CURRENT ACCOUNT (WADI A/QARD) DEPOSIT
|
|
- Olivia Nelson
- 6 years ago
- Views:
Transcription
1 DEPOSIT PRODUCTS Mobilization of funds from depositors/savers to borrowers/investors is an important task of a financial intermediary in the economy. Financial intermediaries attempt to achieve this goal by creating and selling a variety of financial products to channel funds between the savers and entrepreneurs such that investment opportunities emerge and increase. Higher savings are necessary for higher investment. Firms usually reinvest their own savings; and the savings of households are passed to firms, either directly through the purchase of stocks and bonds or indirectly through financial intermediaries In the longer-term, higher saving rates results in higher economic growth While needs related to returns, liquidity, maturity, safety, stability and the like are important for the Muslim saver, he / she has a unique concern - Shari a compliance. Hence, even if there is possibility of a trade-off between the other concerns, Islamic deposit products allow no trade-off in the matter of Shari a compliance. Islamic banks are engaged in mobilizing savings from savers by offering Shari a compliant products that also vary with respect to other dimensions of return, risk, liquidity, maturity, safety, stability and the like. The underlying concept for each product is simple and can be compared to an existing conventional financial instrument. On the deposit end, Islamic banks normally operate three broad categories of accounts: current, savings, and investment (general and special) accounts. 1
2 CURRENT ACCOUNT (WADI A/QARD) DEPOSIT As in the case of conventional banks, the current account is essentially a safekeeping arrangement between the depositors and the bank, which allows the depositors to withdraw their money at any time and permits the bank to use the depositors' money for liquidity purposes. This account gives no return to the depositors and more often than not, the banks make no service charges in this regard. As in the case of conventional banks, Islamic banks provide a broad range of related services that ensure easy access to withdrawals whenever and wherever needed, such as, checking facility, automated-teller-machine cards, charge cards, traveler s checks, telephone banking, branch service, standing instructions, statement request facility, balance enquiry facility, remittances and the like. This product is based on various alternative Shari a models such as: 1. Wadi a-wad-dhamana or guaranteed deposits o Wadi a refers to the action of leaving an item with a person who is not the owner for the purpose of safe-keeping for a temporary period of time. o Under this mechanism, the deposits are held as amana or in trust and utilized by the bank at its own risk. o The depositor does not share in the risk or return in any form. Any profit or loss resulting from the investment of these funds accrues entirely to the bank. o Another feature of such deposits is the absence of any condition with regard to deposits and withdrawals. The term wadi a account or trust account is used for such deposits. 2
3 2. Qard or benevolent loan by the depositor o In this case, the bank operates "qard hasan current account". o As in above, the bank is free to utilize these funds at its own risk. o The depositor in its role as the lender is not entitled to any return as the latter would constitute riba. o In fact, any kind of benefit passed on to the depositor that is a part of the agreement, is deemed to be riba. o The qard hasan model is less popular than the wadi a model among bankers because banks would like to provide additional benefits to their depositors for marketing purposes. o Under qard hasan framework, benefits to a lender (the depositor in this case) are rightly looked at as being against the spirit of this model. SAVINGS (WADI A/MUDHARABA) DEPOSIT This deposit account serves the need for the safekeeping of one s surplus funds while providing a modest return. Here, the bank has the discretion to periodically pay the depositors a positive return, depending on its own profitability. Such payments are considered lawful in Islam since they are not a condition for lending, nor are they predetermined. The savings account holders are allowed to withdraw their money as they please. The objective of a modest return is provided by using alternative models. 1. Wadi a Model o This model is similar to the one of current deposit. This model is quite popular in South East Asian countries. 3
4 o The principal amount of deposit is guaranteed. The bank guarantees the withdrawal of funds from this account anytime the customer may wish to do so. o Savings deposit however, differs from current account deposit in that the bank now provides a return to the depositor, purely at its discretion as a gift. Such gift is not part of the contract. o Generally, the gift or reward on deposit is granted if the customer meets the minimum deposit required under this account. Such reward is variable in nature since it is profitbased and is discretionary on the part of the bank. 2. Mudharaba Model o The bank now requires the depositors to authorize the bank (or appoint the bank as mudharib) for the purpose of investing the funds. Depositors however, have the right of withdrawal. o Profits are calculated on the basis of the minimum balance maintained for a time period (say, a month). The minimum balance maintained is deemed as the investment for that time period. o A minimum balance is required to be maintained in order to qualify for a share in profits. 3. Al Qard Al Hasan Model o This model is primarily used by Iranian banks. o As in the case of current accounts, this model essentially views deposits as loans from savers to the banks. o The functioning of such product is similar to wadi a-based products highlighted above. 4
