Islami Bank to ease Marriage and Mahr with savings

Business Report :

Islami Bank Bangladesh PLC has two special savings schemes: MudarabaBibaho Savings Account (MBSA) and Mudaraba Muhor Savings Account.
MudarabaBibaho Savings Account (MBSA) is a monthly installment-based savings scheme designed to accumulate funds for marriage-related expenses. Adult youths or guardians can open this account. Installment amounts start at Tk. 500 and can be set in multiples thereof, up to a maximum of Tk. 50,000. The savings term ranges from a minimum of 3 years to a maximum of 5 years. Since the installment amount remains fixed throughout the term, it is important to determine the installment based on one’s financial capacity and desired savings goal at the time of account opening. In line with Islamic Shari’ah principles, provisional profit is announced biannually, with final adjustments made at the end of the financial year. Currently, Islami Bank holds approximately 53 thousand MudarabaBibaho Savings Accounts.
MudarabaMuhor Savings Account(MMSA) is also a monthly installment-based account tailored for individuals planning to save gradually for mahr payments. Professionals, service holders, businessmen or expatriate men intending to save for mahr payment can open this account according to their capacity. Installments range from Tk. 500 to Tk. 5,000, with terms of 5 or 10 years. Married or marriage-intending individuals can operate this account. For those intending to marry, the installment is set based on the savings goal, and for married men, it is based on the amount mentioned in the kabinnama, amount already paid, and the payable mahr. The monthly installment is then fixed accordingly. Islami Bank currently holds approximately 52 thousand Mudaraba Muhor Savings Accounts, says a press release.
To open either of these accounts, applicants need to submit a copy of National ID/Passport/Driving License, two passport-sized photographs, one nominee photograph (for MBSA), and two photographs of the spouse (for the mahr account, where applicable). These accounts can be opened at any branch, sub-branch or agent banking outlet of Islami Bank. Additionally, they can be opened using the Cellfin app. Monthly installments can be deposited at any bank branch, sub-branch, or agent banking outlet. Additionally, installments can be transferred 24/7 using Cellfin, i-banking or mCash. Customers may also instruct the bank to automatically transfer the monthly installment from a designated account. Advance installment payments are accepted as well.
As marriage-related expenses continue to rise, middle-income families are finding it increasingly difficult to bear the costs. Additionally, despite the strict instructions of Shari’ah regarding mahr, its realization is diminishing in society. In this context, these two specialized accounts by Islami Bank are playing a vital role in facilitating financial planning for marriage and making mahr payments easier. Both accounts have already gained significant popularity among customers.