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EBL Islamic Savings Account(s)

EBL Islamic Banking operates several Islamic savings accounts under the Mudarabah principle of Islamic Shariah. This principle offers depositors an agreed portion of business profit and assigns risk for any genuine loss. A truly Shariah-compliant banking solution is to meet your savings needs and also earn profits.

Features and Benefits

Half-yearly profit payable
Dual currency Visa Islamic debit card facility
e-Statement
Internet Banking
SMS Alert
Digital banking facility

Eligibility

Any Bangladeshi Individuals having contractual capacities having age 18 and above.
Account may be opened in the name of minor, which will be operated by parents/ guardian.
Any permitted non-individual entity registered in Bangladesh.
Account may be opened in the names of Clubs, Firms, Associations, Educational & religious Institutions and similar organizations.

Contract

Islamic Savings Account is based on the Islamic partnership contract Mudarabah.

Shariah Structure of the Product

Under this contract, the customer (Rab-ul-Mal) places fund as capital with the bank
EBL Islamic Banking as Mudarib allocates the fund in deposit pool and invests them in Shariah-compliant way
These financing transactions and their documents are vetted and supervised by the Shariah Supervisory Committee
Profit generated from the investment of the deposit pool is shared between the customer and Bank based on PSR
In terms of loss, the customer will bear all the monetary loss whereas the bank will bear the loss of its effort
Bank on its sole discretion can provide Hibah (gift) to customers from time to time

PSR, Weightage and Provisional rate

The Profit Sharing Ratio (PSR), weightage and provisional profit rate will be set by the Bank as per approved policy from time to time. For details click here.

Types of Islamic Savings Account

For the special segment of customer, more types of Islamic Savings Account would be introduced under EBL Islamic Banking with some special features different from EBL – Power Islamic Savings Account (EBL-PISA). Objectives and special offers of these Islamic Savings Accounts are given below:

EBL Power – Islamic Savings Account

The main purpose of this product is to facilitate the Individuals to create a personal savings as well as personal transactions in a profitable manner. Besides, Institutions and Businesses those who want not to do frequent transactions with an intention to earn profit.

EBL Executive Islamic Savings Account (Payroll Account)

EBL Executive Islamic Savings Account (Payroll Account) is exclusively designed for employees of the Payroll Companies of EBL. The account holder will avail some special facilities then the other types of Islamic Savings Accounts.

EBL Women’s Islamic Savings Account

EBL Women’s Islamic Savings Account is based is exclusively designed for female customers. It's customized to provide you ease of transaction with many other special offers.

EBL Junior Saver’s Islamic Account

EBL Junior Saver's Islamic Account is a savings account with some special features designed for children/minors and students under the Mudarabah principle of Shariah. The account provides an opportunity to build a bright future for a child by encouraging savings habits and at the same time familiarizing them with banking transactions under Islamic values and principles.

Initially the account is for children and student under 18 years of age. As a minor account, parent or legal guardian will open and operate the account on behalf of the child until the age of 18. After the age of 18 years, the adult account holder can continue this account for lifetime as a symbol of childhood feelings and memories. Then this account will be operated by the account holder independently.

EBL Campus Islamic Account

Under the umbrella of EBL Student Banking, EBL Campus Islamic Account is a savings account under the Mudarabah principle of Shariah with some wonderful features designed for the students that directly take them into the rewarding world of general banking.

The account provides an opportunity to build a bright future of a student by encouraging savings habits and at the same time familiarizing them with banking transactions under Islamic values and principles. The account is for students of 18 to 28 years of age. After the age of 28 years, the account holder can also continue this account for lifetime as a symbol and memories of student life.

Comparison among Islamic Savings Accounts

For details click here.

