AB Bank launches 3 new products
FE Report | Monday, 14 July 2008
AB Bank Limited, a first generation private commercial bank Sunday launched its Islamic Banking online services through using 'Ababil' software and introduced three new attractive products for its Islamic banking customers.
"With the introduction of the new facility AB Bank Islamic Branch is now integrated to the Bank's online services, as the Branch will have connectivity with seven of its conventional branches across the country," said Vice Chairman of the Bank Sajedur Seraj while inaugurating the online facilities of the Bank in the bank's Islamic Branch at the city's Kakrail.
President and Managing Director of AB Bank Kaiser A. Chowdhury said the products are specially designed for Islamic banking customers to make them more popular as the Islamic banking has thrived all over the world in recent years.
The new Islamic Banking products are Mudaraba Millionaire Scheme, Mudaraba Quarterly Profit Scheme and Mudaraba Hajj Deposit Scheme.
Mudaraba Millionaire Scheme (MMS) is a special monthly deposit of installments, which can make the depositors a millionaire within a period of three to six years. The tenure of the MMS is three, four, five or six-year terms with loan and overdraft facility up to 70 per cent of the deposited amount.
Mudaraba Quarterly Profit Scheme (MQPS) is a special fixed deposit account and pays out profit after three months. Customers need to invest simply a minimum of Tk 25,000.The tenure of the MQPS is only three-year term with loan and overdraft facility up to 70 per cent of the deposited amount.
Mudaraba Hajj Deposit Scheme (MHDS) is a special monthly installment-based deposit account where customers can open the scheme for a period between one to 12 years.
Members of the board of AB Bank and other senior officials of the bank were also present on the occasion.
The AB Bank officials said that the 'Ababil' software will be used in its 70 branches gradually to make the 'Islamic banking' a successful endeavour in the country.
"With the introduction of the new facility AB Bank Islamic Branch is now integrated to the Bank's online services, as the Branch will have connectivity with seven of its conventional branches across the country," said Vice Chairman of the Bank Sajedur Seraj while inaugurating the online facilities of the Bank in the bank's Islamic Branch at the city's Kakrail.
President and Managing Director of AB Bank Kaiser A. Chowdhury said the products are specially designed for Islamic banking customers to make them more popular as the Islamic banking has thrived all over the world in recent years.
The new Islamic Banking products are Mudaraba Millionaire Scheme, Mudaraba Quarterly Profit Scheme and Mudaraba Hajj Deposit Scheme.
Mudaraba Millionaire Scheme (MMS) is a special monthly deposit of installments, which can make the depositors a millionaire within a period of three to six years. The tenure of the MMS is three, four, five or six-year terms with loan and overdraft facility up to 70 per cent of the deposited amount.
Mudaraba Quarterly Profit Scheme (MQPS) is a special fixed deposit account and pays out profit after three months. Customers need to invest simply a minimum of Tk 25,000.The tenure of the MQPS is only three-year term with loan and overdraft facility up to 70 per cent of the deposited amount.
Mudaraba Hajj Deposit Scheme (MHDS) is a special monthly installment-based deposit account where customers can open the scheme for a period between one to 12 years.
Members of the board of AB Bank and other senior officials of the bank were also present on the occasion.
The AB Bank officials said that the 'Ababil' software will be used in its 70 branches gradually to make the 'Islamic banking' a successful endeavour in the country.