| Modaraba Deposit (USD, BHD & SAR) | General Modaraba |
Ithmaar Bank’s Sharia compliant Term Deposit Account (Modaraba Account) is a profit earning account which offers individuals a way to share in Ithmaar Bank profit distributions, by investing their money in a Sharia compliant manner. Our Modaraba Account gives you a wide range of investment period options to choose from. Just remember, the longer the time period and the more you invest, the more rewarding your returns can be. General Modaraba Tiers: Tier 1 BHD 1,000 to BHD 39,999 USD 2,000 USD 99,999 Tier 2 BHD 40,000 to BHD 99,999 USD 100,000 to USD 249,999 |
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| Special Modaraba |
The Special Modaraba accounts are specifically designed for investors seeking higher rates of return. They are identical to General Modaraba accounts in terms of structure, features and benefits with the following exceptions: Minimum initial deposit of BD 100,000 or USD 250,000 or SAR 1,000,000 Higher expected profit rates than General Modaraba. Option of earning profit on a monthly basis or at maturity. Early withdrawal is not permitted. Finance against Modaraba Deposit is available. Your account may be opened in Bahraini Dinars or United States Dollars or Saudi Riyals. Special Modaraba Tiers: Tier 1 BHD 100,000 to BHD 379,999 USD 250,000 to USD 999,999 Tier 2 BHD 380,000 to BHD 1,499,999 USD 1,000,000 to USD 3,999,999 Tier 3 BHD 1,500,000 and above USD 4,000,000 and above |
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| Modaraba Deposit (USD, BHD & SAR) | The Modaraba Account functions under the principle of unrestricted Modaraba (Al-Mutlaqa), in which the investor (Rub-Al Mall) provides capital. The bank (Modarib) provides expertise for the investment of capital to earn halal (lawful) profits, which will be divided between the two parties at agreed-upon ratios. | |
| Murabaha Deposit | This form of deposit is available for placements with financial institutions, In Sharia, it refers to commercial transactions that involve the purchase and sale of goods with an added profit margin or mark-up either in the form of a fixed lump sum or based on percentage of initial cost. | |
| Wakala Deposit |
Wakalah is the assignment of someone else to develop his money with wages or without wages , where one party (the customer) delegates another party (the bank) to act on his/her behalf in a permissible matter of delegation for a known remuneration as a lump sum or a specific amount of income. (Our Wakala deposit offers higher returns in a sharia compliant manner, Ithmaar Bank in its capacity as an Agent has the responsibility to ensure the funds are invested in Shariah compliant goods/assets yielding attractive returns for our corporate customers. |
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- Copy of CR and MOA;
- Copy of owner and authorized signatory ID;
- Board resolution;
- Source of funds; and
- Completed application form.
The Bank may request for additional information based on the company type.
Requirement for opening new account for existing customers:
- Completed additional account application form.
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