Foreign Currency Term Deposits
Foreign Currency Term Deposits are the ones with a fixed term, generally with maturities ranging anywhere from less than one-year (short-term) to a few years (one to five-year: time deposits), based on profit-sharing concepts
. Term investment deposits are equal with summation of. When a term deposit is purchased, the customer can ask for the withdrawal of the fund after the term has ended or by giving a pre-determined number of days notice.
The perception held about interest and profit, i.e. Profit-Loss-Sharing Scheme (PLS), constitutes the basic element defining Islamic banking and finance, in which profit or financial gain is acceptable as long as an effort is made or (partial) liability is accepted for the financial result of a business venture, without a preset rate (settlement is based on the real rate of return after implementation of project)