Mudarabah Savings Deposit (MSD)

Nature of the Product:

Mudarabah Savings Deposit (MSD) Account is operated under the Mudarabah principles. It is a partnership contact between the Bank and the Client. The client provides fund and the bank does business complying the Shari’ah Principles. Earned profit distributed among the partners as per pre-agreed ratio and loss (if any) goes to the account of the depositor.

Key Features:

• Individuals are preferred for this account.
• Age minimum 18 years old, below 18 years account will be opened with legal guardian as a authorized signatory; it will be treated as a Minor account.
• Profit bearing account.
• Provisional Profit will be distributed on half yearly basis. Final profit is credited to the account after finalization of the Balance Sheet of the Bank.
• Dual Currency Debit Card.
• Full access to ONE Bank APP
• Full access to Internet Banking.
• Full access to OK Wallet (MFS)
• Cheque book facility
• Pay Order, e-statement facility, Standing Instruction, 24/7 Call Centre
• Fund transfer facility through BEFTN, RTGS
• Locker service facility
• Tax, VAT, Excise Duty and other levy will be deducted at source as per Government declaration.
• Online Banking Facility available for easy and convenient banking.

Mandatory documents for all:

• Duly filled up account opening form.
• Copy of valid Photo ID for Applicant & Nominee (such as Passport / National ID / Driving License etc).
• Photograph of the applicant duly attested by the introducer.
• Photograph of the nominee duly attested by the applicant.
• Copy of e-TIN Certificate.
• Resident address verification document (Utility Bill).