Method of creating charges on security
1. Lien
2. Assignment
3. Set-off
4. Pledge
5. Hypothecation
6. Mortgage
Lien:
The lien is a mode of creation of charge specially on assets of financial instruments like fixed deposit, TDR, deposit balance etc.
Assignment:
It is a mode of creation of charge on the financial instrument like Bills Receivables covering security against debt and be liquidated against debt when the Bills becomes matured. Here the owner of the proceeds of Bills is known as Assignor, the Bank is Assignee and the proceeds received from whom is known as Debtor of Assignor.
What is an Escrow Account?
Escrow Account:
A financial instrument held by a third party on behalf o the other two parties in a transactions. The funds are held by the escrow service until it receives the appropriate written or oral instructions or until obligations have been fulfilled. Securities, funds and other assets can be held in escrow.
If there are conditions to the sale, such as the passing of an inspection , the buyer and seller may agree to use escrow. In this case, the buyer of the property will deposit the payment amount for the house in an escrow account held by a third party. Once all the condition of the sales are satisfied, the escrow transfer the payment amount to the sellers, and title is transferred to the buyer.
A financial instrument held by a third party on behalf o the other two parties in a transactions. The funds are held by the escrow service until it receives the appropriate written or oral instructions or until obligations have been fulfilled. Securities, funds and other assets can be held in escrow.
If there are conditions to the sale, such as the passing of an inspection , the buyer and seller may agree to use escrow. In this case, the buyer of the property will deposit the payment amount for the house in an escrow account held by a third party. Once all the condition of the sales are satisfied, the escrow transfer the payment amount to the sellers, and title is transferred to the buyer.
Islami Bank Khidmah Card
Islami Bank Bangladesh Limited has introduced a new IT based Shariah Compliant product under the name of 'Islami Bank Khidmah Card.' It operates on the 'Ujrah' concept which is based on a fixed fee structure, meaning that only fixed fee will be charged to the customer.
Types of card limit:
Silver Card up to : tk 50,000
Gold Card up to : tk 100000
Platinum Card up to : tk 200000
Features:
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