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Basel –II Market Disclosure
Mudaraba Hajj Deposit Scheme
An adult person having sound mind can open one account only, in his/her single name with any of the branches of the bank.
The tenure of Mudaraba Hajj Deposit Scheme will be 5, 8, 10, 15 and 20 years. The client may choose any tenure and deposit the prescribed monthly installment to perform Hajj in the predetermined year.
The monthly installment amount prescribed in the following table is calculated for different years considering the Hajj expense of 2008 for Tk. 2,20,000.00 and yearly 6% increment there-against:
Term 2016 2017 2018 2019 2020
Monthly Installment Amount Payable Monthly Installment Amount Payable Monthly Installment Amount Payable Monthly Installment Amount Payable Monthly Installment Amount Payable
5 Years 6427 481761 6812 510667 7221 541307 7654 573785 8114 608212
8 Years 4165 573785 4415 608212 4679 644705 4960 683387 5258 724391
10 Years 3404 644705 3609 683387 3825 724391 4055 767854 4298 813925
15 Years 2370 862761 2512 914527 2663 969398 2823 1027562 2992 1089216
20 Years 1831 1154569 1941 1223843 2058 1297273 2181 1375110 2312 1457616
The client will deposit amount as per installment size prescribed for the year in which the client desires to perform the Hajj.
Profit against balance of Mudaraba Hajj Deposit Scheme will be credited on daily product basis and it will bear 1.10 profit weightage.
If any client desires to perform Hajj before his predetermined year, the client will deposit rest of the amount of Hajj expense fixed for that particular year considering the installment amount already deposited by the client.
If the client fails to perform Hajj for any unavoidable circumstance, the rate of profit prescribed for Mudaraba Hajj Deposit Scheme will not be allowed against his/her deposited amount. In that case, profit against the deposited amount will be credited at the provisional rate of profit prescribed for Mudaraba Savings Account, which was prevailed at the time of opening the Mudaraba Hajj Deposit Scheme.
No cheque book will be issued to the client as the deposited amount of Mudaraba Hajj Deposit Scheme is not chequeable.
There will be 12 installments in a year and accordingly 60 installments for 5 years, 120 installments for 10 years and 240 installments for 20 years.
The client is required to deposit the installment amount on or before 5th day of each month. If the client wants to deposit the installment(s) in advance, the same will be received by the bank but profit will be allowed there-against considering the installment deposited for each succeeding month.
If the client fails to deposit 03 (three) consecutive installments, the account will be considered as cancelled and profit against balance of deposited amount will be allowed at the provisional rate of profit prescribed for Mudaraba Savings Deposit. If the client fails to deposit two consecutive installments, the account will remain operative. But the recurrence of same instances twice a year or separately 05 (five) times in the selected tenure will lead the Bank to cancel the account.
If the total deposited amount along with profit given by the bank becomes higher than Hajj expense determined by the respective authority for that particular year, the additional amount will be given to the client. On the other hand, the depositor must bear the additional amount if Hajj expense determined by the respective authority for that particular year becomes higher than the total deposited amount along with profit given by the bank.
An employee/staff of Exim Bank is also allowed to open this scheme.
Incase of death of the client, profit against deposited amount will be allowed to the nominee(s) at the provisional rate of profit prescribed for Mudaraba Savings Deposit.