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CHAPTER SEVEN

ISLAMIC BANKING

7.1 Definition of 'Islamic Banking'


Islamic Banking is a banking system that is based on the principles of Islamic law (also known Shariah) and guided by Islamic economics. Two basic principles behind Islamic banking are the sharing of profit and loss and, significantly, the prohibition of the collection and payment of interest. Interest is not permitted under Islamic law.

7.2 Islamic banking in Aman Bazar Branch:


This branch offers Islamic banking services to meet the demand of religious Muslims of the locality. The branch offers almost all the Islamic banking services as offered by the head office of the bank. The branch offers both Islamic deposit schemes and investment schemes to meet the increasing demand of the people.

Islamic deposit scheme Deposit Schemes


DETAILS
Specific papers/ documents on the basis of the type of the customer is required. The Client should approach the Bank through Mudaraba Savings Account Form. Photograph of Account holder is required Nominee required in case of individual. Initial deposit Tk.500/= (minimum) Closing Charge Tk.200/= Specific papers/ documents on the basis of the type of the customer is required Nominee required in case of individual. Initial deposit Tk.500/= (minimum). Minimum deposit Tk.5000/- to get profit from the account Closing Charge is Tk.200/=.

Investment Income Sharing Ratio Bank Depositor

Mudaraba Savings Account

55%

45%

Mudaraba Short Notice Deposit Account

65%

35%

Mudaraba Hajj Savings Account

Account must be opened only for an individual name. Any person can open account for one year to twenty years. If any person wants to perform hazz before the stipulated time then he or she needs to adjust the rest amount of money from his/ her own 15% sources. Nominee is a must. In case of death or any other major problem of the account holder the nominated person must perform Badla Hazz in place of the original account holder.

85%

Mudaraba Term Deposit Receipt

Specific papers/ documents on the basis of the type of the customer. Photograph of Account holder is required. Specimen Signature. Nominee required. Specific papers/documents on the basis of the type of the customer is required. Introducer is required. Installment size: Any amount multiple of TK.100/ Deposit date: At any day of the specific month. Closing charge is Tk. 200/ Specific papers/ documents on the basis of the type of the customer. Obtain and affix attested National ID card/ Passport. Nominee required in case of individual. Minimum initial deposit (Tk.1000/=). Minimum balance should be Tk.1000/ Closing Charge Tk.200/=

3
Months

30% 25% 20% 15% 17% 15%

70% 75% 80% 85% 83% 85%

6
Months

12
Months

24
Months & above

5
years

10
years

Mudaraba Deposit Pension Account

Al-Wadeeah Current Account

No specification

7.3 Islamic investment schemes 7.3.1 Bai Muazzal Account


Terms and Conditions
The Client is to offer & place order to purchase certain specific goods by the bank and commit to buy the same from the Bank on Bai-Muajjal i.e.: deferred payment sale at fixed price. The Client is to offer collateral security to guarantee the implementation of the promise to pay in future date. The Bank must purchase the goods and at the same time must deliver the goods to the Client on specified date, quantity, quality and price etc. The price has to be fixed and agreed and cannot be increased later. The Bank will sell the goods at agreed price, which will include price and the profit mark up. The client may apply for a limit under which disbursement may be made in deals fulfilling all deal wise documentation and application formalities.

Eligibility
Individual (Adult). Sole trader ship Firm. Partnership Firm. Joint Stock Company. Non Trading Concern (Club, Society etc).

Benefits/Features
It is permissible to make the promise binding upon the Client to purchase from the Bank, that is, he is to either satisfy the promise or to indemnify the damages caused by breaking the promise without excuse. Multiple Account May be allowed if sanctioned by the Authority Joint Account Allowed No Closing Charge Quarterly profit application in March, June, September and December each year Withdrawal Frequency Random by the Customers within the sanctioned limit. Excess over the limit may be allowed by the competent authority No profit on credit balance.

7.3.2Hire Purchase Shirkatul Melk (HPSM)


Terms and Conditions
Specific papers/documents on the basis of the type of the customer. Initial Deposit not compulsory. HPSM Investment to Commercial and Industrial undertaking in the form of Land, buildings, flats, commercial buildings, machineries, air conditioners, equipments (Lift & Elevators), transports, vehicles etc. HPSM Investment to Agriculture in the form of agricultural equipments, machineries, shallow tube wells, deep tube wells, tractors, trailers, etc. HPSM Transport in the form of Transport Bus, Car, Taxi, Launch, Cargo, Vessel, etc. HPSM in the form of Home Appliances and transshipment carriers etc. Hospital equipments, ambulance etc.

Eligibility
Individual (Adult). Sole trader ship Firm. Partnership Firm. Joint Stock Company. Non Trading Concern (Club, Society etc).

Benefits/Features
In Hire Purchase under Shirkatul Melk Agreement, the exact ownership of both the Hire (Bank) and Hirer (Client) must be recognized As the ownership of hired portion of the asset lies with the Hire (Bank) and rent is paid by the Hirer (Client) against the specific benefit, the rent is not considered as price or part of price of the asset Multiple Account May be allowed if sanctioned by the Authority Joint Account Allowed No Closing Charge Compound profit with quarterly rest Quarterly profit application in March, June, September and December each year Withdrawal Frequency Random by the Customers within the sanctioned limit. Excess over the limit may be allowed by the competent authority.

Present status of Islamic banking at Aman Bazar Branch