5 o Although no dividends are payable to qard hasan depositors, banks provide a range of benefits including non-contractual gifts to their customers. INVESTMENT (MUDHARABA) DEPOSITS This is the core deposit product of an Islamic bank. The product is based on the concept of mudharaba and as such, is also known as profit-and-loss sharing (PLS) deposit or participatory deposit. It can be seen as the Islamic counterpart of the conventional fixed deposit product that cannot be withdrawn prior to a maturity date. At times, such deposits allow withdrawal, but only at the cost of foregoing the profit share. The profit-sharing ratio varies from bank to bank and from time to time, depending on supply and demand conditions. The rate of return could be positive or negative, but in practice, the returns are usually positive and quite comparable to the rates that conventional banks offer on their term deposits. Islamic banks always bear in mind that since investment accounts are based on the Mudharaba principle, there is always a chance that the rate of return could be negative. In that case, they should remove the loss incurred from the deposit account. Such a scenario would disrupt the system by decreasing the bank s credibility. To prevent that imbalance in the system, Islamic banks set aside part of their profit in a stabilization fund to compensate for losses so that depositors have a stable return!! There are several types of investment deposits: 5
6 1. General Investment Deposits o This is a popular deposit product of Islamic banks under which an investment pool is established. The pool includes investment deposits of different maturities. o The funds are not tied to any specific investment project but are utilized in different and continuous financing operations of the bank. o Profits are calculated and distributed at the end of the accounting period, which is either three months, six months or one year. 2. Special Investment Deposit o This deposit account is similar in all respects to general investment deposit except that the depositor should meet the required minimum to invest in this product, and the holders of the special investment accounts (usually government and large corporations) have the option to choose specific projects that they wish to invest their funds in. As a result, the funds in special investment accounts normally end up in large popular investment projects and institutions known for their solid credibility and high rates of return. o The modes of investment of the funds and the ratio of profit distribution may usually be individually negotiated. 3. Limited and Unlimited Period Investment Deposits o As the name suggests, investment deposits under the limited contract are accepted for a specified period, which is mutually determined by the depositor and the bank. The contract terminates at the end of the specified period but profits are calculated and distributed at the end of the accounting period. 6
7 o In case of the unlimited, the period is not specified. Deposits are automatically renewable unless a notice of three months is given to terminate the contract. No withdrawals or further deposits are permitted in this kind of contract, but customers are allowed to open more than one account. The profits are calculated and distributed at the end of the accounting period. IMPLEMENTATION ISSUES IN DEPOSIT PRODUCTS Gifts in Wadi a and Qard When deposit products are modeled after wadi a or qard, the customer does not participate in any way in risk. The nominal value of deposits is not allowed to decline if the bank incurs losses instead of profits. As we have discussed above, banks invariably provide gifts or bonus in cash and in kind and various other benefits to the depositor. These constitute reward for the depositor. However, is such a reward Islamically admissible given that the depositor is not exposed to any risk? The answer to this question is somewhat tricky. On the one hand, the excess or expected return is not contractual in nature. The bank is under no obligation to provide a return and the return is purely in the nature of gift. Gifts, by definition, do not constitute riba. At the same time, even while the returns in the form of gifts are not part of the agreement, these may be recurring in nature. When the bank provides such gifts at a certain rate on deposits without fail, the customer would now have a clear expectation of returns. He/she would expect returns without bearing any risk. This comes dangerously close to devouring riba. For example, HSBC announced that with an HSBC Interest Free Checking account and a combined balance of $15,000 or more, one can enjoy (i) a free HSBC's MasterMoney debit card, (ii) no monthly maintenance fee, (iii) no ATM fees, (iv) free internet banking, (v) internet bill pay service, (vi) no issuance fee for money 7
8 orders, official checks and travelers cheques, (vii) 50% discount on small safe deposit box annual fee, plus other benefits associated with the use of the MasterMoneyTM Card. With this HSBC Interest-Free account, the depositor receives a host of benefits that are contractual in nature and come with deposits or qard. Can these be justified simply as withdrawal mechanisms that provide for the right of the lender to seek partial or full redemption of his loan or that of the depositor to seek withdrawal of his/ her deposits any time? Guaranteed Return in Mudharaba Investment deposits are modeled after the classical contract of mudharaba. As such, the depositor as the rabb-ul-mal is exposed to the possibility of both profits and losses and the possibility of guaranteeing the nominal value of deposits or guaranteeing a minimum rate of return does not exist. However, local law may mandate such a guarantee. Because of this practical requirement, the question of guarantee has been repeatedly subjected to scrutiny and as a result, one may observe a wide range of views in this matter. o One view asserts that such a guarantee could be provided by the state as a third party. o Another view calls for a radical departure from the classical mudharaba in the light of wide spread fraud in dealings. o Still another view calls for a special parental treatment of small depositors. There is yet to be a consensus on such concessions for a deposit modeled after mudharaba. 8
9 Bahrain Banking System (2008) Banking Sector: Assets US$259 billion (May 2008) No. of institutions 125 (June 2008) Retail banks 24 Locally incorporated 9 Branches of foreign banks 15 Wholesale banks 64 Representative Offices 35 Islamic Banks (included in above): No. of banks 26 Assets US$18.9 billion (May 2008) 9
ISLAMIC INSURANCE: TAKAFUL
ISLAMIC INSURANCE: TAKAFUL A majority of Shari'a scholars find conventional insurance inadmissible in the Islamic framework. They have several objections against conventional insurance because it practiced
More informationPresenting Hibati Savings Account. Our gift to you.
