The Non-Interest Savings Deposit accounts are based on the Shari’ah concept of profit sharing and loss bearing investment (Mudarabah). is a contract between the depositor (rabbulmal) and the bank (Mudarib) under which the deposit customer provides capital/ fund (deposit) to be managed by the bank and any profit generated from the capital is shared between the depositor and the bank according to mutually agreed profit-sharing ratio?
However, the deposit customer can withdraw his/ her money at any time and the tenor is usually unspecified.
Customer is eligible for application of loans with a SunTrust account
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