The Wadiah Current Account is a current account that operates according to Shariah principles. It provides a safe and guaranteed banking facility whereby customer deposit is payable on demand. The Wadiah agreement is based on the contract Al-Wadiah Yad-Dhamanah (Guarantee) between the depositor and entrusted party, which is Ghazanfar Bank Islamic Banking Window, as the trustee. Bank will not be liable to give any profit to the customer in waddiah current Account. The depositor grants the Bank their permission to utilize the money for whatever purpose permitted by Shariah. The Bank in turn guarantees the value of the deposit thus creating a 'Wadiah Yad-Dhamanah' contract. The salient features of Al wadiah current Bank Accounts are as under:
Adult individuals, singly or jointly with other adults.
Trusts, Societies and other organizations approved by competent authorities in the country.
- Address proof by taking taskara
- Identification proof like passport, voter identity card, identity cards issued by employer.
- Introduction of existing account holder
- Latest photograph .
- If the balance of account goes below USD 100/200 or its equivalent during any month bank will deduct penalty as approved by bank's management per month from the account.
- Towards the cost of identity card $10 will be deducted during the closure of account. This charge will be deducted from the balance outstanding in the account and rest balance will be paid to customer.
- Cheque book of 25 leaves shall be issued free for the first time and subsequent issue shall be charged at $10.
- The minimum initial deposit should be USD 100 or equivalent.
- If balance goes below USD 100 during the entire year then bank will charge penalty as decided by bank’s management per month and will be deducted from the customer account. Penalty of minimum balance is not applicable to staff accounts and salary accounts maintained by employees of different organizations.
- The customer will be issued an identity card and he has to produce the same to the bank for taking cash payment from his account.
- No profit and loss will be given to customers.
- The cheque book will be issued only with the permission of Branch head. The cheque book of 25 leaves will be issued free for the first time and for subsequent issue it shall be charged @ $10 per cheque book.
- On the closure of account before three month USD $10 will be charged and it will go charity waqf fund.It depends on Customer's willingness.
- Letter of thanks will be sent to account opener and introducer.
No Maximum limit.
Bank sends statements of accounts at monthly intervals.
Local and outstation cheques are accepted for realization. Service charges are recovered for cheques returned unpaid.
Amount can be withdrawn in cash from bank by cheque or withdrawal forms accompanied by ID Card. A maximum of 10 withdrawals are allowed per month in this account. A fee shall be charged on any extra withdrawal over 10.
Payment of cheques can be stopped by the holder(s) of the account.
No operation in the account for 12 months makes an account 'Dormant'/'Inoperative'.
Bank shall offer various other facilities/services with these accounts like ATM cards, ATM-cum-Debit cards, Credit cards, Online or Internet banking etc. in very near future.
Standing instructions are accepted by bank in these accounts, subject to payment of stipulated charges. Service charges are subject to change from time to time.
Overdraft facility is not available in Saving Bank Accounts.