The Certificate of Islamic Investment (COII) is a Mudarabah-based deposit product through which you can invest your savings for one year and earn Halal profit on a periodic basis.
The customer enters into a relationship based on Mudarabah with Meezan Bank. Under this relationship, the customer is an Investor (Rab-ul-Maal) and the Bank is the Manager (Mudarib) of the funds deposited by the customers. 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. In case of a loss as per the rule of Mudarabah, the Rab-ul-Maal shall bear the loss as per 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
|Products||Tier groups||Weightage Assigned|
|COII - Senior 1 Year (Monthly)||50K & Above||0.68|
|COII - Senior 1 Year (Maturity)||50K & Above||0.72|
|COII - Senior 1 Year||Monthly||17.00%|
|COII - Senior 1 Year||Maturity||18.00%|
Zakat Clause : In COIIs 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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