Ajman Bank Mudaraba Term Deposit is a Shariah-compliant bank account based on the principles of ‘Mudaraba’. The profits are distributed among the shareholders and the losses are borne by them according to the banking services agreement. The account is specifically designed to offer higher returns to the customers.
Ajman Bank promises a greater profit on the investment made for a longer term. Additionally, the bank offers flexible tenure ranging from 3 months to 12 months with an auto-renewal option. An individual can open the Mudaraba term deposit account with an investment of AED 10,000 or more and can avail profit on a quarterly basis.
Ajman Bank offers an attractive set of features and benefits like higher profit rates, facility to renew the investment and much more. Given below are the important features of the Mudaraba term deposit account.
Following are the charges and rewards on Ajman Bank Mudaraba Term Deposit Account:
Below are the eligibility criteria to open a Mudaraba term deposit account.
Ajman Bank provides an easy application process. An individual can visit the official website of Ajman Bank or the nearest branch to open an account.
Q1: What is the minimum initial deposit required to open Mudaraba Term Deposit Account?
Ans: The minimum initial deposit required to open a Mudaraba term deposit account is AED 10,000.
Q2: What is the rate of profit earned on Ajman Bank Mudaraba Term Deposit Account?
Ans: Mudaraba Term Deposit Account can fetch a profit rate of up to 2% depending on the tenure of investment.
Q3: What is the tenure of investment in Ajman Bank Mudaraba Term Deposit Account?
Ans: Ajman Bank offers a flexible tenure of investment ranging from three months to twelve months.
Q4: Can a minor open a Mudaraba Term Deposit account?
Ans: Yes, the Mudaraba term deposit account is available for minors, individuals and joint account holders.
Q5: Can I open a joint account in Mudaraba Term Deposits?
Ans: Yes, a person can open a joint account in Ajman Bank Mudaraba Term Deposits.
Q6: Is the Mudaraba term deposit account also available for businesses?
Ans: Yes, the bank account is available for businesses, including partnerships, sole proprietorship, joint stocks and limited liability organisations.