ICB unit certificates

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Definition of " ICB unit certificates"

Investment certificates issued by the Investment Council of Bangladesh, which is a governmental non-banking financial institution, mainly operating on the basis of interest. But the Council also mobilizes funds on the basis of mudarabah. The funds collected on this account are kept separate from other interest-bearing deposits. The certificates are redeemable and negotiable at stock market. The return is distributed among certificate holders after the Council deducts its commission.

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