Presenting Hibati Savings Account. Our gift to you. Pioneer of Islamic Banking in Oman www.meethaq.om 2465 6666 Hibati Savings Account is a prize draw based savings account that not only provides you profit
More informationCourse structure. A. Bank as financial intermediary. B. Banking products and services. C. Banks' Financial Reporting. D. Risk management issues
Course structure 1 A. Bank as financial intermediary B. Banking products and services Course 3 - Banking activities Course 4 - Banking products and their pricing Course 5 - Types of banking C. Banks' Financial
More informationOur Products & Services
Our Products & Services Personal Banking We are proud to be a partner in your journey, sharing your growth, goals and aspiration We bring you a comprehensive range of retail banking products and services
More informationBML ISLAMIC PERSONAL BANKING CUSTOMERS. Customer No: Account No: CRM No: SECTION A YOUR DETAILS. Mr Ms Dr Other, please specify
ACCOUNT OPENING FORM BML ISLAMIC PERSONAL BANKING CUSTOMERS Please fill ALL the sections of this form to avoid any delays in processing the request. For Bank use only Have you also submitted the Information
More informationDISCUSSION PAPER FOR COMMENTS. Conceptual issues in Measuring Islamic Finance National Accounts Alick Mjuma Nyasulu 1
WORKSHOP ON ISLAMIC BANKING IN NATIONAL ACCOUNTS 24-26 October 2017, Beirut, Lebanon DISCUSSION PAPER FOR COMMENTS Conceptual issues in Measuring Islamic Finance National Accounts Alick Mjuma Nyasulu 1
More informationCONSUMER ACCOUNT DISCLOSURE OVERDRAFT PRIVILEGE
CONSUMER ACCOUNT DISCLOSURE March 26, 2018 OVERDRAFT PRIVILEGE OVERDRAFT PRIVILEGE will provide you with the ability to pay inadvertent overdrafts on your account up to $20000 for checking accounts open
More informationChapter 10: Money and Banking Section 3
Chapter 10: Money and Banking Section 3 Objectives 1. Explain how the money supply in the United States is measured. 2. Describe the functions of financial institutions. 3. Identify different types of
More informationMANUAL MONETARY AND FINANCIAL STATISTICS MANUAL AND COMPILATION GUIDE
MANUAL MONETARY AND FINANCIAL STATISTICS MANUAL AND COMPILATION GUIDE 2015 2016 I N T E R N A T I O N A L M O N E T A R Y F U N D ANNEX 1 Islamic 4.3 Financial Institutions and Instruments 4.256 This annex
More informationHow Does the Banking System Work? (EA)
How Does the Banking System Work? (EA) What do you notice when you enter a bank? Perhaps you pass an automated teller machine in the lobby. ATMs can dispense cash, accept deposits, and make transfers from
More informationCORPORATE SAVER ACCOUNT
CORPORATE SAVER ACCOUNT TRUST US WITH YOUR TRUST MONIES Your Partner Bank GLOBAL NETWORK Al Baraka Bank is a fully integrated subsidiary of the Bahrain-based Al Baraka Banking Group, one of the world's
More informationCASERA CREDIT UNION LIMITED. Financial Statements For the year ended December 31, 2015
Financial Statements Financial Statements Contents Independent Auditor's Report 2 Financial Statements Balance Sheet 3 Statement of Comprehensive Income 4 Statement of Changes in Members' Equity 5 Statement
More informationGE20803 DEPOSIT & FINANCING OPERATION OF ISLAMIC BANKING
GE20803 DEPOSIT & FINANCING OPERATION OF ISLAMIC BANKING DEPOSIT MOBILIZATION BY ISLAMIC BANKS Updated version 21st October 2015 BY DR. HANUDIN AMIN LABUAN FACULTY OF INTERNATIONAL FINANCE UNIVERSITI MALAYSIA
More informationSavings and Investments
Savings and Investments 2018 PRICING GUIDE BANK BORROW SAVE EARN INSURE SAVINGS PRODUCTS (PLUSPLAN, PURESAVE, MARKETLINK) Your money is there to make your Next come to life, whatever it may be. To get
More informationReady to Go Checking SM Account
For us, it s important that you understand exactly how your Ready to Go Checking SM account works. Below is an explanation of the key terms and fees of your personal account. For additional details of
More informationANZ PERSONAL BANKING
ANZ PERSONAL BANKING ACCOUNT FEES AND CHARGES 06.02.2018 Thank you for banking with ANZ. We are proud of our products, and believe they are amongst the best in the industry. Many have received industry
More informationSavings and Investments
Savings and Investments 2019 PRICING GUIDE BANK BORROW SAVE EARN INSURE SAVINGS PRODUCTS (PLUSPLAN, PURESAVE, MARKETLINK) Your money is there to make your Next come to life, whatever it may be. To get
More informationSavings and Investments
Savings and Investments 2018 PRICING GUIDE BANK BORROW SAVE EARN INSURE SAVINGS PRODUCTS (PLUSPLAN, PURESAVE, MARKETLINK) Your money is there to make your Next come to life, whatever it may be. To get
More informationIntroduction to Depository Institutions
Introduction to Depository Institutions Advanced Level What is a Depository Institution? Depository institution businesses that provide financial services What is the name of one depository institution
More informationThis is a form of trade where goods and services are exchanged for other goods and services.
