Features of Mudaraba Foreign Currency Deposit A/C

Title of the Account

The title of the Account will be “Mudaraba Foreign Currency Deposit A/C” (MFCD A/C) Under “Mudaraba Foreign Currency Deposit (MFCD)” Scheme.

Objectives of such facility

• a) To create opportunity for the wage Earners and other Foreign Currency A/C holders who do not like to keep their funds in interest bearing deposit A/C or invest in interest bearing schemes.
• b) To promote savings in F.C by offering a secure and profitable F.C deposit product to the depositors/investors by sharing a portion of the profit, to be earned out of the investment of their funds as per Islami Shariah.
• c) To extend the Profit-based Bank’s Deposit Scheme for mobilization of remittances of Bangladeshi expatriates to increase the opportunity for their income generation and increase in the wealth of individual and of the nation.

Eligibility of the persons/Firms for opening MFCD A/C

• a) All non-resident Bangladeshi Nationals and persons of Bangladesh origin including those having dual nationality and ordinarily residing, abroad.
• b) Bangladeshi Nationals who bring foreign exchange at the time of their return from travel abroad.
• c) Foreign Nationals residing in Bangladesh and also Foreign Firms registered abroad and operating in Bangladesh.
• d) Foreign missions and their expatriate employees.
• e) Exporters out of their Exporter’s Retention Quota.

Opening of the A/C (Currency, Type and withdrawal)

A/C may be opened in US Dollar or other eligible currencies at the option of the A/C holder (However, at the moment, deposit in such A/C will be accepted only in US. Dollar)

Procedure/Requirement for opening of MFCD A/C

• i. The MFCD A/C will be opened with any A/D Branch of the Bank.
• ii. Related A/C opening form duly filled in and signed by the A/C holder.
• iii. In case of nomination, Signature of the nominee in the A/C opening form to be attested by the A/C holder.
• iv. Copy of National ID Card of Nominee is also required if Nominee is a Bangladeshi National or resides in Bangladesh.
• v. Photocopy of valid passport (up to VISA pages).
• vi. Passport size photographs of A/C holder 2 copies.
• vii. Nominee’s Photographs 2 copies (if there be any) duly attested by the A/C holder.
• viii. Service contract /selection letter /Appointment letter/VISA and other relevant papers regarding occupation.
• ix. A/C will be opened with the approval of the Branch Manager and the A/C number to be allotted to the client also to be inserted on A/C opening form.
• x. The particulars of A/C opening form shall be entered in the A/C opening Register serially.
• xi. KYC procedure to be followed properly to comply with the Anti Money Laundering Act.