Unlimited Period Investment Deposit

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Dictionary term

Definition of "Unlimited Period Investment Deposit"

A type of investment deposit accepted by some Islamic banks. The period for deposit is not specified but consists of slots of 3 months. After every 3 months, the period is automatically renewed until the depositor notifies his intention of not renewing it. The profit or loss accruing to these deposits is calculated at the end of financial year of the bank.


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