Meezan Amdan Certificate (MAC) 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.
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
For Individuals = Rs. 100,000/For widows and senior citizens = Rs. 50,000/-
Pre-mature withdrawal can be made as per approved schedule
The Distributable income of the deposit pool is distributed among the bank (Mudarib) and customers (Rab ul Maal) on the basis of a pre-determined profit sharing ratio and weightages which shall be announced 3 days before beginning of every month and shall not be changed during the month. According to the sprit of Mudarbah, the profit rates are calculated and announced up to seven days of the subsequent month from the monthly income of the trade activities of the pool. Conversely, in case of the loss as per the rule of Mudarbah, the Rab ul Maal shall bear the loss in the ratio of their investment.
Bank will share 50% of Gross Income as Mudarib
Depositor will share 50% of Gross Income as Rab-ul-Maal
|Account Categories||Profit Distribution Periods/Tier groups||Weightage Assigned|
|Meezan Aamdan Certificate 5.5 years||Monthly||0.68|
|Meezan Aamdan Certificate 7 years||Monthly||0.68|
Zakat Clause : In Meezan Amdan Certificate Zakat is deducted as per the directives of Zakat and Ushr Ordinance, 1980. Therefore, customers are advised to calculate their Zakat as per the guidelines of their respective school of thought (Makatib e fikr).
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