ICB Islamic Bank

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bank summary

ICB Islamic Bank Limited has been incorporated on April 1987 as a public limited company under the Companies Act, of 1913 to undertake and carry out all kinds of banking, financial and business activities, transactions and operations in strict compliance with the principles of Islamic Law (Shariah) relating to business activities in particular avoiding usury in credit and sales transactions and any practice which amounts to usury. Certificate for commencement of business has been issued to the bank on April, 30, 1987. The Bank has been authorized by the Bangladesh Bank to carry on the banking business in Bangladesh with effect from May 4, 1987. However, actual banking operations commenced on May 20, 1987.

interest rates

Onboarding Rate for all disbursements (New and Top Up) from April 01, 2023
Loan Types Regular Conventional Home Loan & Saadiq Home Finance Onboarding Rate For all disbursements (New and Top Up)
Takeover All Segment of Clients 9.50%
Home Loan All Segment of Clients 9.50%

max loan amount

- Loan up to BDT 2.00 Crore
- Loan up to 70% of property value
* (Whichever is lower)

profit rate

- For flat purchase: 9.00% for Registered Mortgage
- For building purchase: 9.00% for Registered Mortgage

eligibility criteria

- Minimum Age: 25 years>
- Minimum monthly Income: BDT 50,000 / month>
- Guarantor (if any): not required>
- Job/work experience: Confirmed employee having 01 year Experience.
- Age of Trade License or Business experience: Min 3 years>

features

- Finance up to BDT 2.00 Crore
- Finance up to 70% of property value
- Maximum tenor 25 years
- Property Insurance coverage
- Life Insurance coverage (MRTA)
- Competitive interest rate
- Advance/Partial prepayment allowed
- Property Age – Max 25 years at the time of sanction and Max 40 years at the end of finance tenor
- Shariah Islamic Finance

fee structure

- Processing fee: 1% +15% vat for the clients of Bproperty

- Early settlement fee: 0.5% of the outstanding amount.

- Early settlement conditions: After 6 months of disbursement date.

- Partial/ Full settlement fee: 0.5% of the outstanding

- Partial settlement: Minimum 20.00% of the outstanding

- Full settlement: 0.5% of the outstanding

income criteria (salaried and business)

- Minimum BDT 50,000.00

preferred segment of client

- Salaried individuals

- Businessperson

- Landlord

- Professionals

loan tenure

- Minimum 03 year

- Maximum 25 years

documents required

Property related documents:

Freehold properties:

- Deed of Agreement (between Purchase & Seller)

- Deed of Agreement (between Developer and Land owner) if applicable

- Bia-Deed (Chain of Ownership)

- Sale Deed (Last original Sale Deed)

- Power of Attorney (between Land Owner & Developer) if any

- Up to date Ground Rent Receipt (Land Tax Receipt)

- Up to date Municipal Holding Tax Payment Receipt

- Up to date NEC (Non Encumbrance Certificate)

- Mutation Parcha with DCR (Certified by Assistant Commissioner)

- Certified C.S./S.A./R.S. Parcha

- Toshdik by MahanagarJaripParcha

- RAJUK/CDA/Municipality Approval Letter with plan

- Any other documents as required by the Banks appointed Lawyer
Leasehold properties:

- Original Lease Agreement

- Lease Deed (Last ownership deed)

- Bia-Deed (Chain of Ownership)

- Possession handover letter

- Land measurement report

- Power of Attorney (between Land Owner & Developer) if any

- Power of Attorney accepted by the concern authority

- Deed of Agreement between Developer and customer if applicable

- Mutation Parcha with DCR (Accepted by concern authority)

- Up to date Ground Rent Receipt (Land Tax Receipt)

- Up to date Municipal Holding Tax Payment Receipt

- Up to date NEC (Non Encumbrance Certificate)

- Toshdik by Mahanagar Jarip Parcha

- RAJUK/CDA/Municipality Approval Letter with plan

- Any other documents as required by the Banks appointed Lawyer


Salaried Individual:

- National ID Card – APPLICANT & CO-APPLICANT

- 2 copies recent colored photo – APPLICANT & CO-APPLICANT

- Letter of Introduction (LOI) as per EBL format

- Proof of 3-year service experience (if applicant’s employment period in present - service is less than 3 years)

- Latest 3-month Pay Slip showing all breakdowns (if any)

- Latest 12-month Bank statement

- TIN Certificate and latest tax return acknowledgement copy

- CIB undertaking

- Any other document deemed necessary


Business Profile:

- National ID Card – APPLICANT & CO-APPLICANT

- 2 copies recent colored photo – APPLICANT & CO-APPLICANT

- Trade license copy (latest 3-year and inception)

- Certificate of Incorporation (for limited companies)

- Memorandum and Articles of Association, latest Schedule X & XII

(for limited companies)

- Registered Partnership Deed (for partnership business)

- Latest 12-month Bank statement (Company & Self)

- TIN Certificate and latest tax return acknowledgement copy

- CIB undertaking

- Any other document deemed necessary


Documents (Landlords):

- National ID Card – APPLICANT & CO-APPLICANT

- 2 copies recent colored photo – APPLICANT & CO-APPLICANT

Title Deed of rented property

- Valid rental deed copy

- Latest 12-month Bank statement with 30% rental income reflection

- Utility bill copy in the name of applicant for rented property

- TIN Certificate and latest tax return acknowledgement copy

- CIB undertaking

- Any other document deemed necessary


Documents (Professionals):

- National ID Card – APPLICANT & CO-APPLICANT

- 2 copies recent colored photo – APPLICANT & CO-APPLICANT

- Certificate of professional degree and certificate of membership from professional body (for proof of 3-year practice)

- Income declaration

- Latest 12-month Bank statement

- TIN Certificate and latest tax return acknowledgement copy

- CIB undertaking

- Any other document deemed necessary


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