Islami Bank has introduced new products and services considering the needs and demands of the customers.
In this case, the bank carefully considers the potential welfare of the customers along with the needs.
Islami Bank launched this specialized account named Mudaraba Senior Citizen Monthly Profit Account in 2022 to meet the financial needs of senior citizens from their hard-earned savings and to provide convenient banking services.
Although there are various financial products for senior citizens globally, they are insufficient in Bangladesh. Islami Bank aims to stay beside the senior citizens to provide financial benefits through this account.
Individuals above 50 years of age can open this special account.
The account tenure can be one year, three years, or five years, offering profit at the bank's current provisional rate each month.
Provisional profit is paid after the completion of 30 days each month. Profits are credited directly to the customer's savings account.
Maintenance charges for this account are 50% less than those of other general savings accounts.
Renewal fees for debit cards of this account are also 50% less than normal fees.
In addition, there are special discount facilities in selected hospitals for the medical services of senior citizens.
Conducted under the Mudaraba system according to Islamic Shariah, this account has received positive responses from religious elders.
There is also an opportunity to get 90% of Quard-e-Hasana financial facility against the outstanding.
Quard-e-Hasana is a cash facility for which Islami Bank does not charge any additional money, and the amount withdrawn must be repaid within one year without additional profit to the bank.
Senior citizens also receive a special discount while processing Quard-e-Hasana, with the processing fee being 50% less.
One can open this fixed term deposit account in any branch, sub-branch or agent outlet of Islami Bank.
Professionals over 50-years, retired government or private officials, emeritus, businessmen and senior Bangladeshi citizens can open this fixed term account by providing a copy of National Identity Card/Passport or Driving License, along with two passport-size photographs.
