late payment fee charged but donated
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In all conventional investments, an extra amount is charged if the rent/installment is not paid on time. This extra amount is considered as riba and is Haram under Sharia. Islamic banking does not credit such amount to its income rather to a charity fund and administered for charitable purpose by the Bank.
All ownership related risks lie with the owners (bank & client) as per their share holding while all usage related risks rights and liabilities lies with the user.
No early adjustment fees.
Qard scheme
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slam differentiates between Loan & Investment. Islam allows loan as a form of social service among the rich to help those who are in need of financial assistance. Islam does not allow or recognize any loan that draws benefit to the debtor. Such Qard or Loan is very common in human history for long among peers, friends and relatives – but practice in the formal sector like banking; it is relatively new only in the Islamic banks.
No profit will be charged by the Bank on the Qard amount and no profit will also be credited/calculated by the Bank on the amount equal to the qard amount of the ATDR/MTDR till adjustment of the qard. In other words profit will be calculated only for the balance amount of ATDR/MTDR after deducting the qard amount.
This facility is available only against lien of TBL Al-wadia and TBL Mudaraba Term Deposits and only to the beneficiary of the deposits. No qard facility is allowed against 3rd party lien.
LIMIT : Qard facility is allowed maximum upto 80% of the face value of the Term Deposit.
TENURE: Maximum tenure of a qard facility is 12 (Twelve) months. However, a qard facility must be adjusted before maturity of the Term Deposit (against which the qard is allowed). In other words expiry of the qard facility should be within maturity date of TDR.
Mudaraba
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This deposit product is guided by the Mudaraba principles of Islamic sharia with additional conditions as stated below.
Bank will invest the MTD fund through sharia compliant investment modes along with the other Mudaraba fund to earn profit.
Until otherwise decided, the profit sharing ratio is 70:30 (Client70 & Bank 30) between TBL & the depositor in MTD.
Actual profit on the MTD will be calculated at the year end on the basis of weightage fixed by the bank.
Provisional profit on MTD will be given on maturity of the MTD which will be subsequently adjusted with the actual profit at the end of the year. If the actual profit is higher than the provisional profit, bank will credit the excess amount to the beneficiary and if it is lower than the provisional rate, bank will claim refund from the beneficiary. However, if the amount of excess or shortfall is less than Tk.100/- than no party will claim refund & forego their respective claim.
All Govt. Taxes, VAT, Excise duty etc imposed by the regulatory bodies time to time including management charges are applicable on MTD.
MTD can be opened for 3 months, 6 months & 12 months tenure or for any other tenure as approved by the bank.
If not instructed otherwise, the MTD will be automatically renewed for another term under the terms prevailing at the time of renewal along with the provisional profit, if any.
Minimum amount to open an MTD is Tk.1, 000/-. A Mudaraba Term Deposit Receipt (MTDR) shall be issued there against and MTDRs are not transferable. The beneficiary shall ensure safe keeping of the MTDR at his/her own risk and immediately notify the bank in case loss or damage of the MTDR.
“Qard” facility upto 80% of the MTD can be availed by the beneficiary by complying with the rules of Qard.
No profit shall be payable if the ATD is encashed before maturity. However, bank reserve the right to pay profit on the deposit amount at the rate of provisional Mudaraba Savings Deposits for a minimum period of 30 (thirty) days and its multiples.
The present provisional rate of 01 Month MTDR is 4.50% p.a. Provisional rate of 03 & 06 Months is 5.75% p.a. and 12 Month MTDR is 6.00% p.a.
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