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The Structure of Riba-Free COII
Riba-Free Certificate of Islamic Investment (COII) works under the principles of Mudarabah and is strictly in conformity with the rules of Islamic Shariah.
On agreeing to become a COII holder, the customer enters into a relationship, based on Mudarabah, with Meezan Bank. Under this relationship, the Customer is an Investor (Rab ul Mal), and the Bank is the Manager (Mudarib) of the funds deposited by the customers.
The bank allocates the funds received from the customers to a deposit pool. These funds are utilized to provide financing to customers under Islamic modes that include, but are not restricted to, Murabaha and Ijarah.
Profit calculation and distribution method
The bank calculates the profit of the deposit pool every month. Profit is distributed at the Gross Income level shared between the Bank (Mudarib) and customers (Rab ul Mal) on the basis of a pre-determined profit sharing ratio, based on their respective category/tiers, announced at the beginning of the period. The Banks profit sharing ratio is 80% of Gross Income and Depositors profit sharing ratio is 20% of Gross Income, calculated after deducting costs and expenses directly incurred in deriving that Income.
At the end of the month, the Bank may unilaterally reduce its profit sharing ratio for the benefit of depositors.
In case of a loss, as per the rules of Mudarabah, the deposit pool shall bear the loss in the ratios of investment of depositors.
How to Invest in Riba Free COII
Riba-Free COII is available at all branches of Meezan Bank Ltd. We invite you to visit any of our branches to experience the comfort of our personalized service. To make an investment the bank requires customers to maintain either a current or a saving account with Meezan Bank. In order to open an account, fill in the Account Opening Form, bring in your original CNIC, and get introduced by an existing banker.
Withdrawal of Investment at any time
It is possible to withdraw your investment any time during the course of your investment. However, profit shall be paid only after completion of one month of investment.
Investment with Meezan Bank is Absolutely Halal
All banking transactions at Meezan Bank Limited are in strict adherence to the Islamic Shariah. Meezan Bank also has an independent, external Shariah Board comprising of internationally renowned Islamic banking scholars serving on the boards of many Islamic banks operating in different countries, who meet on a regular basis to review the overall performance of the Bank.
Investments at Meezan Bank are secure
Meezan Bank is an Islamic commercial bank governed by the rules of the State Bank of . Meezan Bank has a strong Middle Eastern shareholding. Its principal sponsor is Pakistan Kuwait Investment Company (Pvt.) Ltd., which is the first AAA rated financial institution in , and a joint venture between the Governments of Pakistan and . Click here for a list of sponsors.
Key Features of COII
Enjoy a range of valuable features including:
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High and very competitive returns
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Long-term security ensured
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Minimum investment amount: Rs. 50,000/-
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Available tenures of 3 months, 6 months, 1 year, 2 years, 3 years and 5 years
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A variety of profit frequencies: monthly, quarterly, and at maturity
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Premium rates over the declared profit rates available for investments by individuals above Rs. 500,000/-
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Pre-mature withdrawal options available
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Free Online Banking services at our branch network nationwide
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24/7
Call
Center with complete Telebanking services
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Dedicated Banking hours from 9am to 5pm (Saturdays 9am to 12:30pm)
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For further information contact our 24/7
Call
Center at 111-331-331 (from outside call 00-92-21-111-331-331) or fill out our feedback form.
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