Deposit Products

Al-Wadiah Current Account

It is a current account based on the Islamic contract of Al-Wadiah. Al-Wadiah refers to a concluded contract between the owner (depositor) of the goods (the money) and the custodian (Bank) for safe-keeping. The depositor grants the Bank their permission to utilize the money for whatever purpose permitted by SYARIAH. The Bank in turn guarantees the value of the deposit thus creating a 'Wadiah Yad-Dhamanah' contract.

Features
This account is in local currency (BDT) Transactional Current Account Cheque Book facility (25 pages for retail customers) First cheque book will be free of cost Debit Card is available (personal account) Half Yearly statement Minimum Deposit of BDT 5,000 to open an account

Benefits
Online Banking 24 hour Banking convenience through ATM Debit Card Service Automatic fund transfer for collection accounts Locker Service Transfer fund between ICB Islamic Bank Ltd. in Bangladesh

Eligibility
Individual who is above 18 years old and has the capacity to contract; Companies/Associations/Clubs etc., whose activities are not prohibited by Syariah and Malaysian Law.

How to Apply / Documents Required

Application needs to be made in person; Complete the relevant application forms and specimen signature cards; To have Debit card, a separate Debit Card application form is to be completed (only for individuals); Applicant Passport Size Photo, Nominee Photo and signature in application form; An introducer is required; A photocopy of identification document; To tender other relevant documents.

FCY Account
A Foreign Currency Account is a non- profit bearing account which is maintained in a bank in another currency (US Dollar, European Euro, GB Pound) other than the currency of the country in which the bank is located. Eligibility Only a few selected categories of individuals and organizations can hold FCY for more than 1 month after receiving it. They are: Features These account can be opened with Zero balance, since , most of the these account will receive inward remittance from abroad No service fee or charges Inward and outward remittance is allowed freely Foreign currency can be endorsed from this account while traveling abroad Local Disbursement can be made in BDT Half yearly statements is in place It is the only FCY account where Cheque book is issued Foreign diplomats, foreign nationals employed in Embassies/missions of foreign countries in Bangladesh Foreign nationals in foreign business houses. But the amount must be to the extent of the revenue that the company earned from abroad with products and services generated in Bangladesh. Bangladeshi national working in abroad as resident outside Bangladesh can hold FCY in their account abroad Bangladeshi National working in Bangladesh but salary in Foreign Currency can open FCY Account. Foreign contractors and consultants working in Bangladesh where they will have to make payment in FYC abroad Expatriate employees of foreign contractors or consultants who get part of their entire salary in FCY abroad Exporters can retain part of their export proceeds in FCY in Export Retention Quotas Bangladeshi nationals returning from abroad can hold up to USD 5000 or equivalent FCY without declaration. Amount over USD 5000 will have to be declared

Benefits
Online Banking Inward and outward remittance service Transfer fund between ICB Islamic Bank Ltd. in Bangladesh

How to Apply / Documents Required

Application to be made in person; Complete the relevant application form and specimen signature cards; To tender relevant documents.

Mudarabah Savings Account

Mudarabah Saving Account is an account based on the Islamic concept of Al-Mudharabah. It refers to a contract made between a provider of capital (depositor) and an entrepreneur or fund manager (the Bank) to enable the Bank to carry out business ventures within Shariah guidelines. Both parties agree to share profits from the investment according to a mutually agreed ratio.

Features
This account is in local currency (BDT) Transactional Saving Account Cheque Book facility First cheque book will be free of cost Debit Card is available Half Yearly statement Minimum Deposit of BDT 1,000 to open an account

Benefits
Online Banking 24 hour Banking convenience through ATM Debit Card Service Automatic fund transfer for collection accounts Locker Service Transfer fund between ICB Islamic Bank Ltd. in Bangladesh

Eligibility
Individual who is above 18 years old and has the capacity to contract;

How to Apply / Documents Required

Application needs to be made in person; Complete the relevant application forms and specimen signature cards; To have Debit card, a separate Debit Card application form is to be completed (only for individuals); Applicant Passport Size Photo, Nominee Photo and signature in application form; An introducer is required; A photocopy of identification document; To tender other relevant documents.

