Islamic Savings

Mudharabah Savings Account

This is a Savings Account that works on the basis of ‘Mudharabah’. The minimum investment required for opening an account is Rs. 1,000. There is no restriction on withdrawals and/or numbers of transactions and no service charges are applicable if the balance maintained is low. The Account holder receives globally accepted VISA Debit Cards as well as a SMS Alert Service on all transactions. The account holder is permitted to withdraw Rs. 100,000/= per day.

  • 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 LKR.100,000/- per day or purchases up to LKR.150,000/- (POS only / POS + ATM) per day.
  • Debit / ATM withdrawals (Foreign) up to LKR.100,000/- per day or purchases up to LKR.150,000/- (POS only / POS + ATM) per day.
  • SMS alerts.
  • Deposit and withdraw cash from any of the PLC branch.
  • Free standing order facility.
  • Online Banking Facility.

Usfoor Minor Savings Account

This is a unique savings account for minors that offers a good rate of return above the normal market rate. The profit is calculated monthly and credited into the account. The minimum investment required for such an account is Rs. 500/=. The money can be withdrawn by the parent or the legal guardian for education and hospitalization purposes. If the minor attains the age of maturity, the account will be converted to as normal Mudharabah Savings Account.

  • 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)

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 LKR.100,000/- per day or purchases up to LKR.150,000/- (POS only / POS + ATM) per day.
  • Debit / ATM withdrawals (Foreign) up to LKR.100,000/- per day or purchases up to LKR.150,000/- (POS only / POS + ATM) per day.
  • SMS alerts.
  • Deposit and withdraw cash from any of the PLC branch.
  • Free standing order facility.
  • Online Banking Facility.

12 Months Mudharabah Investment Account

The 12 monthly Mudharabah Certificate is a medium-term deposit product for an investment period of one year only. Profit is paid on maturity with re-investment options available on a continuous basis. The minimum investment required is Rs. 100,000/= (for widows and senior citizens the minimum investment is Rs. 50,000/= for Mudharabah investment yielding monthly profits). Pre-mature withdrawal can be made with prior notice. Profit is calculated with a higher profit share to investors/depositors. Senior citizens also receive a higher profit share ratio for their investments compared to general Mudharabah Investments.

Short Term Mudharabah Investment Account

This is a term deposit certificate for investment periods ranging from 3 months to 6 months with profit payment on maturity. The minimum investment required is Rs. 50,000/= and there is no limit on maximum investment that can be made. Pre-mature withdrawal can be made with prior notice. The profit share ratio given to our customers differs on the basis of the investment period.

UDHARABA 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.
    • Tenor 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.