1 MONEY AND BANKING Barter trade This is a form of trade where goods and services are exchanged for other goods and services. Benefits 1. Satisfaction of wants: And individual is able to get what he or
More informationSection 4.1 Banking Systems
Section 4.1 Banking Systems Objectives Identify different types of financial institutions Describe the services of financial institutions Explain special services offered by financial institutions Types
More informationSettle in faster with RBC Newcomer Advantage. Banking made easy for newcomers to Canada
Settle in faster with RBC Newcomer Advantage Banking made easy for newcomers to Canada 1 RBC Royal Bank Banking made easy 2 10newcomers to Canada We know how important it is to choose the right banking
More informationThis is the 3 rd of 4 series on the topic Islamic Banking Interest-Free Banking. Read the 1 st, 2 nd and 4 th of the series
This is the 3 rd of 4 series on the topic Islamic Banking Interest-Free Banking Read the 1 st, 2 nd and 4 th of the series 1 / 10 The universal functions of all financial systems are the same, differences
More informationKINGDOM OF BAHRAIN VAT FINANCIAL SERVICES GUIDE
KINGDOM OF BAHRAIN VAT FINANCIAL SERVICES GUIDE MARCH 2019 VERSION 1.0 Contents Contents 1. Introduction... 5 1.1. Purpose of this Guide... 5 1.2. About the National Bureau for Revenue (NBR)... 5 1.3.
More informationAmerican Express Corporate Card Cardmember Agreement Joint & Several Liability
American Express Corporate Card Cardmember Agreement Joint & Several Liability American Express Corporate Card THE PARTIES TO THE AGREEMENT The parties to this Cardmember Agreement (the "Agreement") are
More informationFinancial Inclusiveness in Islamic Banking: Comparison of Ideals and Practices Based on Maqasid-e-Shari ah
Financial Inclusiveness in Islamic Banking: Comparison of Ideals and Practices Based on Maqasid-e-Shari ah A B D U L G H A F A R I S M A I L M O H D A D I B I S M A I L S H A H I D A S H A H I M I S A
More informationIntroduction to Depository Institutions
Introduction to Depository Institutions Advanced Level What is a Depository Institution? Depository institution businesses that provide financial services What is the name of one depository institution
More informationPERSONAL BANKING SCHEDULE OF FEES. adcb.com
PERSONAL BANKING SCHEDULE OF FEES adcb.com SCHEDULE OF FEES Effective 1 st May, 2018 All fees are inclusive of 5% VAT, where applicable. Current Account Account Opening Amount Savings Account Call Account
More informationQuestions and Answers
BANK OF UGANDA Questions and Answers on the Bank of Uganda Financial Consumer Protection Guidelines (FCPGs) To be used by staff of SFIs Page a Introduction This Question and Answer Booklet provides key
More informationFrequently Asked Questions
Mashreq Al Islami credit cards FAQs What is Mashreq Al Islami Credit Card? Mashreq Al Islami credit card is a Shari a compliant credit card from Mashreq Al Islami based on the Islamic law which means that
More informationBELGIAN-ALLIANCE CREDIT UNION LTD. Financial Statements For the year ended December 31, 2014
BELGIAN-ALLIANCE CREDIT UNION LTD. Financial Statements Financial Statements Contents Independent Auditor's Report 2 Financial Statements Balance Sheet 3 Statement of Comprehensive Income 4 Statement of
More informationIntroduction to Depository Institutions
Introduction to Depository Institutions Advanced Level What is a Depository Institution? Depository institution businesses that provide financial services What is the name of one depository institution
More informationCustomer Relations Policy
Customer Relations Policy - 2017 1. Introduction With the advent of electronic banking, the customer s experience of banking is no longer fully under the control of the bank. Fraudsters constantly creating
More informationSchedule of Charges for all Current Accounts
Schedule of Charges is effective from December 4, 2018 Page 1 of 6 Particulars CURRENT ACCOUNT* TASC Current A/c for Loan Customers Regular Premium Account Opening & Balance Maintenance Initial deposit
More informationBanking Today. Banks and their uses
Banking Today Banks and their uses Money Supply Money Supply all the money available in the United States (not just dollars and coins) Easy money (liquidity). Dollars Coins Checking Accounts (Demand Deposits)
More informationEVERYDAY BANKING AND SAVING ACCESS YOUR MONEY YOUR WAY
EVERYDAY BANKING AND SAVING ACCESS YOUR MONEY YOUR WAY IMAGINE BANKING THAT S SIMPLE AND SECURE Now take a look at what we have for you. SECURITY 1 ANZ Falcon Watching for suspicious transactions. ANZ
More informationTRUTH IN SAVINGS DISCLOSURE. Strong. Stable. Local. Personal.
