Dubai Islamic Bank - Fixed Deposit
Islamic Saving Schemes in PakistanCreated: Friday, 16 October 2009 20:02
Modified: Thursday, 22 October 2009 22:10
Dubai Islamic Fixed Deposit Account offers the ideal mix of long and short term benefits to depositors seeking attractive and Halal returns on their savings. With a history of high profit payouts Dubai Islamic Fixed Deposit Account is an excellent investment vehicle for depositors with excess funds.
By investing in the Dubai Islamic Fixed Deposit Account, the depositor (fund provider or Rabbul-Maal) authorizes DIBPL (fund manager or Mudarib) to invest his/her funds on the basis of unrestricted Mudaraba contract according to the principles of Sharia. DIBPL invests these funds in its Common Mudaraba Pool with other deposits and the shareholders’ equity. The profit on the Common Mudaraba Pool is distributed amongst the shareholders’ and depositors on the basis of agreed upon weightages which take into consideration the tenor, amount of deposit and profit payment frequency of the account.
Fixed Deposit placements can be made in:
Pak Rupees
US Dollars
Investment options are indicated below
| Saving Scheme Details | |
| Scheme Type: | Islamic |
| Type: | Account |
| Minimum Deposit: | 100000 |
| ATM/Debit Card: | Yes |
| Key Features: | * Free access to Dubai Islamic Internet Banking gives you the convenience to easily monitor your fixed deposits * Minimum investment amount as low as Pak Rs.100,000/- or USD 2000/- * Available in tenors of 1, 3, 6 months or 1, 2, 3, 5 and 7 years * Profit frequency options are monthly or quarterly, semi-annually or at maturity * Pre-mature withdrawal shall be at the discretion of DIBPL. In case of such a premature encashment, profit shall be recalculated/adjusted on the basis of the weightage of the tier for which the deposit has remained in the Bank * Fixed deposits can be encashed at maturity from any branch of DIBPL across Pakistan * 24/7 Call Center with complete Tele-banking services * Acceptable as Collateral for other Banking Facilities * Profit sharing on Mudaraba basis within the Common Mudaraba Pool with weightage points allocated on the basis of tenor, amount limit and profit payment frequency * Account Holder bears loss in proportion to his/her investment in the Mudaraba Pool * Account Holder can give standing instructions for re-investment or roll-over of deposit for the next applicable period * Enjoy Dubai Lounge Priority Banking services on meeting the balance requirements (as mentioned in the Schedule of Bank Charges) and enjoy a host of exclusive privileges |
| Premature Encashment: | Yes |
| Conditions of Premature Encashment: | Pre-mature withdrawal shall be at the discretion of DIBPL. In case of such a premature encashment, profit shall be recalculated/adjusted on the basis of the weightage of the tier for which the deposit has remained in the Bank. |
| Zakat Deduction: | 2.5% on first Ramadan |
| Eligibility & Terms: | Investing couldn’t be easier: 1. Visit any DIBPL branch and open a checking account (current or savings). Don’t forget to apply for Your VISA debit card, Internet banking and Phone Banking to enjoy 24/7 access to your funds. 2. Once your checking account is opened, you can place a fixed deposit by visiting the branch, via Dubai Islamic Internet Banking or Phone Banking 3. Profits are automatically deposited into your linked checking account. You can utilize your profit amount without visiting the branch by using your VISA debit card at ATMs or merchant locations |
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Islamic Saving Schemes in Pakistan
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