MTB Yaqeen Farmer Savings Schemeis a recurring deposit product, especially designed for the farmers-the backbone of a nation,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 product enables the eligible intended farmers to build up their planned fund, through monthly installments over a period of time.

Key Features:

  • Any Bangladeshi citizen/resident aged 18 years or above and engaged in farming as a profession, can open this scheme.
  • A farmer as legal guardian can open and operate this scheme on behalf of a minor.
  • This scheme can be opened with an initial monthly installment of BDT 500.
  • The subsequent amount of installment can be BDT 500 or any multiple amount of BDT 500.
  • Account can be opened for any tenure of 3/5/7/10 years.
  • 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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