Mudharabah Savings Account
This is a Savings Account that works on the basis of ‘Mudharabah’. The minimum investment required for opening an account is Rs. 1,000. There is no restriction on withdrawals and/or numbers of transactions and no service charges are applicable if the balance maintained is low. The Account holder receives globally accepted VISA Debit Cards as well as a SMS Alert Service on all transactions. The account holder is permitted to withdraw Rs. 100,000/= per day.
Usfoor Minor Savings Account
This is a unique savings account for minors that offers a good rate of return above the normal market rate. The profit is calculated monthly and credited into the account. The minimum investment required for such an account is Rs. 500/=. The money can be withdrawn by the parent or the legal guardian for education and hospitalization purposes. If the minor attains the age of maturity, the account will be converted to as normal Mudharabah Savings Account.
12 Months Mudharabah Investment Account
The 12 monthly Mudharabah Certificate is a medium-term deposit product for an investment period of one year only. Profit is paid on maturity with re-investment options available on a continuous basis. The minimum investment required is Rs. 100,000/= (for widows and senior citizens the minimum investment is Rs. 50,000/= for Mudharabah investment yielding monthly profits). Pre-mature withdrawal can be made with prior notice. Profit is calculated with a higher profit share to investors/depositors. Senior citizens also receive a higher profit share ratio for their investments compared to general Mudharabah Investments.
Short Term Mudharabah Investment Account
This is a term deposit certificate for investment periods ranging from 3 months to 6 months with profit payment on maturity. The minimum investment required is Rs. 50,000/= and there is no limit on maximum investment that can be made. Pre-mature withdrawal can be made with prior notice. The profit share ratio given to our customers differs on the basis of the investment period.