Investment Certificates are offered on the basis of ‘Mudaraba’ Contract.
Allied Islamic Investment Certificate is a Sharia compliant mode of investment with variety of tenors and profit / loss distribution options.
- Investment certificates will be issued based on the mode of Mudaraba for the period of 1 month, 3 months, 6 months, 1 Year, 2 years, 3 years, 4 years and 5 years through Allied Islamic Saving / Current account. The deposit will be accepted for different periods at the discretion of the Bank from time to time.
- Profits or Loss will be shared on Monthly, Quarterly, Half Yearly or Maturity basis or may be decided / declared from time to time at the discretion of the Bank.
- Investment certificate will be issued in the multiple of minimum Rupees 25,000.
- The Bank will utilize all such deposits as the Bank may deem appropriate in Shariah compliant modes of financing / investments.
- Following options will be available at maturity of the certificate or as approved by the Bank from time to time:
- Roll-over with Principal and Profit
- Profit Encashment (in linked current / saving account) and Principal Roll-over
- Principal and Profit Encashment at maturity (in linked current / saving account)
- In case of early/premature encashment, the applicable weightage on such Certificate (TDR) shall be that of the Certificate (TDR) of the nearest completed tenor. For instance, a five year Certificate (TDR) encashed after one year shall be assigned the weightage applicable on one year Certificate (TDR). Pre-mature encashment will be allowed on the profit rates declared for the corresponding period for which investment remained with the Bank, as follows:
- For completed years (i.e. 1, 2, 3, 4), rates for the corresponding completed years will be selected
- For the period exceeding completed years, last declared rate for the regular saving accounts will be selected
- For the TDR having maturity less than one year, last declared rate for the regular saving accounts will be selected
- No premature charges or termination fees will be charged on any type of investment certificate