In accordance with the Consumer and Business Savings Account Special Conditions, set out below are the maximum deductions that are to be made in calculating your share of profit on each calculation date. (The meaning of the words used here are the same as that used in the Special Conditions).
For savings accounts your share of profit shall be paid on the calculation date and for term deposit accounts on the maturity date of that deposit.
The following deductions shall be made in calculating your share of profit for a calculation period:
1. Operating fees and expenses
The direct costs, fees and expenses shall be limited to 1.5%* of the average pooled funds during the calculation period.
2. Profit stabilisation reserve contribution
The deduction from net income for a profit stabilisation reserve contribution shall be limited to 20%* of the net income.
3. Our share of profit
The percentage of distributable profit that shall be our share of profit for a calculation period will be as shown in the table below.
|
Savings accounts
|
Our share of distributable profit* |
|
Undetermined term The 'Savings Account' |
50% |
|
Young Persons Savings account |
50% |
|
Direct Savings account |
40% |
|
Term Deposit accounts
|
|
|
ONE MONTH
Minimum 30 days, less than 90 days |
45% |
|
THREE MONTHS
Minimum 90 days, less than 180 days |
42.5 % |
|
SIX MONTHS
Minimum 180 days |
40% |
*NOTE: These percentages are maximum figures and Islamic Bank of Britain may reduce its share of profit, operating fees and expenses and the profit stabilisation reserve contribution at its discretion.
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