MIDLAND BANK SAALAM

Midland Bank SAALAM, has been established as a dedicated Islamic Banking window of the Bank with the aim to meet the unique needs of its customers and to help develop the nation’s economy. Mrs. Nilufer Zafarullah, Honourable Chairperson of the Bank launched this Shariah based Islamic Banking Window ‘MIDLAND BANK SAALAM’ on 23 April 2020 alongside conventional Banking services in Dhaka.
At Midland Bank Limited, we realize that our customers want products that are Shariah compliant, and by introducing MIDLAND BANK SAALAM, we are fulfilling our promise of being responsive to our customer needs. Through this new offering, customers can avail all Shariah banking products through its Gulshan Islamic Banking window and avail the service from any of its branches including the Bank’s digital channels. Islamic Banking plays an important role in the economy and the Bank introduced Shariah Banking to cater to need of the growing Shariah conscious population of the Country. Customers can avail technology based services from the Islamic Banking Window `MIDLAND BANK SAALAM’ using customized free internet banking facility, midland online, and mobile applications.
MIDLAND BANK SAALAM comprises a wide range of deposit and investment products which are designed and ensured in such a way that they are in line with Shariah principles on Islamic Banking. Our Islamic Banking relationship offers you a banking experience that is simple, convenient, smart and Shariah compliant.

MIDLAND BANK SAALAM PRODUCTS

MDB Saalam Current Account

Any institution and Bangladeshi citizen can open Midland Bank Saalam Current account.

Title Details
Eligibility
  • Any Bangladeshi citizen above 18 years can open this account
  • All sorts of Firms, Institution, Organization and Companies are eligible to open this account.
  • Locally incorporated foreign companies, permitted foreign national & institution.
Availability
  • All MDB branches/Uposhakha or Sub Branch/ABC.
Minimum initial deposit amount
  • Tk 1,000/
Profit Calculation
  • No profit is applied in this account.
Key Benefits
  • No limit in number and value of transactions
  • Free Debit Card facility (1st year only)
  • Free Internet Banking facility
  • Free SMS Banking facility (1st year only)
  • Free online transaction
  • Daily ATM transaction amount of up to BDT 50,000 and POS transaction amount of up to BDT 50,000. However, it can be increased at the request of the customer; and it is applicable for Individual, Joint (with NOC of others) & proprietor concern
Joint Applicant Option
  • Applicant can open account either in the single name or in the joint names.
Mode of Shariah
  • Al-Wadeeah Principal
Debit Card
  • Debit card is mandatory and 1st year free
Cheque Book
  • Branch will issue cheque book against the account.
Account Maintenance Fee
  • As per schedule of charges of MDB
Account Closure Fee
  • As per schedule of charges of MDB
Tax, Excise Duty & VAT
  • Will be deducted as per NBR rules
Required document
  • Bank's prescribed AOF (signed by the applicant)
  • Two PP size photographs of applicant(s) attested by the introducer.
  • Copy of valid photo ID like; Passport, NID, Driving License etc.
  • One PP size photograph of nominee attested by account holder
Introducer's Eligibility
  • Any existing MDB Bank account holder or
  • Any MDB officials (including Direct Sales Officer)

MDB SAALAM SAVINGS ACCOUNT

This is a Shariah based and daily profit bearing and half yearly profit paying savings account for any Bangladeshi citizen.

Title Details
Eligibility
  • Any Bangladeshi citizen above 18 years can open this account
  • In case of minor account. Legal guardian will operate the account on behalf of the minor until the minor reaches the age of 18.
  • Non Resident Bangladeshi Citizen and Dual Citizen as well.
  • Resident Foreign National.
Availability
  • All MDB branches/Uposhakha or Sub Branch/ABC.
Minimum initial deposit amount
  • Tk 1,000/
Profit Calculation
  • Profit will be calculated on daily day end balance of the account. If a customer does more than 5 transactions (including transaction over the counter, through internet banking, ATM or POS) in a week, the profit will be forfeited for that month.
Profit Accrual & Payment
  • Profit will be accrued on monthly basis and paid to on half yearly basis.
Key Benefits
  • Profit calculated on daily balance
  • Profit is credited to account on half yearly basis
  • No debit card Fee for 1st year
  • Free internet Banking.
  • Free SMS banking for 1st year
  • Free online banking
Joint Applicant Option
  • Applicant can open account either in the single name or in the joint names.
Mode of Shariah
  • Mudaraba
Debit Card
  • Debit card is mandatory and 1st year free
Cheque Book
  • Branch will issue cheque book against the account.
Account Maintenance Fee
  • As per schedule of charges of MDB
Account Closure Fee
  • As per schedule of charges of MDB
Tax, Excise Duty & VAT
  • Will be deducted as per NBR rules
Required document
  • Bank's prescribed AOF (signed by the applicant)
  • Three PP size photographs of applicant(s) attested by the introducer
  • Copy of valid photo ID like; Passport, NID, Driving License etc.
  • One PP size photograph of nominee attested by account holder
Introducer's Eligibility
  • Any existing MDB Bank account holder or
  • Any MDB officials (including Direct Sales Officer)

MDB Saalam SND Account

 

MDB Saalam SND account is a profit bearing account for institutions.

