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