Al Muquafah Executive Account

Al Muquafah Executive Account is an account based on the Islamic concept of Al-Mudharabah. It refers to a contract made between a provider of capital (depositor) and an entrepreneur or fund manager (the Bank) to enable the Bank to carry out business ventures within Shariah guidelines. Both parties agree to share profits from the investment according to a mutually agreed ratio.

Features
This account is in local currency (BDT) Transactional Saving Account Cheque Book facility First cheque book will be free of cost Debit Card is available Half Yearly statement No Minimum Deposit to open an account No Half yearly service charges

Benefits
Online Banking 24 hour Banking convenience through ATM Debit Card Service Automatic fund transfer for collection accounts Locker Service Transfer fund between ICB Islamic Bank Ltd. in Bangladesh

Customers Eligibility
Salaried executives of corporate houses and Bangladeshi residents Any Corporate Entity, with at least 10 employees having a salary of BDT 10,000 (Gross Salary) can open this account.

How to Apply / Documents Required

Application to be made in person; Complete the relevant application form and specimen signature cards; To tender relevant documents.

Minor Account
Minor Account is a savings account for young savers based on the Islamic concept of Al-Mudharabah. It refers to a contract made between a provider of capital (depositor) and an entrepreneur or fund manager (the Bank) to enable the Bank to carry out business ventures within Shariah guidelines. Both parties agree to share profits from the investment according to a mutually agreed ratio. Minor account is operated by the guardian until the account holder (minor) becomes major. Once the minor become major and if she/he wishes to continue operate the account singly (KYC to be completed) then he/she needs to request the same in writing and also request to include his/her signature & delete his/her guardians signature from the account. But conversion of minor account from singly to jointly including changes of the account title is not permissible. In that case existing account of the minor needs to be closed and fresh account in the joint name should be opened,

Features
This account is in local currency (BDT) Transactional Saving Account Cheque Book facility First cheque book will be free of cost Half Yearly statement Minimum Deposit of BDT 1,000 to open an account

Benefits
Online Banking Automatic fund transfer for collection accounts Locker Service Transfer fund between ICB Islamic Bank Ltd. in Bangladesh

Customers Eligibility
Ongoing School and college Students, who are below 18 years old.

How to Apply / Documents Required

Application to be made in person; Complete the relevant application form and specimen signature cards; To tender relevant documents.

Savings Plans
Hajj Plan
The purpose of hajj Savings Scheme is to facilitate the customer to accumulate a saving to perform the Hajj.

Features
This account is in local currency (BDT). Non-Transactional Saving Account Minimum installment amount required to open the savings plan is BDT 1,000. Tenor: 3 years. 5 years, 10 years. Customer has to maintain an Al-Wadiyah Current/ Mudaraba Savings account and Automatic Fund Transfer (AFT) must be set with the transactional account.

Gradual Savings Plan

The purpose of Gradual Savings Plan is to facilitate the customer for three purposes: a) Deposit Pension Savings b) Education Savings c) Marriage savings.

Features
This account is in local currency (BDT). Non-Transactional Saving Account Minimum installment amount required to open the savings plan is BDT 5, 00. Tenor: 3 years. 5 years, 10 years. Customer has to maintain an Al-Wadiyah Current/ Mudaraba Savings account and Automatic Fund Transfer (AFT) must be set with the transactional account.

Home Savings Plan

The purpose of Home Savings Scheme is to facilitate the customers to accumulate a fund for their housing finance.

Features
This account is in local currency (BDT). Non-Transactional Saving Account Minimum installment amount required to open the savings plan is BDT 2,000. Tenor: 3 years. 5 years, 10 years. Customer has to maintain an Al-Wadiyah Current/ Mudaraba Savings account and Automatic Fund Transfer (AFT) must be set with the transactional account.

Child Savings Plan

The purpose of Child Savings Plan is to facilitate the guardian to create a saving for their children in a profitable manner.

Features
This account is in local currency (BDT). Non-Transactional Saving Account Minimum installment amount required to open the savings plan is BDT 1,000. Tenor: 3 years. 5 years, 10 years. Customer has to maintain an Al-Wadiyah Current/ Mudaraba Savings account and Automatic Fund Transfer (AFT) must be set with the transactional account.