Title Details
Eligibility
  • All sorts of Firms, Institution, Organization and Companies including locally incorporated foreign companies are eligible to open this account.
Availability
  • All MDB branches/Uposhakha or Sub Branch/ABC.
Minimum initial deposit amount
  • Tk 10,000/
Profit Calculation
  • Profit will be calculated on daily day end balance, accrued monthly and applied (i.e. paid) to the account on half yearly basis.
  • If fund is withdrawn without submitting 7 days’ notice, the profit will be forfeited for that particular month.
Key Benefits
  • Free Debit Card facility (1st year only) for Joint A/C Holders (with proper NOC of Account Holders) and Proprietorship concern
  • Free Internet Banking facility
  • Free monthly e-statement facility
  • Free SMS Banking facility (1st year only)
  • Free online transaction
  • Daily ATM transaction amount of up to BDT 50,000 and POS transaction amount of up to BDT 50,000. However, it can be increased at the request of the customer; and it is applicable for Individual, Joint (with NOC of others) & proprietorship concern
Joint Applicant Option
  • Applicant can open account either in the single name or in the joint names.
Mode of Shariah
  • Mudaraba
Debit Card
  • Debit card is mandatory and 1st year free
Cheque Book
  • Branch will issue cheque book against the account.
Account Maintenance Fee
  • As per schedule of charges of MDB
Account Closure Fee
  • As per schedule of charges of MDB
Tax, Excise Duty & VAT
  • Will be deducted as per NBR rules
Required document
  • Bank's prescribed AOF (signed by the applicant)
  • Two PP size photographs of applicant(s)/signatories attested by the introducer.
  • Copy of valid photo ID like; Passport, NID, Driving License etc.
  • One PP size photograph of nominee, if applicable attested by account holder.
  • Valid Trade License and other Govt. Permission, if applicable.
Introducer's Eligibility
  • Any existing MDB Bank account holder or
  • Any MDB officials (including Direct Sales Officer)
  • Socially known person acceptable to the Bank

MDB SAALAM MONTHLY SCHEME

 

Customer(s) will pay certain monthly installment for a definite period and after maturity he/she will be get the entire amount along with profit.

Title Details
Key Benefits
  • This account is in local currency (BDT).
  • This is a Non-Transactional savings scheme account.
  • The profit will be calculated and accrued on a monthly basis and applied to the account on a yearly basis.
  • Customer may deposit monthly instalments through all the available mode of payment.
  • More than 01 (one) account can be opened by the customers.
  • Free SMS banking facility.
Eligibility
  • Any Bangladeshi citizen above 18 years can open this account
  • In case of minor account. Legal guardian will operate the account on behalf of the minor until the minor reaches the age of 18.
Availability
  • All MDB branches/Uposhakha or Sub Branch/ABC.
Minimum initial deposit amount
  • BDT 250, BDT 500 or multiple of 500 upto BDT 25,000.
Tenure
  • 3 years / 5 years / 8 years / 10 years
Profit Calculation
  • Profit will be calculated on monthly basis and applied to the account on a yearly basis.
Joint Applicant Option
  • Applicant can open account either in the single name or in the joint names.
Mode of Shariah
  • Mudarabah
Account Closing / Maturity
  • At maturity, the scheme account will remain on halt (i.e. no further profit shall be accrued) until the customer visits the branch and claims for the amount payable to the customer after deduction of necessary charges.
  • If the customer fails to pay 03 (three) consecutive instalments, the account will remain on halt (i.e. no further profit shall be accrued) until the customer visits the branch and claims for the amount payable to the customer as per “Method & Forfeiture of Earning Profit” criteria and after deduction of necessary charges.
Method & Forfeiture of Earning Profit If any depositor intends to withdraw his/her deposit before maturity (i.e. premature encashment), the following rules will apply:
  • Pre-mature Encashment table:
    1 Less than 1 year No Profit will be given
    2 More than 1 year but less than 3 years Saalam savings rate
    3 More Than 3 years but less than 5 years 3 Years Salaam SMS rate +Salam Savings rate for the rest
    4 More than 5 years but less than 8 years 5 Years Salaam SMS rate +Salam Savings rate for the rest.
    5 More than 8 years but less than 10 years 8 Years Salaam SMS rate +Salam Savings rate for the rest.
Fees & Charges
  • Government excise duty is applicable.
  • All taxes / duty / levy and/or any other surcharges presently in force or that may be imposed by the Government of Bangladesh from time to time will be deducted / recovered from the deposit account under this scheme.
  • Late fees @ 2% of instalment amount or BDT 200 whichever is higher will be charged per month for failure to deposit the instalment in time.

