Meezan Bank aims to provide best-suited products and services to meet the financial needs for different segments of society. Senior citizens/widows/disabled personnel are an important and priority segment of our society deserving our special attention.
By placing funds in Mudarabah-based Meezan Amdan Certificate (MAC); the senior citizens, widows and disabled persons can now enjoy higher returns on monthly basis for a period of five and a half years and seven years respectively.
Investment can be made for 5.5 years and 7 years
Profit payment is made in the account on monthly basis.
Investments can be made for as low as Rs. 50,000, upto the maximum limit of Rs. 5 Million in each tenure (5.5 years and 7 years)
Pre-mature withdrawal can be made as per approved schedule
*Senior Citizens are considered to be of age 60 years and above.
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|
|MAC-Senior Citizens 5 - 1/2 years||Monthly||0.91|
|MAC-Senior Citizens 7 years||Monthly||0.98|
|Period||Monthly Profit Rates (% per annum)|
|5 - 1/2 years||9.54%|
Zakat Clause : In MAC, 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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