Required Documents

To open Islamic Savings Account (PISA/WISA/EISA/JSIA/CIA)

For Individual Customer:

Common Documents for Individual Account

Account Opening Form (AOF) filled in and signed by all applicants
Separate Customer Information Form (CIF) for each, if there is more than one applicant.
“Contract and General Rules and Terms & Conditions for EBL Islamic Banking Account” signed by all applicants/signatories.
One copy Passport size photo of each applicants (attested by introducer, if applicable).
Copy of applicant's NID card/ Valid Passport/ Driving License or Birth Registration Certificate with duly attested photo ID.
Recent copy of any Utility Bill (i.e. GAS/Electricity/WASA/Telephone) as proof of Mailing Address, if NID/passport address is different.
One Introducer holding NID/EBL account (applicable only if Customer open account without NID).
E-TIN certificate and Proof of Submission of Tax Return (if available).
Copy of Nominee's NID/Valid Passport/ Birth Registration Certificate.
One copy Passport size photograph of nominee (attested by the account holder)
Beneficial owner's NID copy, Photograph/s and others documents (as and when applicable).
Photocopy of Passport with valid Visa and work permit (for foreign citizen in Bangladesh).
Any other document required by the Bank from time to time.

Additional Documents for NRB Customer

Photocopy of Passport along with valid Visa and work permit.
In case of Foreign Passport holder, the Customer needs to provide the copy of “No Visa required for Bangladesh” page.
Proof of employment / income (employment Certificate/ Pay Slip/ Employment Contract mentioning annual income/ Bank Statement mentioning monthly salary or last Tax return paper).
Documents must be in English (if in any other language, it has to be translated into English).
Any document sent from abroad by the Customer must be verified and attested by the respective authority accepted by the Bank.

Additional Documents for Minor / EBL Junior Saver’s Islamic Account

One copy recent photo of minor account holder (attested by the guardian).
Copy of Passport or Birth Registration Certificate with any photo ID.
For student: Copy of Student ID Card or Tuition fee Payment slip of educational institution.

Additional Documents for EBL Islamic Student Account

Copy of Student ID Card or Tuition fee Payment slip of educational institution.

For Non- Individual Customer:

Common Documents for all Non-Individual Account

Account Opening Form (AOF) filled in and signed by all signatories.
Separate Customer Information Form (CIF) for each, if there is more than one signatory.
“Contract and General Rules and Terms & Conditions for EBL Islamic Banking Account” signed by all applicants/signatories.
Photocopy of NID/Passport or Birth Registration Certificate with duly attached Photo ID and Photograph/s of all Signatories.
Copy of any recent Utility Bill (i.e. GAS/ Electricity/ WASA/ Telephone) as proof of Mailing Address, if NID/passport address is different.
E-TIN certificate and Proof of Submission of Tax Return (if available).
Beneficial owner's NID copy, Photograph/s and other documents (as and when applicable).
Any other document required by the Bank time to time.

Additional Documents for Sole Proprietorship

Copy of valid Trade License.
Copy of NID and a photo of the Nominee (if applicable)
Any other document as per required by the Bank time to time

Additional Documents for Partnership

Copy of Partnership Deed of the Firm
List of Partners with their addresses
Copy of Valid Trade License
Extract of Resolution of the Partnership of the Firm for opening the account and authorization for its operation duly certified by the Managing Partner of the Firm.
Beneficial owner's NID copy, Photograph/s and others documents (as and when applicable).
Any other document as per required by the Bank time to time

Additional requirements for Registered Partnership

Copy of Certificate of Registration of the firm

Additional Documents for Limited Liability/ Public / Private Company

Certified true copy of the Memorandum and Articles of Association and Certificate of Incorporation of the Company.
Certified copy of the Letter of Commencement of the Business (in case of Public Limited Company).
Certified true copy of Form - XII.
Extract of the Resolution of the Board / General Meeting of the Company for opening the account and authorization for its operation duly certified by the Chairman / Managing Director of the Company.
List of Directors with addresses.
Copy of valid Trade License.
Completed CIF, Photograph & Photo ID of the Director/s holding 20% and above shares of the concern
Any other document as per required by the Bank time to time

Additional Documents for Association/ Club/ Charity / Trust / Society, etc.

Certified true copy of the Constitution / By-laws / Trust Deed/ Memorandum and Articles of Association.
Certificate of Registration of the Association/ Club/ Charity / Trust / Society for inspection and return (along with a duly certified photocopy for Bank's records).
List of members of the Governing body / Executive Committee of the Association / Club/ Charity / Trust / Society with their addresses
Extract of Resolution of the Association / Club / Charity / Trust / Society for opening the account and authorization for its operation duly certified by the Chairman / Secretary of the association / Club / Charity / Trust / Society etc.
Any other document as per required by the Bank time to time