MDB SAALAM HAJJ SAVINGS SCHEME

 

Customer(s) can build up money gradually to perform Holy Hajj. Customer(s) will pay certain monthly installment for a definite period and after maturity he/she will get the entire amount along with profit.

Title Details
Key Benefits
  • This account is in local currency (BDT).
  • This is a Non-Transactional savings scheme account.
  • The profit will be calculated and accrued on a monthly basis and applied to the account on a yearly basis.
  • Customer may deposit monthly instalments through all the available mode of payment.
  • More than 01 (one) account can be opened by the customers.
  • Free SMS banking facility.
Eligibility
  • Any Bangladeshi citizen above 18 years can open this account
  • In case of minor account. Legal guardian will operate the account on behalf of the minor until the minor reaches the age of 18.
Availability
  • All MDB branches/Uposhakha or Sub Branch/ABC.
Minimum initial deposit amount
  • BDT 250, BDT 500 or multiple of 500 upto BDT 25,000.
Tenure
  • 3 years / 5 years / 8 years / 10 years
Profit Calculation
  • Profit will be calculated on monthly basis and applied to the account on a yearly basis.
Joint Applicant Option
  • Applicant can open account either in the single name or in the joint names.
Mode of Shariah
  • Mudarabah
Account Closing / Maturity
  • At maturity, the scheme account will remain on halt (i.e. no further profit shall be accrued) until the customer visits the branch and claims for the amount payable to the customer after deduction of necessary charges.
  • If the customer fails to pay 03 (three) consecutive instalments, the account will remain on halt (i.e. no further profit shall be accrued) until the customer visits the branch and claims for the amount payable to the customer as per “Method & Forfeiture of Earning Profit” criteria and after deduction of necessary charges.
Method & Forfeiture of Earning Profit If any depositor intends to withdraw his/her deposit before maturity (i.e. premature encashment), the following rules will apply:
  • Pre-mature Encashment table:
    1 Less than 1 year No Profit will be given
    2 More than 1 year but less than 3 years Saalam savings rate
    3 More Than 3 years but less than 5 years 3 Years Salaam SMS rate +Salam Savings rate for the rest
    4 More than 5 years but less than 8 years 5 Years Salaam SMS rate +Salam Savings rate for the rest.
    5 More than 8 years but less than 10 years 8 Years Salaam SMS rate +Salam Savings rate for the rest.
Fees & Charges
  • Government excise duty is applicable.
  • All taxes / duty / levy and/or any other surcharges presently in force or that may be imposed by the Government of Bangladesh from time to time will be deducted / recovered from the deposit account under this scheme.
  • Late fees @ 2% of instalment amount or BDT 200 whichever is higher will be charged per month for failure to deposit the instalment in time.

MDB SAALAM TERM DEPOSIT

 

This is an Islamic Shariah based term deposit account designed for those individuals/institutions who intends to save their earning under Islamic principles

Title Details
Eligibility
  • Any Resident Bangladeshi citizen can open this account.
  • In case of minor account. Legal Guardian will operate the account on behalf of the minor until the minor reaches the age of 18.
  • All sorts of Firms, Institution, Organization and Companies having approval from proper authority in Bangladesh are eligible to open the account.
Availability
  • All MDB branches/Uposhakha or Sub Branch/ABC.
Minimum initial deposit amount
  • Tk 10, 000
Tenure
  • 1/3/6/12/18 & 24 months
Profit Calculation
  • Investment Income Sharing Method (IISR)/ Weightage Average Method ( As per decision of the Bank)
Profit Accrual & Payment
  • Profit will be accrued on monthly basis and applied to the account at maturity
Pre-mature Encashment*
  • Following rules will apply in case of pre-mature encashment:
    1 Month Less than 1 year No Profit
    3 Months More than 1 year but less than 3 years Saalam savings rate
    6 Months More Than 3 years but less than 6 years Salam Savings rate
    12 Months Less than 6 Months Saalam Savings Rate
    12 Months More than 6 Months but less than 12 Months 3 Months TD Rate & Saalam Savings rate for the rest
    18 Months Less than 6 Months Saalam Savings Rate
    18 Months More than 6 Months but less than 12 Months 3 Months TD Rate & Saalam Savings Rate for the rest
    18 Months More than 12 Months but less than 18 Months 6 Months TD Rate & Saalam Savings Rate for the rest
    24 Months Less than 6 Months Saalam Savings Rate
    24 Months More than 6 Months but less than 12 Months 3 Months TD Rate & Saalam Savings Rate for the rest
    24 Months More than 12 Months but less than 18 Months 6 Months TD Rate & Saalam Savings Rate for the rest
    24 Months More than 18 Months but less than 24 Months 12 Months TD Rate & Saalam Savings Rate for the rest
Joint Applicant Option
  • Applicant can open account either in the single name or in the joint names.
Mode of Shariah
  • Mudaraba
Tax, Excise Duty & VAT
  • Will be deducted as per NBR rules
Required document
  • Bank’s prescribed MDB Saalam Term Deposit Account Opening Form (AOF).
  • The documents required to open this account shall be governed by the MDB Branch Operations Manual, MDB Comprehensive Account Opening Documentary Checklist and Bangladesh Bank guidelines.
  • The account opening procedure shall be strictly followed as per MDB Branch Operations Manual, MDB Comprehensive Account Opening Documentary Checklist and Bangladesh Bank guidelines that may change from time to time.

