MTB Yaqeen Mudarris Savings Schemeis a recurring deposit product, especially designed for the teachers–the most respectable professionals of the society, on the principle of Mudarabah,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).

Key Features:

  • Any Bangladeshi citizen/resident aged 18 years or above and engaged in teaching profession can open this scheme.
  • A teacher 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 2/3/5/8/10/12/15 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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