Mudaraba Monthly Saving Scheme (MMSS) is a mode of deposit under Mudaraba principles of Islamic Shariah. It is a profit / loss bearing product. These deposits are repayable subject to a period of notice and hence known as time deposits or time liabilities meaning thereby that these are withdraw able subject to a period of notice and not on demand. Deposits under MMSS are accepted for different tenures as decided by the Bank and are entitled to receive profit on their deposit on the basis of weightage as decided by the management. A receipt is issued against each deposit under MMSS.
- This deposit product is guided by the Mudaraba principles of Islamic shariah.
- Until otherwise decided, the profit sharing ratio is 65:35 between Client & the bank.
- Actual profit on the MMSS will be calculated at the day ended on the basis of weightage fixed by the bank.
- Bank will invest the MMSS fund through shariah compliant investment modes along with the other Mudaraba fund to earn profit.
- All Govt. Taxes, VAT, Excise duty etc imposed by the regulatory bodies time to time including management charges are applicable on MMSS.
- MMSS can be opened for 5 years, 8 years, 10 years & 12 years tenure or for any other tenure as approved by the bank.
- No profit shall be payable if the MMSS is encashed before maturity. However, bank reserve the right to pay profit on the deposit amount at the rate of provisional Mudaraba Savings Deposits.
- Present Provisional Profit rate for MMSS is 5.00% p.a.
Any Person, Club, Society and similar organization also eligible to open account providing Bye-Laws/Regulation/Articles of Association acceptable to the bank.