MDB SAALAM HOME FINANCE

 

SAALAM Home Finance is Purchase/construction/renovation of House/Apartment.

Title Details
Feature & Purpose
  • Apartment/House Purchase
  • House Construction / Renovation / Extension / Completion
  • Takeover of existing home finance from any Bank / Financial Institution Investment Amount ranges from BDT 500,000 to BDT 20,000,000.
  • Repayment tenure of 3 years to 25 years
  • Competitive profit rate
  • No Processing fee for Take over amount of home finance from other Banks/ Financial Institutions.
  • Early full settlement and partial settlement allowed without any fee.
  • Quick processing
Eligibility Experience :
  • Salaried Executives: Minimum 3 years experience with 6 months employment with present employer.
  • Businessman: Customer must have 3 (Three) years continuous business experience in the same the same nature of business.
  • Self Employed (Professional): Customer must have 3 (Three) years professional experience in the same segment.
  • Landlord: Minimum 1 (One) year 30% rental income reflection in the Bank account statement is must
Age :
  • Minimum : 21 years
  • Maximum : 62 years (For Salaried) and 65 years (For Others) at the end of investment tenor.
Minimum Gross Monthly Income :
Category Minimum Requirement
Salaried Executives (Govt.) Tk. 40,000/- per month
Salaried Executives (other than Govt.) Tk. 50,000/- per month
Self employed Tk. 50,000/- per month
Businessman & landlord Tk. 50,000/- per month
Joint Application :
  • Joint application is mandatory but limited to family member viz. Spouse, Parents, Siblings (Brothers & Sisters), and Children only
Tenure
  • Minimum 3 years to Maximum 25 (Twenty Five) years
Partial/Early Settlement
  • Allowed without any fee.
Taxes, Duty, Surcharges
  • As per NBR circular
Highest Amount
  • Bank will finance maximum 70% of property value or BDT 2.00 crore whichever is lower as per Bangladesh Bank Guidelines (70:30 debt equity ratio)

MDB SAALAM AUTO FINANCE

Drive your own car with MDB Saalam Auto Finance.
Title Details
Feature
  • Car Investment for purchase of brand new or reconditioned car (for private use only)
  • Investment Amount ranges from BDT 200,000 to BDT 4,000,000
  • Repayment tenure of 12 months to 60 months
  • Competitive profit rate
  • Early full settlement and partial settlement allowed
  • Quick processing
Eligibility Experience :
  • Salaried Executives : Minimum 2 years experience with 6 months employment with present employer
  • Self Employed : (Doctors, Architects, Engineers, Chartered Accountant and Certified Consultant, IT Professionals etc.) with Minimum 2 years experience
  • Business person : Minimum 2 years of involvement in business
  • Landlord: Minimum 6 (Six) months 30% rental income reflection in the Bank account statement is must.
Age :
  • Minimum : 21 years
  • Maximum : For salaried segment 62 years or retirement date whichever is earlier at investment maturity for salaried segment. For other segment- 65 years
Minimum Gross Monthly Income :
Category Minimum Requirement
Salaried Executives (Govt.) Tk. 20,000/- per month
Salaried Executives (other than Govt.) Tk. 25,000/- per month
Self employed Tk. 30,000/- per month
Businessman & landlord Tk. 40,000/- per month
Joint Application :
  • Joint application allowed
Shariah Mode
  • HPSM
Tenure
  • Maximum 5 (five) years
Purpose
  • For purchasing new or reconditioned car
Benefit
  • Quick processing
Taxes, Duty, Surcharges
  • As per NBR circular
Highest Amount
  • Bank will finance maximum 50% of car quotation price or BDT 40 lac whichever is lower

