Islamic Banking » Investment Schemes » Bai Muazzal Account
Bai Muazzal Account
Terms and Conditions
Specific papers/documents on the basis of the type of the customer.
Photograph of Account holder is required.
Specimen Signature is required.
Introducer is required.
Nominee is required in case of individual.
Initial Deposit is not compulsory.
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.
Sole trader ship Firm.
Joint Stock Company.
Non Trading Concern (Club, Society etc).
Govt. /Autonomous Bodies.
Investment will be given and invested According to Shariah principles
It is permissible for the Client to place an order to purchase particular goods by the Bank deciding its specification and commit to buy the same from the Bank on Bai-Muajjal i.e. deferred payment sale at fixed price.
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
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
No profit on credit balance. Interest to be recovered for debit balances only. Daily product basis
For any query please Contact at: Tel: (PABX) 9551614 FAX: 880-2-9564009 or e-mail us at [email protected]