Ajman Bank Mudaraba Term Deposit Account

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.

Features and Benefits of Ajman Bank Mudaraba Term Deposit Account 

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. 

• Flexible Tenure of Investment - The bank offers flexible tenure starting from 3 months to 12 months, making it convenient for  customers to invest as per their needs.
• Higher Profit Rates - Ajman Bank provides a higher profit rate on its Mudaraba Term Deposit account, which can reach up to 2% at the end of maturity. 
• Minimum Deposit - An individual can open a Mudaraba term deposit account with an initial deposit of as low as AED 10,000 or its equivalent in USD. 
• Automatic Renewal - The account holders get the facility of automatic renewal where they can reinvest the accumulated amount for the next tenure.
• Multiple Currencies - Ajman Bank Mudaraba Term Deposit account is available in AED and USD.
• Multiple Account Types Available - The bank offers freedom to choose various account types and can be opened for individuals, minors or joint account holders. 
• Available for Businesses -  The Mudaraba term deposit account is also available for businesses, including partnerships, sole proprietorship along with joint stocks and limited liability organisations. 
• Finances against Investment - An individual having a Mudaraba term deposit account  can opt for financing for short-term liquidity. 
• Shariah Compliant - Ajman Bank Mudaraba Term Deposit is Shariah compliant and the profits are generated through Islamic approved activities.

Charges and Rewards on Ajman Bank Mudaraba Term Deposit Account

Following are the charges and rewards on Ajman Bank Mudaraba Term Deposit Account:

• No monthly Charges - The bank does not charge any monthly or annual maintenance fee on this account. 
• No Relationship Charges - The relationship manager is not included in the benefits of the account; hence, relationship charges are not levied.
• No Rewards -  Ajman Bank does not offer any rewards on the Mudaraba term deposit account. 

Eligibility Criteria to open Ajman Bank Mudaraba Term Deposit Account

Below are the eligibility criteria to open a Mudaraba term deposit account.

• Minimum Deposit - A minimum deposit of AED 10,000 is required to open an account. 
• Documents - An individual needs to furnish some prerequisite documents for verification of personal identity and address. 

How to Apply for Ajman Bank 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. 

• Online Mode - A person can visit the web portal of Ajman Bank and select the type of account he wants to open. He/She can fill in the personal details online to open the Mudaraba term deposit account. 
• Offline Mode - An individual can also visit the nearest branch of Ajman Bank with all the required documents and fill the application form as instructed by the banking personnel. 

Frequently Asked Questions 

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.