MDB SAALAM CONSUMER FINANCE

 
Title Details
Feature
  • Investment Amount ranges from BDT 50,000 to BDT 1,000,000 (or 10 times of Gross Monthly Income, whichever is lower)
  • Repayment tenure of 12 months to 60 months.
  • Competitive profit rate
  • Early full settlement and partial settlement allowed without any charge.
  • Fully Shariah complied.
  • Quick processing
Eligibility Experience :
  • Salaried Executives : Minimum 2 years experience with 6 months employment with present employer
  • Self Employed : (Doctors, Architects, Engineers, Chartered Accountant and Certified Consultant, IT Professionals etc.) with Minimum 2 years experience
  • Business person : Minimum 2 years of involvement in business
  • Landlord: Minimum 6 (Six) months 30% rental income reflection in the Bank account statement is must.
Age :
  • Minimum : 21 years
  • Maximum : For salaried segment 62 years or retirement date whichever is earlier at investment maturity for salaried segment. For other segment- 65 years
Minimum Net Monthly Income :
Category Minimum Requirement
Salaried Executives (Govt.) Tk. 20,000/- per month
Salaried Executives (other than Govt.) Tk. 25,000/- per month
Self employed Tk. 30,000/- per month
Businessman & landlord Tk. 40,000/- per month
Joint Application :
  • Joint application allowed
Tenure
  • Maximum 5 (five) years
Purpose
  • To purchase any Shariah permissible products and consumer durables.
Benefit
  • No early/partial settlement fee.
Taxes, Duty, Surcharges
  • As per NBR circular
Highest Amount
  • BDT 10.00 Lac

MDB SAALAM BIKE FINANCE

 

Drive your own bike with MDB Saalam Bike Finance. Only for Female customers.

Title Details
Feature
  • Investment for purchase of brand new Motor Bike (Motor Cycle).
  • Investment Amount ranges from BDT 50,000 to BDT 2,50,000
  • Repayment tenure of 06 months to 36 months.
  • Competitive Profit rate.
  • Early full settlement and partial settlement allowed without any fee.
  • Quick processing
Eligibility Experience :
  • Permanent Salaried Executives: Minimum 1 year of continuous experience (including probation period) with 6 months employment with present employer.
  • Contractual Salaried Executives: Only Medical Representative Officer of reputed pharmaceutical company having 2 years of experience with at least 12 months in current organization
  • Self Employed: Minimum 2 years of practice in the profession as per BMDC/Professional Certification.
  • Business person: Minimum 2 years of continuous business experience as per Trade License copy
Age :
  • Primary applicant / borrower’s minimum age should be 21 years
Minimum Net Monthly Income :
Category Minimum Requirement
Salaried Tk. 30,000/- per month
Self Employed/ Businessman Tk. 30,000/- per month
Joint Application :
  • Spouse only
  • Total gross monthly income of Principal and Joint applicant should be minimum BDT 30,000 per month.
Shariah Mode
  • HPSM
Tenure
  • Minimum 6 months to Maximum 36 (thirty six) months.
Purpose
  • For purchasing Motor Bike (Motor Cycle)
Age of The Vehicle
  • Maximum 2 years old model at the time of financing. Electric/ Battery driven Motor Bike is excluded.
Benefit
  • Quick processing
Taxes, Duty, Surcharges
  • As per NBR circular
Highest Amount
  • Bank will finance maximum 250,000.00 or 70% of Motor Cycle Price

MDB SAALAM ABIRAM ACCOUNT

 

MDB Saalam Abiram Account is a regular Shariah Based current account & also a non-profit bearing account which can be opened by any SME entrepreneurs, as well as locally incorporated foreign companies.

The benefits of MDB Saalam Abiram Account are highlighted below:

  • Shariah Based current account with withdrawal facility
  • Free Internet Banking facility
  • Free SMS Banking facility (for 1st year)
  • Cheque Book facility
  • Free Online Transaction

KEY FEATURES ON “MDB SAALAM ABIRAM ACCOUNT”
Title Details
Product Description
  • This is a transactional current account
  • The accounts will be in local currency (BDT)
  • Minimum initial deposit of BDT 1000 is required to open the account
  • No limit in number and value of transactions
Eligibility
  • Any SME Entrepreneur, Firm, Institution, Organization, locally incorporated foreign companies, can open this account in the name of business.
Profit and its Application
  • No profit is applied to this account.
Mode Of Shariah
  • Al-Wadeeah Principal

MDB Saalam SME Bai Muajjal

 

Economy and business atmosphere of our country is growing and changing rapidly. To cater the growing demand of Shariah compliant investment opportunity, MDB Saalam has come up with faster & affordable financing solution for Small & Medium Enterprise customers. The ‘MDB Saalam SME Bai Muajjal’ shall fulfill the demand of working capital to its existing & potential customers.

Key features on MDB Saalam SME Bai Muajjal are as follows:
Title Details
Name of product
  • MDB Saalam SME Bai Muajjal
Nature of product
  • To finance working capital requirement of Bank’s SME Clients.
Mode of investment
  • Bai- Muajjal
Target Customers
  • MSME entrepreneurs, Organizations any business organization, in need of shariah compliant working facility financing for valid business reason.
Amount
  • Any amount as per sanction letter.
Profit rate
  • Profit rate should be as per sanction letter of the client.
Tenor
  • Depending on cash cycle of the client, the tenor of this facility may vary from 30 days to 360 days.

