Term Deposits (New – January 2019)
Now, for the very first time, we are introducing a Shariah Compliant Term Deposit which allow you to earn a Halal income.
This exclusive product uses the Mudarabah Concept of financing. This product has been approved and endorsed by the Islamic Finance Advisory Board.
Here’s how it works:
- Depositor deposits money with Moya Financial into Shariah Compliant Term Deposit Account using the Mudarabah concept.
- Moya as the mudarib invests the money into the Moya Financial’s Shariah Compliant Mortgage Portfolio using the AYA Property Financing Model.
- The Portfolio generates returns which Moya Financial collects.
- Moya Financial pays returns to the Depositor after deducting its management fees (based on pre-agreed distribution ratio).
Mudarabah Concept Definition:
Mudarabah is a contract between two parties to finance a business venture. The parties are rabb al-mal (Depositor) or an investor who solely provides the capital and a mudarib (Financial Institution) or an entrepreneur who solely manages the project. Returns will be distributed based on a pre-agreed ratio.
Please contact us for more detailed information to take advantage of this exciting offer.