The Riba-Free Monthly Mudarabah Certificate (MMC) is a short-term deposit product which has been designed to give you expected monthly returns.
One month with re-investment option available on a continuous basis
Monthly profit payment will be made to your Meezan Bank account
Minimum Investment required is 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 Distributable Income as Mudarib
Depositor will share 50% of Distributable Income as Rab-ul-Maal
|Account Categories||Profit Distribution Periods/Tier groups||Weightage Assigned|
|Monthly Mudarabah Certificate||50K - 0.99M||0.42|
|Monthly Mudarabah Certificate||1.0M - 9.99M||0.42|
|Monthly Mudarabah Certificate||10.0M - 49.99M||0.45|
|Monthly Mudarabah Certificate||50.0M - 99.99M||0.45|
|Monthly Mudarabah Certificate||100.0M - 499.99M||0.48|
|Monthly Mudarabah Certificate||500.0M - 999.99M||0.48|
|Monthly Mudarabah Certificate||1.0B & Above||0.48|
|Product||Average Monthly Balance (PKR)||Profit Rates (% per annum)|
|MMC||50 K- 0.99 M||7.00|
|MMC||1.0 M - 9.99 M||7.00|
|MMC||10.0 M - 49.99 M||7.50|
|MMC||50.0 M - 99.99 M||7.50|
|MMC||100.0 M - 499.99 M||8.00|
|MMC||500.0 M - 999.99 M||8.00|
|MMC||1 B & Above||-|
Zakat Clause : In Monthly Mudarabah 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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