MDB Saalam - SME Shirkatul Melk

 

Economy and business atmosphere of our country is growing and changing rapidly. To cater the growing demand of Shariah compliant investment opportunity, MDB Saalam has come up with faster & affordable financing solution for Small & Medium Enterprise customers. The ‘MDB Saalam - SME Shirkatul Melk’ shall fulfill the demand of terminating term financing facility to its existing & potential customers for financing projects, fixed assets, machinery, vehicle/ transport for own/ commercial use, take over liability against fixed asset from other banks, etc.

Key features on MDB Saalam- SME Shirkatul Melk are as below:
Title Details
Name of product
  • MDB Saalam-SME Shirkatul Melk
Purpose of the product
  • To financing projects, fixed assets, machinery, vehicle/ transport for own/ commercial use, take over liability against fixed asset from other banks, etc.
Target Customers
  • MSME entrepreneurs, Organizations, any business organization, in need of shariah compliant term financing for valid business reason.
Mode of investment
  • Hire purchase under Shirkatul Melk
Amount of equity financing from Bank’s part
  • Maximum Up to BDT. 5.00 Crore
Tenor of Investment
  • More than 01 year to maximum 8 years.

MDB Saalam Current Account - Corporate

Any institution can open Midland Bank Saalam Current account - Corporate.

Title Details
Eligibility
  • All Private and Public Limited Companies registered under RJSC
  • All Government/Semi-Government Organizations
  • NGOs
  • Company Provident Fund Account, Company Gratuity Fund Account
  • Association/Club/Charity account
  • Sole proprietorship and Partnership
  • Workers Prettifications Fund (WPF)
  • Non Individual Customer Segment etc
Availability
  • All MDB branches/Uposhakha or Sub Branch.
Minimum initial deposit amount
  • Tk 1,000/
Profit Calculation
  • No profit is applied in this account.
Key Benefits
  • This is a transactional current account
  • The accounts will be in local currency (BDT)
  • Minimum initial deposit of BDT 1,000.00 is required to open the account
  • No limit in number and value of transactions
  • Free Debit Card facility (1st year only)
  • Free Cheque book (1st year only)
  • Free Internet Banking facility
  • Free SMS Banking facility (1st year only)
  • Daily ATM transaction amount of up to BDT 50,000 and POS transaction amount of up to BDT 50,000. However, it can be increased at the request of the customer; and it is applicable for Individual, Joint (with NOC of others) & proprietor concern
Mode of Shariah
  • Al-Wadeeah Principal
Cheque Book
  • Branch will issue cheque book against the account.
Account Maintenance Fee
  • As per schedule of charges of MDB
Account Closure Fee
  • As per schedule of charges of MDB
Tax, Excise Duty & VAT
  • Will be deducted as per NBR rules
Required document
  • MDB Comprehensive Account Opening Documentary Checklist and Bangladesh Bank guidelines.
Introducer's Eligibility
  • Any existing MDB Bank account holder or
  • Any MDB officials (including Direct Sales Officer)
  • Socially known person acceptable to the Bank

MDB Saalam Term Deposit-Corporate

 

MDB Saalam Term Deposit-Corporate is a Shariah compliant non-checking term deposit product to be governed by Shariah (Islamic Law) in Mudaraba mode.

Title Details
Eligibility
  • All Private and Public Limited Companies registered under RJSC.
  • All Government/Semi-Government Organizations.
  • NGOs
  • Company Provident Fund Account, Company Gratuity Fund Account.
  • Association/Club/Charity account.
  • Sole proprietorship and Partnership
  • Workers Prettifications Fund (WPF)
  • Non Individual Customer Segment etc
Availability
  • All MDB branches/Uposhakha or Sub Branch.
Minimum initial deposit amount
  • Tk 10, 000
Tenure
  • 1/3/6/12/18 & 24 months
Profit Calculation
  • Weighted Average Method
Profit Accrual & Payment
  • Profit will be accrued on monthly basis and applied to the account at maturity
Mode of Shariah
  • Mudaraba
Account Maintenance Fee
  • No fee
Account Closure Fee
  • No fee
Tax, Excise Duty & VAT
  • Will be deducted as per NBR rules
Tax, Excise Duty & VAT
  • Will be deducted as per NBR rules
Required document
  • MDB Comprehensive Account Opening Documentary Checklist and Bangladesh Bank guidelines.
Introducer's Eligibility Introducer is not required for existing customer. For new customers, introducer is required. Following persons can act as introducer:
  • Any existing MDB Bank account holder or
  • Any MDB officials (including Direct Sales Officer)
  • Socially known person acceptable to the Bank
Pre-mature Encashment* Following rules will apply in case of pre-mature encashment:
Tenure Premature Encashment Proposed Process
1 Month Less than 1 month No interest will be awarded
3 Months Less than 1 month No interest will be awarded
More than 1 month but less than 3 months Regular Midland Bank Saalam Savings Rate for the whole period
6 Months More than 3 months but less than 6 months
6 Months Less than 6 months
12 Months Less than 6 Months
12 Months More than 6 months but less than 12 months
18 Months Less than 6 months
18 Months More than 6 months but less than 12 months
18 Months More than 12 months but less than 18 months
24 Months Less than 6 months
24 Months More than 6 months but less than 12 months
24 Months More than 12 months but less than 18 months
24 Months More than 18 months but less than 24 months

MDB Saalam SND Account - Corporate

 

MDB Saalam SND Account - Corporate is a profit bearing account for institutions.