Term Deposit
Mudarabah Term Deposit
Mudarabah Term Deposit based on the Mudarabah structure. It is a term investment account with profit payment depends on the investment generating a profit and predetermined Profit Sharing Ratio. You can invest any amount of money more than BDT 10,000.

Features
This account is in local currency (BDT). Minimum amount required to open the account is BDT 10,000. Tenor: 1 month, 2 months, 3 months, 6 months, 1 year, 2 years, 3 years, 5 years. Profit: earning on daily balance, application on maturity. This account is available on a roll over basis until the customer authorizes its closure. Customer has to maintain an Al-Wadiyah Current/ Mudaraba Savings account. Profit will be disbursed on maturity

Mudarabah InstaProfit
Mudaraba InstaProfit Deposit Account is a non-transactional account that a customer receives profit in advance. The customer can use the profit immediately and keep the investment intact till the maturity. This is an attractive and smart Plan for customers: depositor gets the profit upfront and can reinvest it.

Features
Profit is determined upfront It pays the profit instantly: Instant payment of cash equivalent to the agreed profit will be paid immediately upon sign-up. Minimum deposit amount is Tk. 100,000 (Taka one lac). Terms of this Plan is 3 months, 6 months and 1 year Customer has to maintain an Al-Wadiyah Current/ Mudaraba Savings account. Profit will be disbursed on the linked transactional account. Only Principal will be rolled over.

Mudaraba Monthly Profit

Mudaraba Term Deposit (Monthly Profit) Account is a non-transactional account that a customer uses for profit earning and savings purposes only. This account is available on a roll over basis until the customer confirms its closure. Profit is paid on a Monthly basis

Features
This account is in local currency (BDT). Minimum amount required to open the account is BDT 100,000. Tenor: 6 months, 1 year, 2 years, 3 years, 5 years. Profit will be disbursed monthly to the linked transactional account. This account is available on a roll over basis until the customer authorizes its closure. Customer has to maintain an Al-Wadiyah Current/ Mudaraba Savings account. Only Principal will be rolled over.

Mudaraba Double Benefit

Double Benefit Account is a non-transactional term deposit account that a customer uses for profit earning and savings purposes only. Customer will get approx. double amount (including taxes) of the initial deposit on maturity after six years.

Features
This account is in local currency (BDT). Minimum amount required to open the account is BDT 100,000. Tenor: 6 Years Profit: accrued daily on end of day balance and applied yearly. Customer must maintain an Al-Wadiyah Current/ MUDARABA Savings account linked with this account.

Investment Products
Manzil (Home) Finance
Product Shariah Structure All Home Finance facilities are based on the concept of MUSHARAKA. Musharakah means Sharing. The word Musharakah has been derived from Shirkah which means being a partner. It is a joint enterprise formed for conducting some business in which all partners share the profit according to an agreed ratio while the loss is shared as per the ratio of investment. It is an ideal alternative for the conventional interest based financing. In this form of financing the Bank enters into participation (Shirkat-ul-Milk) arrangement with the Customer. Product Range Home Finance purchase of apartment & house for residence purpose. Home Renovation / Completion facility against existing complete / almost complete apartment or house owned by the customer. House Building Finance facility against customers property where building plan was duly approved from concerned authority, foundation work and construction work completed up to plinth level. Take Over & Renovation / Construction to purchase customers liability against the property (apartment or house) from other Bank or Financial Institution and additional amount for renovation or further construction Features Financing up to BDT 10,000,000 Competitive profit rates Tenure of 25 years (maximum Professional Experience: Salaried: Minimum 1 years Self-Employed: Business establishment proof for minimum 3 years Monthly Income: Salaried: BDT 25,000 Self-Employed/Businessman: BDT 25,000 Processing Fee: 1% of Finance Amount + Govt. Vat.

