UCB offers Sharia based banking solution 'Taqwa'

United Commercial Bank Limited (UCB), one of the first generation private commercial Banks of the country, has inaugurated a Shariah based banking solution named "UCB Taqwa". 

UCB TAQWA does not offer any provisional rate for any types of Mudaraba Accounts. Besides, profit rate will be determined every month according to the Income Sharing Ratio (ISR) between bank, customer and income from investment, says a UCB bank press release.

Different accounts and schemes under Taqwa:

Al-Wadia Current Account

UCB TAQWA Al-Wadia Current Account is a specially designed deposit product under Shariah compliant mode – "Al-Wadia" for customers intending to maintain an operative account for day to day financial transaction governed by Shariah.  

Bangladeshi or Foreigner aged 18 years and above are eligible to apply for this account. Foreigner must be resident of Bangladesh with valid work permit and must earn salary in BDT 

Mudaraba Savings Account 

This account is designed to create attractive propositions for customers intending to maintain a profit bearing operative account for day to day financial transaction governed by Shariah. Only Bangladeshis aged 18 years and above are eligible to apply. 

Mudaraba Term Deposit

The deposit is designed to create attractive propositions for customers intending to invest an amount with the bank and seek to get profit which is governed by Islamic law. Bangladeshis aged 18 years and above are eligible to apply.

Tenure: 1/3/6/12/24/36 month(s)

Mudaraba Monthly Income Term Deposit

This is designed to create attractive propositions for customers intending to invest an amount with the bank and seek to get profit monthly to meet their day to day financial need, which is governed by Shariah. 

Tenure: 1/2/3/4/5 year(s)

UCB TAQWA Personal Finance 

This is specially designed to meet the needs of day to day life which is governed by Shariah compliant mode "Murabaha". Patrons can finance One lac to 20 lac taka for a tenure of one to five years. For Household purchase Tk 5 Lakh and  for own Flat/Home renovation maximum Tk20 Lakh.  

Age at the time of application: Salaried: 21 years; Businessmen: 25 years 

UCB TAQWA Mudaraba Imperial Savings Account

This uniquely designed product is fully Shariah-compliant and enriched with unparalleled features, benefits, privileges and finest banking services. Moreover, this is a highly rewarding Savings instrument with very attractive profit – the more you save, the higher profit you earn. Minimum average balance Tk25 lakh.