Building your wealth is always our priority. Our Sharia compliant Modaraba Accounts offer you the opportunity to earn higher profits with flexible tenors to suit your needs.
The Modaraba Account functions under the principle of unrestricted Modaraba (Al-Mutlaqa), in which the investor (Rub-Al Mall) provides capital. The bank (Modarib) provides expertise for the investment of capital to earn halal (lawful) profits, which will be divided between the two parties in agreed-upon ratios.
- Attractive profit rates
- Choice of flexible Modaraba tenors
- Flexible profit distribution on a monthly basis, or at maturity.
- Your account can be opened as an Individual; Joint Personal; Sole Proprietorship; Body Corporate account, or in the name of any other legal entity.
- Your account may be opened in Bahraini Dinars or United States Dollars.
- Automatic renewal option.
Flexible Modaraba tenors
1 month, 3 months, 6 months, 9 months, 1 year, 1.5 years, 2 years, and 3 years.
Account key benefits
- Free monthly eStatement of account.
- Monthly profit payments.
- Download the form
- Print the form on standard A4 paper
- Complete the form
- Prepare supporting documents (For account opening only)
- Prepare initial deposit (For account opening only) .Please refer to respective product pages in website for details on required initial deposit or click here for Schedule of Charges
- Visit our nearest branch to submit the form and proceed with your request Click here for list of branches
or APPLY ONLINE
Note: The applicant is required to sign the needful documents during his visit to the branch
For more information, please contact our Call Centre or any of our Outlets.
RequirementsClick Here to Download PDF
|Commercial Registration (CR) or Certificate of Incorporation|
|Partnership Agreement (only in case of Partnership Companies)|
|Memorandum of Association|
|Articles of Association|
|Smart card of all Authorised Signatories and Passports (for non-Bahrainis)|
|List of Directors Names, Country of Residence and Nationality|
|Details / Smart cards of the Shareholders Holding more than 20% of the Issued Capital|
|Latest Financial Report|
|Authorized Signatory Booklet|
|Approval of the Concerned Authority|
Ithmaar Bank’s Sharia compliant Fixed Deposit Account (Modaraba Account) is a profit earning account which offers individuals a way to share in Ithmaar Bank profit distributions, by investing their money in a Sharia compliant manner. Modaraba accounts function under the principle of unrestricted Modaraba (Al-Mutlaqa), in which the investor (as Rub-Al Mall) provides capital. The bank (as Modarib) provides expertise for the investment of capital with the purpose of earning halal (lawful) profits, which will be divided between the two parties in agreed-upon ratios. This account is ideal for those who are saving for a specific goal, such as retirement, marriage, holidays, home improvement or education, or would like to enjoy periodical payments of a highly secured investment. Our Modaraba Account gives you a wide range of investment period options to choose from. Just remember, the longer the time period and the more you invest, the more rewarding your returns can be.
General Modaraba Tiers:
- BD 1,000 - BD 39,999
- $ 2000 - $ 99,999
- BD 40,000 and above
- $ 100,000 and above
Note: Top up on General Modaraba will not be allowed. Any additional amount shall be booked under a new certificate, and the customer may choose the same maturity date of the existing Modaraba.
Key Account Features
- Your account may be opened in either Bahraini Dinars or United States Dollars.
- Minimum initial deposit of BD1,000 or USD2,000.
- Modaraba accounts can be opened as an Individual, Joint Personal, Sole Proprietorship, Body Corporate account, or in the name of any legal entity.
- Competitive expected profit rates.
- Choice of flexible tenors, from one month to three years.
- Monthly profit payments for all tenors.
Key Account Benefits
- Quarterly statement of account.
- Access to eBanking channels, Phone Banking, and Mobile Banking.
The Special General Modaraba accounts are specifically designed for investors seeking higher rates of return. They are identical to General Modaraba accounts in terms of structure, features and benefits with the following exceptions:
- Minimum initial deposit of BD100,000 or USD250,000.
- Higher expected profit rates than General Modaraba.
- Option of earning profit on a monthly basis or at maturity.
- Early withdrawal is not permitted.
Special Modaraba Tiers:
- BD 100,000 - 399,999
- $ 250,000 - 999,999
- BD 400,000 - 1,499,999
- $ 1,000,000 - 3,999,999
Bank's Share of Profit:
The bank will share the profit with the customer according to the following table. These ratios are the banks share, and would be subject to a periodic review or whenever deems necessary by the Bank.
Start investing in Ithmaar Modaraba Accounts today and watch your investment grow. For more information call us now, or visit your nearest Ithmaar branch today
|Monthly profit Payment|
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