Required Documents
Complete Application Form Salary Certificate as per ICB format and & Pay slip (Applicant & Co-Applicant) Bank statement for last 12 months (Up-to-date / Applicant & Co-Applicant) Copy of National ID Card/Passport Deed of Agreement from the Seller and Money Receipt Bio-data, Professional Degrees, Certificates of other Professional Institute, Copy of all the Property Documents Apartment/House/Building/Project) Photograph (Applicant & Co-Applicant), Visiting Cards. Other income proof (Rent, Business, Shares, FDR, etc) Latest Tax Clearance Certificate / TIN certificate Registered Partnership Deed from RJF, Form I to confirm shares of Proprietorship / Partnership / Joint ventures CIB Form (Sign, Facility declaration, Name & Address) Memorandum & Articles of Association Latest Trade license (current and last two years), TAX, VAT, Tax Clearance of Partners and Directors. Sanction Letter, Statement, Payment record of all existing facility (OD/CC/TR/hypo/ project finance, etc)

Rahaber (Auto) Finance Product Shariah Structure ICB Islamic Auto Finance is based on Dimishing Musharka under Shirkatul Melk agreement. Shirkat means partnership. Shirkatul Melk means share in ownership. When two or more persons supply equity, purchase an asset, own the same jointly, and share the benefit as per agreement and bear the loss in proportion to their respective equity, the contract is called Shirkatul Melk contract. Musharakah literally means Sharing. The word Musharakah has been derived from Shirkah which means being a partner. Musharakah means a joint enterprise formed for conducting some business in which all partners share the profit according to an agreed ratio while the loss is shared as per the ratio of investment. It is an ideal alternative for the interest based financing with far reaching effects on the economy Bank enters into a participation (Shirkatul-Milk) arrangement with the Customer. Product Range Purchase of New Vehicle Purchase of Used vehicle Features Investment Amount: Maximum: BDT 2,000,000 Minimum: BDT 200,000 Competitive profit rates ICB Islamic Bank can finance a maximum of 50% of the cost price of the car that you want to buy, subject to a maximum of BDT 2 million. Tenure: 5 years Professional Experience: Salaried: Minimum 1 years Self-Employed: Business establishment proof for minimum 3 years Minimum Monthly Income: Salaried: BDT 20,000 Self-Employed/Businessman: BDT 25,000 Processing Fee: 1% of Finance Amount + Govt. Vat.

Required Documents
Complete Application Form Vendor Quotation Salary Certificate as per ICB format and & Pay slip (Applicant & Co-Applicant) Bank statement for last 12 months (Up-to-date / Applicant & Co-Applicant) Copy of National ID Card/Passport Photograph (Applicant & Co-Applicant), Visiting Cards. Other income proof (Rent, Business, Shares, FDR, etc) Latest Tax Clearance Certificate / TIN certificate CIB Form (Sign, Facility declaration, Name & Address) Memorandum & Articles of Association (if Limited company) Registered Partnership Deed from RJF, Form I to confirm shares of Proprietorship / Partnership / Joint ventures Latest Trade license (current and last two years), TAX, VAT, Tax Clearance of Partners and Directors. Sanction Letter, Statement, Payment record of all existing facility (OD/CC/TR/hypo/ project finance, etc)

Saahib (Personal) Finance ICB Islamic Personal Finance is based on Bai-Muajjal agreement. Bai-Muajjal may be defined as a contract between a buyer and a seller under which the seller sells certain specific goods (Not permissible under Islamic Shariah and the Law of the country), to the buyer at an agreed fixed price payable at a certain fixed future date in lump-sum or within a fixed period by fixed installments. The seller may also sell the goods purchased by him as per order and specification of the buyer. Product Range Purchase of miscellaneous household appliances Purchase of Personal Computers Purchase of audio-visual equipment Purchase of furniture, electronic items Purchase of any other consumer durables (permissible under Islamic Shariah and the Law of the country),

Features Financing up to BDT 700,000 Competitive profit rates Tenure of 3 years (maximum) Professional Experience: Salaried: Minimum 1 years Self-Employed professional: 3 years (e.g. Doctor, Engineer, Architects, etc.) Minimum Monthly Income: Salaried: BDT 12,000 Self-Employed professional: BDT 12,000 Processing Fee: 1% of Finance Amount + Govt. Vat.

Required Documents Complete Application Form Vendor Quotation Salary Certificate as per ICB format and & Pay slip (Applicant & Co-Applicant) Bank statement for last 12 months (Up-to-date / Applicant & Co-Applicant) Copy of National ID Card/Passport Photograph (Applicant & Co-Applicant), Visiting Cards. Latest Tax Clearance Certificate / TIN certificate CIB Form (Sign, Facility declaration, Name & Address) Sanction Letter, Statement, Payment record of all existing facility