Manarah Monthly Deposit Scheme is a recurring monthly savings scheme and is operated under the principle of Mudaraba. It is an Islamic financial partnership contract where one party provides capital and the other party provides labor. Income generated from the venture is distributed between the parties with a predetermined profit sharing ratio. The scheme is designed in such a way that the fixed income group will be able to save money and get an attractive lump sum amount at the end of deposit period.
Overview
Premature Closure
| No. of Year | Applied profit |
|---|---|
| Less than 1 year | No profit is applicable. Account holder will get only the amount of self deposited portion. |
| More than 1 year but less than 3 years | Account holder will get the amount of self deposited portion along with profit at the prevailing savings profit rate. |
| More than 3 years but less than 5 years | Account holder will get the amount of matured value of 3 years and the amount of self deposited portion for the fraction period at prevailing savings profit rate. |
| More than 5 years but less than 7 years | Account holder will get the amount of matured value of 5 years and the amount of self deposited portion for the fraction period at the prevailing savings profit rate. |
| More than 7 years but less than 10 years | Account holder will get the amount of matured value of 7 years and the amount of self deposited portion for the fraction period at the prevailing savings profit rate. |