TRUTH IN SAVINGS DISCLOSURE Strong. Stable. Local. Personal. FEBRUARY 2017 THIS TRUTH IN SAVINGS DISCLOSURE BOOKLET includes information you need to know about deposit accounts at 1st Source Bank. It notes
More informationSaving and Investing. Chapter 11 Section Main Menu
Saving and Investing How does investing contribute to the free enterprise system? How does the financial system bring together savers and borrowers? How do financial intermediaries link savers and borrowers?
More informationWelcome to Union Bank. Important information regarding changes to your Santa Barbara Bank & Trust business account(s), effective April 22, 2013.
Welcome to Union Bank Important information regarding changes to your Santa Barbara Bank & Trust business account(s), effective April 22, 2013. Union Bank appreciates your business. Union Bank is honored
More informationSCHEDULE OF FEES AED AED 5,000 AED 5,000 AED 5,000 USD USD 1, USD 1,500
adcbislamic.com 01 SCHEDULE OF FEES SCHEDULE OF FEES Effective 1 st May, 2018 All fees are inclusive of 5% VAT, where applicable. Account Opening Amount Current Account Savings Account Special Savings
More informationBELGIAN-ALLIANCE CREDIT UNION LTD. Financial Statements For the year ended December 31, 2015
BELGIAN-ALLIANCE CREDIT UNION LTD. Financial Statements Financial Statements Contents Independent Auditor's Report 2 Financial Statements Balance Sheet 3 Statement of Comprehensive Income 4 Statement of
More informationSCHEDULE OF FEES. adcb.com/emirati
SCHEDULE OF FEES adcb.com/emirati SCHEDULE OF FEES Effective 2 nd December, 2018 All fees are inclusive of 5% VAT, where applicable. Current Account Account Opening Amount Savings Account Call Account
More informationEVERYDAY BANKING AND SAVING ACCESS YOUR MONEY YOUR WAY
EVERYDAY BANKING AND SAVING ACCESS YOUR MONEY YOUR WAY IMAGINE BANKING THAT S SIMPLE AND SECURE Now take a look at what we have for you. SECURITY 1 ANZ Falcon Watching for suspicious transactions. ANZ
More informationConvenience Services.
Convenience Services www.ncsecu.org Convenience Services To efficiently serve members, State Employees Credit Union (SECU) offers a variety of convenience services. Branch Offices Branch offices are located
More informationCurrent account CZK, EUR, USD
Price List INDIVIDUALS ENTREPRENEURS AND LEGAL ENTITIES Valid from June 01, 2014 Current account CZK, EUR, USD in CZK for individuals entrepreneurs CZK 99 in CZK for legal entities CZK 149 in EUR, USD
More informationAccount Selection MAde easy
Account Selection MAde easy Money MAnAgeMent tools First Nations Bank of Canada offers you a range of helpful tools to make managing your money easier. Recordkeeping Free Paperless Record Keeping Track
More informationAMERICAN EXPRESS CHARGE CARDS TERMS & CONDITIONS
AMERICAN EXPRESS CHARGE CARDS TERMS & CONDITIONS American Express Charge Cards THE PARTIES TO THE AGREEMENT The parties to this Cardmember Agreement (the "Agreement") are AMEX (Middle East) B.S.C. (c)
More informationSunTrust at Work Professional Banking. $4,000 or more None. $3, or less $17.00
Monthly Direct Deposit SunTrust at Work Professional Banking Monthly Maintenance Fee $4,000 or more None $3,999.99 or less $7.00 - Direct Deposit: Requires total ACH deposit of $4,000 or more per statement
More informationWelcome to. Product & Services Booklet
Welcome to Product & Services Booklet Welcome We are excited to welcome you to Bankstown City Unity Bank a bank that is member focused and strives to deliver exceptional service through innovative products,
More informationTruth in Savings Click here for savings account rates
Truth in Savings Click here for savings account rates Understanding Your Deposit Account Regular Savings RATE INFORMATION: The interest rate and annual percentage yield may change at our discretion, at
More informationWelcome. Card Cardholder
Welcome Card Cardholder D Year-round privilege discount at Hong Kong - Enjoy 10% off year-round discount on participating brands at Landmark and Pacific Place, Hong Kong. - Free delivery upon spending
More informationRetired Officers Benefits We ve got your banking covered.
