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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.

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