UAN: 111-331-331 04 February, 2012 | Rabi-ul-Awal 11, 1433

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Meezan Amdan Certificate

Ensuring Riba Free Long Term Investments with Halal Monthly Returns

Meezan Amdan Certificate is a Mudarabah-based long-term deposit product that offers a high expected return to investors and is ideal for those individuals and corporate clients who need a regular stream of monthly income.

 

Meezan Amdan Certificates 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 Meezan Amdan Certificate is available for Individuals and businesses including Sole Proprietorships, Partnerships and Limited Companies.

 

Invest in Meezan Amdan Certificate!

Visit any of Meezan Bank’s branches, fill-in the Application Form and complete a few simple formalities required for investing in Meezan Amdan Certificates. This is all you need to do to enjoy our personalized banking services.

Enjoy a range of valuable features including:

 

  • Minimum investment required is Rs. 100,000/
  • Minimum  investment for widows and senior citizens is Rs. 50,000/-
  • Investment can be made for 5 1/2 years and 7 years
  • Profit payment is made to your Meezan Bank account on a monthly basis
  • Pre-mature withdrawal can be made as per approved schedule
  • Free first cheque book for customers who open an account for MAC issuance

 

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 Aamdan Certificate 5 1/2 years
Monthly
1.62
Meezan Aamdan Certificate 7 years
Monthly
1.83

 

Consolidated Weightages

Profit Rates for the month of December 2011

Period
 
Monthly Profit Rates (% per annum)
 
5 1/2 years
10.72%
7 years
12.10%

 

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 Meezan Aamdan Certificate (Effective Nov 1, 2009)
S.No.
Premature Encashment
Rates Applicable
1.
Within 1 month
No Profit
2.
1 Month to less than 1 Year
Saving Account Rate
3.
1 Year to less than 5 Years
Monthly COII rates of respective period
4.
5 Years and above
5 Year - Monthly COII rate

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