: +92 (21) 38103500
Email: abdullah.ahmed@meezanbank.com

 

For assistance in account opening make an appointment with our officer or call our 24/7 Call Center

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