Retired Officers Benefits We ve got your banking covered. ANZ Staff Banking - Working for you. Enjoy the benefits Thinking about buying a home? Planning for your future? Going on an overseas trip? ANZ
More informationAll the materials and information included in this presentation is provided for educational and illustrative purposes only and is presented with the
Money Wise All the materials and information included in this presentation is provided for educational and illustrative purposes only and is presented with the express understanding that Virginia Credit
More informationPersonal Banking Solutions
Personal Banking Solutions Financial consultants understanding your goals to provide valuable solutions. amerisbank.com Checking Solutions Providing you with a checking account that fits your lifestyle.
More informationKawartha Credit Union Limited
Kawartha Credit Union Limited Financial Statements Contents Page Independent Auditor's Report 2 Statement of Financial Position 3 Statement of Income 4 Statement of Comprehensive Income 5 Statement of
More informationGeneral Tariff for Fusion Customers Issue Date: August 2018
General Tariff for Fusion Customers Issue Date: August 2018 Tariff applies on accounts, facilities, services and transactions used/made for business purposes only. 2 Issue Date: August 2018 Contents General
More informationWelcome. Dickson Card Cardholder
Welcome Dickson Card Cardholder Spend with your Dickson Card and enjoy an array of benefits and privileges Year-round exclusive discounts 1-10% discount: Chopard, S.T.Dupont and Dickson Watch & Jewellery
More informationSchedule of Charges and Fees Tenth Edition: Effective from 13th January 2019
Schedule of Charges and Fees Tenth Edition: Effective from 13th January 2019 Terms & Conditions apply All charges are subject to change at the discretion of Bank of Maldives PLC. This is not an exhaustive
More informationEXCEPTIONAL SALES: SALAM AND ISTISNA'
EXCEPTIONAL SALES: SALAM AND ISTISNA' Murabaha and ijara constitute the core financing activities of Islamic banks. They are easily understood because of their proximity to conventional financing techniques,
More informationSummary Box Key Product Information for our Savings Account(s) N/A. Branch, Telephone or Internet
Cash Club 0.50% Interest is paid tax-free if an R85 form is completed Instant Rainbow Savings 0.50% Interest is paid tax-free if an R85 form is completed Instant Branch (Passbook) Instant Cash ISA 50,000+
More informationAbu Dhabi Islamic Bank PJSC INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 30 SEPTEMBER 2010 (UNAUDITED)
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 30 SEPTEMBER 2010 (UNAUDITED) INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Contents Page Report on review of interim condensed consolidated financial
More informationVancity Credit Card Agreement (for Business Use)
Vancity Credit Card Agreement (for Business Use) Table of Contents 1. INTRODUCTION 1 2. DEFINITIONS 1 3. ACCOUNT OPENING AND CARD ISSUANCE 2 4. TAKING CARE OF THE VISA* CARD AND VISA ACCOUNT 3 5. HOW AUTHORIZED
More informationTerms and Conditions: 1. The promotion period is from 3 April 2018 to 30 June 2018 (both dates inclusive) ( Promotion Period ). 2.
Terms and Conditions: 1. The promotion period is from 3 April 2018 to 30 June 2018 (both dates inclusive) ( Promotion Period ). 2. Welcome Reward - To be eligible for the Credit Card Free Spending Credit
More informationGive me the facts Effective 1 January 2014
Give me the facts Effective 1 January 2014 Contents Page Welcome 3 Discover the difference 3 Ways to bank 3 Making payments 5 Payments by cheque 8 Overdrafts 9 Switching Process 11 Additional information
More informationBB&T PERSONAL SERVICES PRICING GUIDE New Jersey and Pennsylvania Effective January 1, 2018
Checking Accounts Elite Gold Monthly maintenance fee $15.00 - $15,000 combined deposit balance in checking, savings, Money Rate Savings, Investor s Deposit Account, Certificate of Deposit, Individual Retirement
More informationIntroduction. Learning Objectives. Learning Objectives. Chapter 15. Money, Banking, and Central Banking. Define the fundamental functions of money
Chapter 15 Money, Banking, and Central Banking Introduction About 20 billion new U.S. coins will be put into circulation this year, and new paper currency will be printed as well. These new coins and currency
More informationFREE KASASA CASH CHECKING
FREE KASASA CASH CHECKING Enjoy high interest earnings and refunds on ATM withdrawal fees.* Free Kasasa Cash checking is free checking that pays earn up to 2.00% APY* every month just for doing banking
More informationBB&T Personal Services Pricing Guide INDIANA, KENTUCKY, OHIO Effective January 1, 2019
Checking Accounts Elite Gold Monthly maintenance fee $30.00 - $25,000 combined deposit balance in checking, savings, Money Rate Savings, High Performance Money Market, Investor s Deposit Account, Certificate
More informationProf. Umar Qudoos Date of Submission
Assignment on: HABIBMETRO ISLAMIC INVESTMENT CERTIFICATES (HIIC) Bank: HABIBMETRO ISLAMIC BANK Submitted To: Prof. Umar Qudoos Date of Submission 02-12-2015 Submitted By: Syed Hani Hasnain M.S.C. A&F 2014-16
More informationBB&T Personal Services Pricing Guide INDIANA, KENTUCKY, OHIO Effective August 13, 2018
Checking Accounts Elite Gold Monthly maintenance fee $30.00 - $25,000 combined deposit balance in checking, savings, Money Rate Savings, High Performance Money Market, Investor s Deposit Account, Certificate
More informationPersonal financial services charges - your guide. 26 February 2018
Personal financial services charges - your guide 26 February 2018 Contents About this guide... 2 Important Information... 2 A: PRODUCT RELATED FEES AND CHARGES 1. Savings and Investment Accounts 1.1 Everyday
More informationBB&T Personal Services Pricing Guide FLORIDA Effective January 1, 2019
Checking Accounts Elite Gold Monthly maintenance fee $30.00 - $25,000 combined deposit balance in checking, savings, Money Rate Savings, High Performance Money Market, Investor s Deposit Account, Certificate
More informationTruth in DISCLOSURE. Strong. Stable. Local. Personal.