Title Details
Eligibility
  • All Private and Public Limited Companies registered under RJSC.
  • All Government/Semi-Government Organizations.
  • NGOs
  • Company Provident Fund Account, Company Gratuity Fund Account.
  • Association/Club/Charity account.
  • Sole proprietorship and Partnership
  • Workers Prettifications Fund (WPF)
  • Non Individual Customer Segment etc
Availability
  • All MDB branches/Uposhakha or Sub Branches.
Minimum initial deposit amount
  • Tk 5,000/
Profit Calculation
  • Profit will be calculated on daily day end balance, accrued monthly and applied (i.e. paid) to the account on half yearly basis.
Key Benefits
  • This is a Transactional account
  • The account will be in local currency (BDT)
  • Minimum initial deposit of 5,000.00 is required to open the account
  • Free Cheque Book (1st year only)
  • Free Debit Card facility (1st year only) for Sole Proprietorship Account Holder
  • Free Internet Banking facility
  • Free SMS Banking facility (1st year only)
  • Free monthly e-statement facility
  • Daily ATM transaction amount of up to BDT 50,000 and POS transaction amount of up to BDT 50,000 and it is also applicable for Individual, Joint A/C Holder & Proprietorship concern. However, it can be increased at the request of the customer
Mode of Shariah
  • Mudaraba
Account Maintenance Fee
  • As per schedule of charges of MDB
Account Closure Fee
  • As per schedule of charges of MDB
Tax, Excise Duty & VAT
  • Will be deducted as per NBR rules
Required document
  • MDB Comprehensive Account Opening Documentary Checklist and Bangladesh Bank guidelines
Introducer's Eligibility
  • Any existing MDB Bank account holder or
  • Any MDB officials (including Direct Sales Officer)
  • Socially known person acceptable to the Bank

MDB Saalam e-Saver ACCOUNT

This is a paperless savings account made to facilitate the individual customers to engage in banking network using his or her NID (National Identity Card) only. Deposit accounts constitute a significant portion in the Deposit Portfolio of a Bank and therefore it will help the Bank to slowly acquire deposit from the depositors and convert it into a considerable portfolio after a certain point in time.
Title Details
Eligibility
  • Any Resident Bangladeshi citizen aged minimum 18 years & above can open the account.
  • Minor can open this account along with legal guardian having NID card only.
Availability
  • All branches, sub-branches & ABC of MDB.
Minimum initial deposit amount
  • Tk 100/
Joint Applicant Option
  • Customer can open the MDB Saalam e-Saver Account either in the single name or in joint names but every applicant must have NID as a proof of identity./
Profit Calculation
  • Weighted Average Method
Key Benefits
  • This is a shariah based transnational savings account
  • Account opening through thumb impression & face recognition technology,Paper less Instant Account opening with National ID card only.
  • Free VISA Debit Card facility (1st year only)
  • First Cheque book issuance is free
  • Free Internet Banking facility
  • Free SMS Banking facility (1st year only)
  • Free monthly e-statement facility
  • Monthly profit on daily deposit
Mode of Shariah
  • Mudaraba
Account Maintenance Fee
  •  As per schedule of charges of the bank.( Same as MDB Saalam Savings Account)
Account Closure Fee
  • As per schedule of charges of the bank.( Same as MDB Saalam Savings Account)
Tax, Excise Duty & VAT
  • Will be deducted as per NBR rules
Introducer's Eligibility
  • No Introducer Required for MDB Saalam e-Saver account as per Bangladesh Bank e-KYC guideline.

MDB Saalam Probashi Savings Account

Midland Bank Saalam Probashi Savings Account is a savings account in local currency for the NRBs who are residing abroad and want to save their hard-earned money. This is a monthly profit bearing and half yearly profit sharing savings account.

