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Commodity Based Deposit

Commodity Based Deposit (CBD) is a profit earning account which serves the needs of our customers who wish to avoid the giving or taking of interest.

Features

  • CBD customers’ funds are utilised to purchase goods that are not prohibited by the Qur’an, (gold or silver bullion and pork or alcohol products are therefore excluded). These are then sold on a deferred payment basis in order to generate a profit.

  • Competitive returns

  • A minimum sum of USD 50,000 is required to be deposited and maintained. CBD accounts in other currencies may also be available upon request.

  • The standard CBD period is 30-40 days. Longer periods, such as 3, 6 or 12 months are available, subject to a minimum amount being deposited.
CBD is available to all customers residing outside of the European Union.

Taxation

CBD’s activities are conducted in such a way that no tax arises on its profits. However, customers are advised to examine their own tax positions as profits may be taxable depending on country of residence or domicile.

It should be noted that while EAB CBD adheres to Islamic principles, it has not been approved by any particular Sharia supervisory board