Truth in Savings DISCLOSURE Strong. Stable. Local. Personal. SEPTEMBER 2011 This Truth in Savings Disclosure booklet includes information you need to know about deposit accounts at 1st Source Bank. It
More informationThe Treatment of Risk and Liquidity Transformation in the Measurement of FISIM
MEETING OF THE TASK FORCE ON FINANCIAL INTERMEDIATION SERVICES INDIRECTLY MEASURED (FISIM) Hosted by the IMF March 3 & 4, 2011 IMF Headquarters 1 (HQ1) Room 2-530, 700 19 th Street N.W., Washington D.C.
More informationBB&T PERSONAL SERVICES PRICING GUIDE NEW JERSEY AND PENNSYLVANIA Effective January 1, 2019
Checking Accounts Elite Gold Monthly maintenance fee $15.00 - $15,000 combined deposit balance in checking, savings, Money Rate Savings, High Performance Money Market, Investor s Deposit Account, Certificate
More informationBank means Arab Bank PLC - Bahrain and /or its branches
Arab Bank Credit Cards Travel Rewards Program Terms & Conditions Bahrain The terms and conditions related to Arab Bank Credit Cards Travel Rewards Program should be read in conjunction with the Terms and
More informationTitle: Technological Innovations in Indian Banking Sector Ms. Aruna R. Shet, Asst Professor, New Horizon College id:
ABSTRACT Title: Technological Innovations in Indian Banking Sector Ms. Aruna R. Shet, Asst Professor, New Horizon College Email id: arunavshet582012@gmail.com The banking sector in India has seen a number
More informationMEMBERSHIP rewards Terms and Conditions
MEMBERSHIP rewards Terms and Conditions Article 1. (Purpose) 1. These Terms and Conditions set forth the terms and conditions under which Members are eligible for the rewards and benefits ( Rewards ) offered
More informationICICI Bank Instant Platinum Credit Card. Membership Guide
ICICI Bank Instant Platinum Credit Card Membership Guide INDEX WELCOME ABOARD... 03 OFFERS AND DISCOUNTS... 04 FINANCIAL FLEXIBILITY... 07 SAVINGS... 08 CHIP AND PIN SECURITY... 10 BILL PAYMENT OPTIONS...
