Get the free Islamic Saving & Term Account Terms & Conditions

This document outlines the terms and conditions of the Islamic Saving & Term Account products offered by Standard Chartered Bank, ensuring compliance with Shariah principles for Muslim investors.

How to fill out islamic saving term account

How to fill out Islamic Saving & Term Account Terms & Conditions

1. Read the introductory section carefully to understand the purpose of the account.
2. Fill in your personal information, including your name, address, and contact details.
3. Provide identification documents as required, such as a national ID or passport.
4. Specify the type of account you wish to open and the initial deposit amount.
5. Review the terms related to profit distribution and fees associated with the account.
6. Acknowledge and confirm your agreement to the terms by signing the document.
7. Submit the completed form along with any required supporting documents to the bank.

Who needs Islamic Saving & Term Account Terms & Conditions?

1. Individuals seeking to manage their savings in accordance with Islamic financial principles.
2. People looking for Halal investment options.
3. Customers wishing to benefit from profit-sharing arrangements over a fixed term.
4. Anyone needing to understand the specific terms and conditions associated with their Islamic savings accounts.

People Also Ask about

How does Islamic savings account work?

Under this arrangement, customer (Rab-ul-Maal) provides funds to HBL (Mudarib) for investment under Shariah guidelines. The actual profit at the end of period is shared between the customer and the bank as per the pre-agreed profit sharing ratio. Loss, if any, will be shared among Rab-ul-Maal as per investment ratio.

What are the rules of Islamic banking?

Islamic banking prohibits interest, risk, and speculation, and encourages profit-sharing, fairness, transparency, and ethical investing. Although many Muslims adhere to Islamic finance, non-Muslims can find it appealing as well.

What is the Islamic banking criteria?

Islamic banking refers to a system of banking that complies with Islamic law also known as Shariah law. The underlying principles that govern Islamic banking are mutual risk and profit sharing between parties, the assurance of fairness for all and that transactions are based on an underlying business activity or asset.

What are the requirements for bank Islam?

Eligibility & Requirements Eligible Person. Malaysian citizens and permanent residents. SME. Minimum Opening. RM 500. Minimum Balance. No minimum balance. Age Requirement. 18 years old and above.

What is the Islamic rule on savings accounts?

In ance with the principles of Sharia law, Islamic Savings Accounts (or halal savings accounts) cannot give you interest on your money or offer overdraft facilities.

What are the conditions for Islamic banking?

Sanctity of contract: Before executing any Islamic banking transaction, the counter parties have to satisfy whether the transaction is halal (valid) in the eyes of Islamic Shariah. This means that Islamic bank's transaction must not be invalid or voidable.

What is forbidden in Islamic banking?

However, five major prohibitions are considered extremely important. These are (Usmain, 2010): Prohibition of Riba (which means interest or usury) Prohibition of Gharar (which means excessive uncertainty) Prohibition of Maysir and Qimar (which mean games of chances and gambling)

What are the five main contracts in Islamic finance?

Asset-backed or debt-type instruments (also called contracts of exchange) are sales contracts that allow for the transfer of a commodity for another commodity, the transfer of a commodity for money, or the transfer of money for money. They include Murabaha, Musawamah, Salam, Istisna'a, and Tawarruq.

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What is Islamic Saving & Term Account Terms & Conditions?

Islamic Saving & Term Account Terms & Conditions are the specific guidelines and rules that govern the opening, operation, and management of Islamic savings and term accounts, in compliance with Shariah law. These terms outline the rights and obligations of both the account holder and the financial institution.

Who is required to file Islamic Saving & Term Account Terms & Conditions?

Individuals and businesses intending to open an Islamic Saving or Term Account must agree to and file the Terms & Conditions with the financial institution providing the account.

How to fill out Islamic Saving & Term Account Terms & Conditions?

To fill out the Islamic Saving & Term Account Terms & Conditions, applicants must provide relevant personal and financial information, understand the terms outlined, and sign the document to indicate their acceptance of the terms.

What is the purpose of Islamic Saving & Term Account Terms & Conditions?

The purpose of Islamic Saving & Term Account Terms & Conditions is to ensure transparency, outline the features and rules of the account, and protect the rights of both the bank and the account holder while adhering to Shariah principles.

What information must be reported on Islamic Saving & Term Account Terms & Conditions?

The information that must be reported includes details of the account holder (name, address, contact information), account features (profit rate, withdrawal rules), and any fees or penalties associated with the account.