MTB Yaqeen

MTB Yaqeen Umrah Savings Deposit Scheme is a monthly savings deposit product, designed on the basis of Mudarabah principles, a form of partnership between the client and MTB Yaqeen. The depositor is the ‘Rab-ul-Maal’ or capital provider and the bank is the ‘Mudarib’ or user of the client’s funds. MTB Yaqeen allocates the funds to a deposit pool which is utilized under Shari’ah compliant modes of financing. Income from such financing activities are distributed between MTB Yaqeen and its client as per pre-agreed Income Sharing Ratio (ISR).This scheme will enable the Muslims to build up fund required for performing the holy Umrah, through monthly installments over a period of time.

Key Features:

  • Any Bangladeshi Muslim citizen /resident aged 18 years or above can open this scheme.
  • Legal guardians can open and operate a scheme on behalf of a minor.
  • This scheme can be opened with a monthly installment of BDT 500 or its multiple amount.
  • This scheme can be opened for a tenure of 6 months/1/2/3/5/7/8years.
  • No late payment fee is charged for overdue installments.
  • Profit rate is derived from the pre-agreed Income Sharing Ratio (ISR) on monthly basis.
  • Profit rate may vary with any variation in bank’s income.
  • Qard/withdrawal facility up to 90% of the principal value can be availed.

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