Islamic Investments

SAVINGS

1. Mudharabah Savings Account

This savings account works on the basis of ‘Mudharabah’.

• Profit will be calculated based on a Pre agreed Ratio and credited monthly (PSR 45:55)
• Minimum deposit is Rs. 1,000.
• Visa international debit card enabling cash withdrawals from any of People’s Bank teller machines or any of Visa compliant teller machines.
• Debit / ATM withdrawals (Local) up to Rs.100,000/- per day or purchases up to Rs..150,000/- (POS only / POS + ATM) per day.
• Debit / ATM withdrawals (Foreign) up to Rs.100,000/- per day or purchases up to Rs.150,000/- (POS only / POS + ATM) per day.
• Free SMS alerts.
• Deposit and withdraw cash from any of the PLC branch.
• Free standing order facility.
• Online Banking Facility.

2. Usfoor Minor Savings Account

This is a unique Savings Account for minors based on the principle of profit sharing and offers a high share of the profits earned by the Investments.

• The minimum investment required for such an account is Rs. 250.
• Account can be opened by Parent/Guardian on behalf of the child.
• Profit will be calculated based on a Pre agreed Ratio and credited monthly. (PSR 47:53)

3. Senior Citizen Savings Account

This savings account works on the basis of ‘Mudharabah’.

• Profit will be calculated based on a Pre agreed Ratio and credited monthly. (PSR 50:50)
• Minimum deposit is Rs.1,000/-
• Visa international debit card enabling cash withdrawals from any People’s Bank teller machines or any Visa compliant teller machines.
• Debit / ATM withdrawals (Local) up to Rs.100,000/- per day or purchases up to Rs.150,000/- (POS only / POS + ATM) per day.
• Debit / ATM withdrawals (Foreign) up to Rs.100,000/- per day or purchases up to Rs.150,000/- (POS only / POS + ATM) per day.
• Free SMS alerts.
• Deposit and withdraw cash from any of the PLC branch.
• Free standing order facility.
• Online Banking Facility.

MUDHARABAH TERM INVESTMENT

• The Investment Certificate is based on the principles of Profit Sharing. The Profits are shared on a Pre agreed Ratio.
• An attractive profit share is offered based on the tenor starting from 3, 6, 12 months in duration.
Tenure to choose from :
03 Months – Profit at Maturity
06 Months – Profit at Maturity
12 Months – Profit at Maturity
12 Months – Profit at Monthly
12 Months – Profit at Quarterly


• Higher Profit Sharing Ratio paid for Senior Citizen Term Investment Accounts for 12 Months Monthly and 12 Months Maturity Schemes.
• Eligible deposit liabilities are insured with the Sri Lanka deposit insurance scheme, implemented by the monetary board, for compensation up to a maximum of Rs. 1,100,000/- per depositor.

WAKALAH TERM INVESTMENT

• A contract in which one person (Muwakkil ) appoints another person (Wakeel) as his agent to invest the funds provided by the Muwakkil in Shariah compliant business.
• Anticipated profit rates based on the tenor starting from 1 month to 2,3,6,12,13,15,18,24,26 & 36 month in duration.
• Profit will be paid at maturity or monthly as per the choice of the customer.
• Eligible investment liabilities are insured with the Sri Lanka deposit insurance scheme,implemented by the monetary board,for compensation up to a maximum of Rs. 1,100,000/- per investor.