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IFIL launches three new products
Islamic Finance and Investment Limited (IFIL) formally launched its three new products to facilitate customer and provide better financial service. Mr. A. Z. M. Saleh, Managing Director and CEO of IFIL, launched the products as the Chief Guest at a ceremony held at the National Press Club on January 15, 2019 (Tuesday). The new products are one deposit product -- Mudaraba Asan Deposit Scheme and two investment products -- Raha (Comfort) and Sila Ul Istihlaq (Commodity). Explaining the key features of the new products, Mr. A. Z. M. Saleh said 'Mudaraba Asaan Deposit Scheme' is introduced to encourage core deposit from the low end to high end individual clients. This product is very flexible unlike the other deposit schemes. The client can deposit any amount at anytime in this scheme and the profit shall be counted daily basis. Mr. Saleh said 'Raha-HPSM/Bai Muajjal (Comfort)', an investment facility, will support the opening and retirement of Letter of Credit amount to purchase and acquisition of raw materials, capital machineries, commercial vehicles, heavy equipment, etc. of the clients against L/C opened and maintained with other banks. Under 'Silaa Ul Istihlak-Bai Murabaha (Commodity)', the clients will purchase and have acquisition of commodity items for trade, Mr. Saleh said adding that it is not exactly like the Bai Muajjal facility and not for working capital (purchasing of raw materials).The product is offered to purchase commodity items to resale in the market to fulfill the seasonal demand of the market, he said. Among others, Directors, Deputy Managing Director Muhammad Ruknuzzaman, senior executives of IFIL, journalists from electronic and print media attended the ceremony.
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