Can I withdraw my funds before maturity date?

Premature withdrawal is allowed. However, the Bank will be entitled to a rebate on the original selling price agreed. The rebate will be calculated such that for withdrawals made:-

if the tenure of deposit is 3 months and below, early withdrawal will be allowed by the Bank subject to the account holder’s agreement to provide rebate/ibra’ in which case no profit shall be paid;
if the tenure of deposit is 4 months and above, and withdrawal is made before completion of 3 months, the account holder agrees to provide rebate/ibra’ in which case no profit shall be paid;
other than the above circumstances, if withdrawal is made before maturity, the account holder agrees to provide rebate/ibra’ based on the following formula:

Rebate/Ibra’ = Murabahah Sale Price – [(P x R% x t/T x 50%) + P]

Murabahah Sale Price = Principal + Profit (upon maturity)

P = Principal (amount of deposit)

R = Profit rate (%)

t = Tenure (based on completed months)

T = Total number of months in a year

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