Islamic Current Account

Current Accounts are based on the Islamic principle of Qard such that the Bank is the ’Borrower’ and the depositor is the ‘Lender’.

The salient features of this account are as follows:

• The minimum initial deposit will be Rs. 500/-.
• Account will be opened in PKR.
• The Principal amount is guaranteed.
• The account will be non remunerative account
• Unlimited deposits and withdrawals are permissible.
• Zakat deductions are not applicable.
• Minimum balance charges are not applicable
• Other service charges (if any) will be applicable as per approved schedule of charges.

Any benefits in money, kind or services over and above the Principal amount are interpreted as Riba unless such benefits are admissible for all account holders without discrimination.

Eligibility Criteria 

• Individuals (18years & older) as well minors under guardianship.
• Sole Proprietorships.
• Partnerships
• Companies.
• Clubs / Societies / Associations / Trusts

Islamic Savings Account

The relationship between the Bank and customers holding Savings accounts shall be based on the principles of Mudarabah, where the Bank shall be Mudarib and customers shall be Rab-ulMaal. Further, the relationship is based on unrestricted Mudarabah arrangement in which bank shall invest in approved Shariah Compliant manners.

The Customer will not participate in the management or in decisions concerning investment of the Mudarabah funds and by signing the account opening contract investor understands that investor has given unrestricted right to Bank / Mudarib to invest these funds. Withholding Tax and Zakat deductions are applicable as per rules.

Eligibility Criteria 

• Individuals (18years & older) as well minors under guardianship.
• Sole Proprietorships.
• Partnerships
• Companies.
• Clubs / Societies / Associations / Trusts.

Islamic Business Deposit Accounts

The relationship between the Bank and customers in business deposit account shall be based on the principles of Mudarabah, where the Bank shall be Mudarib and customers shall be Rab-ul-Maal. Further, the relationship is based on unrestricted Mudarabah arrangement.

The Customer will not participate in the management or in decisions concerning investment of the Mudarabah funds and by signing the account opening contract investor understands that investor has given unrestricted right to Bank / Mudarib to invest these funds.

The salient features of this account are as follows:

• The minimum initial deposit will be Rs. 10,000/-.
• Account will be opened in PKR.
• Unlimited deposits and withdrawals are permissible.
• Profit shall be credited to account half yearly basis.
• Free cheque book

Islamic Term Deposit Certificates

• Investments can be made for 1 month, 3 months, 6 months, 1 year, 2 years, 3 years, 4 years and 5 years.
• Account will be opened in PKR.
• Minimum investment required is PKR 10,000
• Profit payment options are Monthly, quarterly, half-yearly, yearly and/or at maturity.
• Monthly, quarterly, half-yearly, yearly means calendar month.
• Profit payment is made to the investor’s designated account (checking account) in ZTBL-IBD as per terms opted by the customer.
• Profit will be calculated as average balance and distribution will be made as per terms customer has opted for.
• Accrual will be made on monthly basis and disbursement will be made as per terms customer has opted for.
• Premature encashment will be made according to premature schedule in profit and loss policy.
• Withholding Tax and Zakat deductions are applicable as per rules.

Special Islamic Term Deposit Certificates

• Investments can be made for 1 month, 3 months, 6 months, 1 year, 2 years, 3 years, 4 years and 5 years.
• Account will be opened in PKR.
• Minimum investment required is PKR 2,500,000/-.
• Profit will be paid on maturity.
• Quarter means calendar month quarter.
• Profit payment is made to the investor’s designated account (checking account) in ZTBL-IBD.
• Profit will be calculated as average balance, accrual will be made on monthly basis and disbursement will be made as per terms customer has opted for.
• If excess profit paid, will be adjusted from principal amount.
• Withholding Tax and Zakat deductions are applicable as per rules

Assan Islamic Account (Saving and Current)

Eligibility

Only Individuals can open these accounts in Pak Rupee as single or joint accounts.

Transaction Limits / Turnover Total Debit per Month:

Rs. 500,000 Total Credit Balance Limit: Rs. 500,000

Minimum Balance Requirement & Service Charges 

• These accounts shall be opened with minimum of Rs. 100 as initial deposit. However; there shall be no minimum balance requirement on these accounts.
• Banks will only charge a reasonable and market competitive fee on providing banking services to Assan account holders; however the charges/fee should be kept at minimum level keeping in view the instructions of SBP regarding service charges and responsible pricing issued from time to time.
• Bank shall ensure that no service charges are recovered by bank at the time of opening and closing of an account.
• For current account, relationship is based on the Islamic principle of Qard such that the Bank is the ’Borrower’ and the depositor is the ‘Lender’.
• For saving account, the relationship between the Bank and customers shall be based on the principles of Mudarabah, where the Bank shall be Mudarib and customers shall be Rab-ul-Maal. Further, the relationship is based on unrestricted Mudarabah arrangement.
• For this account the guidelines of State Bank of Pakistan issued vide BPRD Circular No. 11 of 2015 shall be followed or any amendment thereof.

Basic Islamic Banking Account

Basic Banking Account is based on the Islamic principle of Qard such that the Bank is the ’Borrower’ and the depositor is the ‘Lender’.

• Main purpose of introducing Basic Banking Account is to facilitate and provide basic banking facilities to the low income people.
• The salient features of this account are as follows:
• The minimum initial deposit will be Rs. 200/-.
• Account will be opened in PKR.
• The account will be non remunerative account.
• No limit on minimum balance. In cases, where balance in BBA remains ‘nil’ for a continuous six month period, such accounts will be closed.
• No fee for maintaining BBA.
• Other service charges (if any) will be applicable as per approved schedule of charges.