Accounts
Branch Locater
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Open Account
Mudarabah Term/Contract Deposit
The Bank is the Manager (Mudarib) of the funds deposited by the customers.The Customer is an Investor (Rab ul Mal), and the bank allocates the funds received from the customers to a deposit pool .These funds from the pool are utilized to provide financing to customers under Islamic that include, but are not restricted to, Murabaha, Diminishing Musharakah and Ijarah.No fixed profit will be committed before or at the time of opening an Account.No profit will be given on withdrawal before three months. If there is any loss without any negligence or misconduct of the "Mudarib" then "Rabbul Mal will bear all the losses.
Declared Profit
- Profit for Quarter ending Dec 31, 2011: 9.05% per Annum
- Profit for Quarter ending March 31, 2011: 7.00% per Annum
- Profit for Quarter ending June 30, 2011: 5.00% per Annum
- Profit for Quarter ending September 30, 2011: To be Declared in October 2011
Who can open?
Adult individuals, singly or jointly with other adults.
Requirements
- Address proof by taking taskara
- Identification proof like passport, voter identity card, identity cards issued by employer.
- Introduction of existing account holder
- Latest photograph .
Schedule of charges
- If the balance of account goes below USD 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.
Minimum amount
- The minimum initial deposit should be USD 200 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.
- Profit(If any) will be distributes quarterly to all Account holders with a pre agreed ratio.The profit rate will not be pre fixed or committed in advance.
- 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 USD $10 will be charged and it will go to charity waqf.
- Letter of thanks will be sent to account opener and introducer.
Maximum amount
No Maximum limit.