Title Details
Eligibility
  • For any Non Resident Bangladeshi Citizen
Availability
  • All MDB branches/Uposhaka or Sub Branch/ABC/ PBS Contact points.
Minimum initial deposit amount
  • Tk 10,000/
Profit Calculation
  • Profit will be calculated on daily balance of the account. If EOD balance of the accounts falls below Tk 5,000/-, client will lose the profit for the day.
Profit Accrual & Payment
  • Profit will be accrued on monthly basis and paid on half yearly basis.
Key Benefits
  • Profit calculated on daily balance
  • Profit is credited to account on half yearly basis
  • No debit card Fee for 1st year
  • Free internet Banking.
  • Free SMS banking
  • Free online banking.
  • 1st cheque book is free
Joint Applicant Option
  • Applicant can open account either in the single name or in the joint names.
Mode of Shariah
  • Mudaraba
Debit Card
  • Debit card is available and 1st year free.
Cheque Book
  • Branch will issue cheque book against the account.
Account Maintenance Fee
  • As per schedule of charges of MDB
Account Closure Fee
  • As per schedule of charges of MDB
Tax, Excise Duty & VAT
  • Will be deducted as per NBR rules
Required document
  • 2 copies Passport size photographs of applicant (s)
  • Photocopy of the relevant pages of the passport where the customer(s) name, date of birth, date and place of issue, expiry date, photograph and signature appear
  • Photocopy of valid Visa/work permit.
  • In case of foreign passport attested photocopy of “no visa required for travel to Bangladesh’ page required.
Introducer's Eligibility
  • Any existing MDB Bank account holder or
  • Any MDB officials (including Direct Sales Officer)

MDB Saalam Corporate Payroll Package

This is a Shariah based salary account for employees of different institution.

Title Details
Eligibility
  • Only employees of concerned organization (organization having agreement for salary disbursement) having monthly earning over BDT 10,000/- can open the account.
Availability
  • All MDB branches/Uposhaka or Sub Branch/ABC.
Minimum initial deposit amount
  • No minimum balance required/
Profit Calculation
  • Profit will be calculated on daily day end balance and will be credited to monthly.
Key Benefits
  • Profit calculated on daily balance
  • Profit is credited to account at the end of each month.
  • Debit card fee is waived but re-issuance fee will be as per Schedule of Charges (SOC) of MDB.
  • Free internet Banking.
  • Free SMS banking
  • Free online banking.
  • 1st cheque book is free
Mode of Shariah
  • Mudaraba
Debit Card
  • Debit Card is available at the request of the customer and fee is waived but re-issuance fee will be as per Schedule of Charges (SOC) of MDB.
Cheque Book
  • Branch will issue cheque book against the account.
Account Maintenance Fee
  • As per schedule of charges of MDB
Account Closure Fee
  • As per schedule of charges of MDB
Tax, Excise Duty & VAT
  • Will be deducted as per NBR rules
Required document
  • Bank's prescribed AOF (signed by the applicant)
  • Three PP size photographs of applicant(s) attested by the introducer.
  • Copy of valid photo ID like; Passport, NID, Driving License etc.
  • One PP size photograph of nominee attested by account holder.
  • Letter/certificate from concerned organization.
Introducer's Eligibility
  • Any existing MDB Bank account holder or
  • Any MDB officials (including Direct Sales Officer)

MDB SAALAM ABIRAM PLUS ACCOUNT

MDB Saalam Abiram Plus Account is a regular Shariah Based profit bearing current account which can be opened by any SME, Firm, Institution, Organization as well as locally incorporated foreign companies.

The benefits of MDB Saalam Abiram Plus Account are highlighted below:

  • Shariah Based profit bearing current account with withdrawal facility
  • Free Internet Banking facility
  • Free SMS Banking facility (for 1st year)
  • Cheque Book facility
  • Free Online Transaction
KEY FEATURES ON “MDB SAALAM ABIRAM PLUS ACCOUNT”

Title Details
Product Description
  • This is a Shariah compliant profit bearing transactional current account
  • The accounts will be in local currency (BDT);
  • Minimum initial deposit of BDT 1000 is required to open the account;
  • No limit in number and value of transactions
  • Free Internet Banking facility;
  • Free SMS Banking facility (1st year only);
Eligibility
  • Any SME Entrepreneur, Firm, Institution, Organization, locally incorporated foreign companies, can open this account in the name of business.
Profit and its Application
  • Profit to be calculated on day end balance and will be credited to depositor’s account on half yearly basis.
Mode Of Shariah
  • Mudaraba

MDB SAALAM STHAEE

MDB Saalam Sthaee is a Shariah compliant non-checking term deposit product to be governed by Shariah (Islamic Law) in Mudaraba mode. MSME, different organizations, institutions and non-corporates bodies as specified in customer segment are the target customers of this product

Title Details
Availability
  • All MDB branches, Uposhakha and Agent Banking Centers
Minimum initial deposit amount
  • Tk 10,000
Tenure
  • 1/3/6/12/18 & 24 months,
Profit calculation
  • Weightage Average Method
Profit Accrual & Payment
  • Profit will be accrued on monthly basis and applied to the account at maturity
Mode of Shariah
  • Mudaraba
Tax, Excise Duty & VAT
  • Will be deducted as per NBR rules