Falah Musharaka Term Deposit Certificates Foreign Currency
If you are looking to earn high rate of returns on your foreign currency savings, then Falah Musharaka Term Deposit Certificates maybe best suited for you. You can place funds in this product single or jointly.
It is a profit bearing fixed deposit account designed on the foundation of ‘Mudarabah’, where Bank is the ‘Mudarib’ (manager of the funds) and you, the customer is the ‘Rabb-ul-Maal’ (owner of funds). Bank at its discretion, use or employ your deposited funds in Shari’ah compliant modes such as Ijarah, Murabaha and Musharakah. Bank Alfalah Islamic Banking will share the profit on the basis of predetermined profit sharing ratio. The rate of return on your deposit will be determined through a Shari’ah approved mechanism called weightages, which are announced before the beginning of each calendar month and shall remain applicable for upcoming month. In the event of loss, all depositors will share such loss proportionate to their investment.
Features
- Available for 1 month, 3 months, 6 months and 1 year term
- Account can be opened in US Dollar, Pound Sterling or Euro currency
- Invest with a minimum deposit of 1,000 USD/GBP/Euro
- No maximum deposit limit
- Profit is paid on maturity
- Rollover option available upon written intimation
- Single tier product
* In case of premature encashment profit shall be calculated and paid on the basis of actual declared monthly profit rates of TDR for the corresponding completed period as per related tier for the relevant period of stay of deposit with the Bank.
