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Meezan Amdan Certificate

Ensuring Riba Free Long Term Investments with Halal Monthly Returns

Meezan Amdan Certificate is a Mudarabah-based long-term deposit product that offers a high expected return to investors and is ideal for those individuals and corporate clients who need a regular stream of monthly income.

 

Meezan Amdan Certificates work on the principle of Mudarabah under which the customer is an Investor (Rab-ul-Maal), and the Bank is the Manager (Mudarib) of the funds deposited by the customer. The Bank allocates the funds received from the customers to a Deposit pool; funds from the pool are utilized to provide financing to customers under Islamic modes that include, but are not restricted to Murabaha, Ijarah, Istisna and Diminishing Musharakah.


The Meezan Amdan Certificate is available for Individuals and businesses including Sole Proprietorships, Partnerships and Limited Companies.

Enjoy a range of valuable features including:

 

  • Minimum investment required is Rs. 100,000/
  • Minimum  investment for widows and senior citizens is Rs. 50,000/-
  • Investment can be made for 5 1/2 years and 7 years
  • Profit payment is made to your Meezan Bank account on a monthly basis
  • Pre-mature withdrawal can be made as per approved schedule
  • Free first cheque book for customers who open an account for MAC issuance

 

Profit sharing & Distribution Method

 

The Bank calculates the profit of the deposit pool every month. Gross income of the deposit pool is shared between the Bank (Mudarib) and customers (Rab-ul-Maal) on the basis of a predetermined profit-sharing ratio announced at the beginning of the month. The profit is distributed amongst the Account holders on the basis of predetermined weightages, announced at the beginning of the month. In case of a loss, as per the rules of Mudarabah, the Rab-ul-Maal shall bear the loss in the ratio of their investment.

 

 

Profit Sharing Ratio

  • Bank will share 50% of Gross Income as Mudarib
  • Depositor will share 50% of Gross Income as Rab-ul-Maal

 

Weightages for the Month of May 2013

 

Account Categories
Profit Distribution Periods/
Tier groups
Weightage Assigned
Meezan Aamdan Certificate 5 1/2 years
Monthly
1.49
Meezan Aamdan Certificate 7 years
Monthly
1.66

 

Consolidated Weightages

Profit Rates for the month of April 2013

Period
 
Monthly Profit Rates (% per annum)
 
5 1/2 years
8.71%
7 years
9.71%

 

 Historical Profit Rates

Shariah Fatwa 

Premature Encashment of a Certificate(s)



In case of Premature Encashment of a certificate(s), profit will be paid with respect to the applicable product category rate mentioned below.

 

Early Redemption Schedule for the Meezan Aamdan Certificate (Effective Nov 1, 2009)
S.No.
Premature Encashment
Rates Applicable
1.
Within 1 month
No Profit
2.
1 Month to less than 1 Year
Saving Account Rate
3.
1 Year to less than 5 Years
Monthly COII rates of respective period
4.
5 Years and above
5 Year - Monthly COII rate

To invest in a Meezan Bank Term Certificate, visit any of Meezan Bank’s branches and complete a few simple formalities including providing your Meezan Bank deposit account details or opening a Deposit Account at the branch.

 
*The Bank reserves the right to request further documentation on a case-to-case basis.

 

Apply Now

 

Personal Accounts

 

For Individuals (inclusive of Housewives / Students / Retired Personnel)

  • CNIC / NICOP / POC (signed by customer)
  • Any job / Business proof 
  • Any other related document requested by the Bank
     

 

For a Non-Resident Pakistani (Pakistani Nationals Residing outside Pakistan)

  • NICOP / CNIC
  • Visa/Passport Copy
  • Job Proof (Salary Certificate/Slip) / Business Proof

 

 

For Minors (individuals below the age of 18)

  • Attested copy of Birth Certificate
  • Attested copy of B Form
  • CNIC copy of guardian
  • Valid proof of source of income of guardian

 

Business Accounts

 

For a Limited Company

  • Attested copy of Certificate of Incorporation
  • List of Directors
  • Attested copy of Memorandum & Articles of Association
  • Board Resolution
  • Attested copy of Certificate of Commencement of Business (For Public Ltd. Co.)
  • Attested copies of CNICs of all Directors / Signatories
  • Latest copy of certified Form-29 issued by SECP

 

For a Sole-Proprietorship

  • CNIC of Proprietor
  • Attested Copy of NTN Certificate
  • Account Opening Request & Proprietorship Letter on Firm's Letter Head

 

For a Partnership

  • Partnership Deed (attested by notary public)
  • Letter of Authority & Mandate (if applicable)
  • Attested copies of CNICs of all Partners
  • Account Opening Request Letter on Firm's Letter Head
  • Attested copy of Registration Certificate with registrar of the firms

 

For a Club / Society / Association / Trust

  • Copy of Rules/By-Laws
  • Copy of Registration Certificate
  • List of Executive Members/Management Committee/Management Body
  • Copy of Resolution
  • CNICs of all Members of Management Body
  • Undertaking to immediately inform the Bank in writing about any changes in Management Committee/Authorized persons.

 

 

 

 

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