The actual operating expenses are charged from the Mudaraba account by the ITCL, IICG and the IICS.
The profits among the participants' account and takafol company are shared in the ratio 70:30 in STMSB, 80:20 in ITCL, and 90:10 in IICS.
However, participants may withdraw only after participating for a minimum of two years in the case of ITCL and IICG.
On the district scene, Sportsmans Victoria progressed to the Wirral FA Sunday Premier Cup second round courtesy of a 5-3 victory over ITCL
Gunners, Kevin Downey netting a hat-trick.
Under the arrangement, ITCL
will perform corporate trust services in India, and the Company will provide offshore services.
Sivaramakrishnan, chief executive officer of IL&FS Trust Company Limited, said, "Over the past three years, ITCL has built a leadership position in the emerging debt trusteeship market in India, specifically within the structured finance market, including securitization.
Both ITCL and The Bank of New York have a reputation for delivering innovative and customized service solutions, and I am confident that our two organizations will offer a unique and valuable corporate trust resource to Indian issuers.