Riba Free Special Certificates in BOK Islamic Banking are issued on Musharakah basis strictly in conformity with the principles of Islamic Shariah. The deposits received in RFSCs are invested in Islamic assets like Murabaha, Ijarah, Diminishing Musharaka or Islamic Sukuks etc which are duly approved by Shariah Board. The profit is calculated on average daily balance and disbursed to customers on monthly basis. The RFSCs are issued from all BOK Islamic Branches on prior approval from Head Office if the cushion is available for deposits in the pool. These deposits are tagged with special assets and deposits are accepted only when there is some opportunity of investment. These deposits are restricted and require special permission. These deposits are returned/ Converted to normal deposits at the direction of the Bank at each month end.
Key Features of RFSC:
- Minimum Investment one million.
- Profit Calculation on average daily balance.
- Investment tenors are 1month, 3 months and 6 months.
- Profit payment is on monthly basis.
- Pre-Mature termination possible. (Conditions Apply)
- Free Account Statement (once in a month) on request.