October 03, 2023 (MLN): Investors looking for attractive and interest-free returns can explore the USD Riba-Free Certificate offered by Bank of Punjab (BOP) Taqwa, offering returns as high as 9% per annum.
BOP Taqwa presents USD Riba Free Certificates with flexible tenor and payment frequency options, including annual rates of 7.5% for one month, 8.25% for three months, 8.50% for six months, and 9.00% for one year.
What is USD Riba Free Certificate?
The USD Riba Free Certificate is a foreign currency deposit product (RFCs FCY) that is based on the principle of Mudarabah, where the customer (Rab-ul-Maal) authorizes Taqwa Islamic Banking (Mudarib) to invest the funds in Shariah-compliant avenues and share the profit as per the pre-determined profit sharing ratio and weightages.
Further, the relationship is based on an unrestricted Mudaraba arrangement.
Interest/Riba Free
The certificate is free from any interest or riba, and confirms to the guidelines of Taqwa Islamic Banking's Shariah Board.
Minimum Investment
The certificate can be booked with a minimum investment of $1,000 and a maximum of $100,000.
The indicative rates for different tenures are as follows:
Tenor
Rate per annum
One month
7.50%
Three Months
8.25%
Six Months
8.50%
One Year
9.00%
The rates are valid till October 09, 2023, and are subject to change periodically as per the weightages and amounts.
The profit payment will be made at maturity, and there are no charges on the booking of the certificate.