More informationAMERICAN EXPRESS CREDIT CARDS TERMS & CONDITIONS
AMERICAN EXPRESS CREDIT CARDS TERMS & CONDITIONS American Express Credit Cards THE PARTIES TO THE AGREEMENT The parties to this Cardmember Agreement (the Agreement ) are AMEX (Middle East) B.S.C. (c) (
More informationTHE ROLE BANKS PLAY IN THE ECONOMY
BANKING & INVESTING BANKS THEIR ROLE Banks play an extremely important role in a country s economy. There is different types of banks in South Africa i.e: Commercial Banks The Development Bank of SA Land
More informationBB&T PERSONAL SERVICES PRICING GUIDE New Jersey and Pennsylvania Effective August 13, 2018
Checking Accounts Elite Gold Monthly maintenance fee $15.00 - $15,000 combined deposit balance in checking, savings, Money Rate Savings, High Performance Money Market, Investor s Deposit Account, Certificate
More informationCharges and additional product terms
M&S CURRENT ACCOUNTS AND M&S MONTHLY SAVER Charges and additional product terms These terms add to our M&S Banking Terms and Conditions and will apply instead of any term in the M&S Banking Terms and Conditions
More informationGive me the facts Effective 1 April 2013
Give me the facts Effective 1 April 2013 Contents Page Welcome 3 Discover the difference 3 Ways to bank 3 Making payments 5 Payments by cheque 8 Overdrafts 9 Switching Process 11 Additional information
More informationBSP CORPORATE MASTERCARD. Terms and Conditions
BSP CORPORATE MASTERCARD Terms and Conditions 2 BSP CORPORATE MASTERCARD CONTENTS 1 INTRODUCTION 4 2 DEFINITIONS 4 3 USING THE CARD 6 4 CARD AND PIN 8 5 FEES AND CHARGES 9 6 TRANSACTIONS 10 7 STATEMENT
More informationA. Terms and Conditions for Hello Kitty i-account General Terms and Conditions
A. Terms and Conditions for Hello Kitty i-account General Terms and Conditions 1. Monthly maintenance fees and charges are to Hello Kitty i-account. For details of such fees and charges, please refer to
More informationKawartha Credit Union Limited
Kawartha Credit Union Limited Financial Statements Contents Page Independent Auditor's Report 2 Statement of Financial Position 3 Statement of Income 4 Statement of Comprehensive Income 5 Statement of
More informationPERSONAL BANKING BENEFITS WHILE YOU WORK
ANZ@WORK PERSONAL BANKING BENEFITS WHILE YOU WORK 2 We re making work more rewarding. Thanks to our relationship with your employer, you can enjoy a range of personal benefits and discounts, simply by
More informationIntroduction to Depository Institutions
Introduction to Depository Institutions Advanced Level What is a Depository Institution? Depository institution businesses that provide financial services What is the name of one depository institution
More informationDeposits. Cash Management Account Call & Term Deposits Farm Management Deposits RaboDirect. Talk to the world s leading food and agribusiness bank
Deposits Cash Management Account Call & Term Deposits Farm Management Deposits RaboDirect Talk to the world s leading food and agribusiness bank Why invest in Deposits with Rabobank Australia? Wide range
More informationWelcome. 1. Agenda. 2. Ground Rules. 3. Introductions. Bank On It 2
Bank On It Welcome 1. Agenda 2. Ground Rules 3. Introductions Bank On It 2 Objectives Identify the major types of insured financial institutions Identify five reasons to use a bank Describe the steps involved
More informationTrading policy Celestial Commodities Limited ("CCL") US Stocks Policy
Trading policy Celestial Commodities Limited ("CCL") US Stocks Policy A. Account Opening 1. Individual and Joint Account 1.1 Account opening in person (Face to Face): Visit one of one of the Premium Investment
More informationAGRIBUSINESS. Agribusiness AS DEDICATED AS YOU ARE. As dedicated as you are
AGRIBUSINESS Agribusiness AS DEDICATED AS YOU ARE As dedicated as you are Whether you re an established farmer or new to the land, it s important to find people who are willing to roll up their sleeves
More informationPHILIPPINE NATIONAL BANK DIGITAL BANKING SERVICE TERMS AND CONDITIONS
PHILIPPINE NATIONAL BANK DIGITAL BANKING SERVICE TERMS AND CONDITIONS PLEASE READ THESE TERMS AND CONDITIONS CAREFULLY. IF YOU DO NOT AGREE TO ANY OF THE TERMS AND CONDITIONS BELOW, DO NOT ACCESS THIS
More informationACCESS CREDIT UNION LIMITED. Consolidated Financial Statements For the year ended December 31, 2016
Consolidated Financial Statements For the year ended December 31, 2016 Consolidated Financial Statements For the year ended December 31, 2016 Contents Independent Auditor's Report 2 Consolidated Financial
More informationTakaful : defining ethical insurance. Zainal Abidin Mohd. Kassim Partner Mercer
Takaful : defining ethical insurance Zainal Abidin Mohd. Kassim Partner Mercer Presentation contents Takaful a primer Shariah Laws governing trade and business Takaful in practice Shariah compliant investments
More informationBanking Basics. Banks and Credit Unions. Warm-Up Activity. Why should you put your money in a bank?
Account Management Account Management You will be introduced to the banking process. You will learn how to locate a bank or credit union with which you want to do business, what accounts you should have
More informationHSBC Existing Premier and Advance Account Step Up Bonus Interest Debit Card Bundle Promotion ( Promotion ) Terms and Conditions
HSBC Existing Premier and Advance Account Step Up Bonus Interest Debit Card Bundle Promotion ( Promotion ) Terms and Conditions 1. This Promotion is valid from 1 November to 31 December 2016, both dates
More informationSchedule. adcbislamic.com
Schedule of Fees 01 SCHEDULE OF FEES Account Opening Amount SCHEDULE OF FEES Effective 1 st June, 2016 Current Account Savings Account Special Savings Account AED AED 5,000 AED 5,000 AED 5,000 USD USD
More informationIslamic Banking vs. Conventional Banking
Islamic Banking vs. Conventional Banking [Client Name] [Institute Name] ISLAMIC BANKING VS. CONVENTIONAL BANKING 2 Table of Contents Executive Summary... 5 Importance of the Research... 6 Introduction
More information