Samar Islami Term Deposit is a Riba-Free remunerative term deposit account. Which offers a complete range of short term and long term investment opportunity and is one of the most convenient way to receive Shari’ah compliant returns. This product can be availed by individuals or entities who are seeking to maintain Shari’ah compliant investment opportunity.
Salient Features:
- Monthly and at Maturity Profit payment option
- Minimum Investment limit PKR 5,000/-
- Multiple tenures investment options; 3, 6 Months and 1 to 3 years
- No Maximum limit on investment
Term Deposit Account at U Bank
Term deposit account is based on the principles of Mudarabah, where Customer is “Rabb-ul-Maal” and Bank is “Mudarib”. Bank may at its discretion, use or employ such funds as it deems fit under the products and avenues approved by Shari’ah Advisor of the Bank. Bank shall share the profit on the basis of predetermined profit sharing ratio. Return on deposits will be based on predetermined weightages for each month or any interval decided by the bank. Fact sheet containing this information shall be available at Customer’s request and also be placed at the public notice board of branches and on the bank’s website.
In the event of loss to the pool, all the investors of the pool shall share such loss proportionate to their investment.
