A Shari’ah compliant banking solution for higher saving customers, which is based on ‘Mudaraba’ Contract.
Allied Islamic Business plus Account will be operated like normal chequeing accounts on profit/ loss sharing basis.
- Business plus Account will be operated based on the mode of Mudaraba with No Minimum balance requirement.
- Profits or Loss will be shared on six monthly basis or as may be decided / declared from time to time at the discretion of the Bank
- No charges will be recovered at the time of closing the account
- The Bank will utilize all such remunerative deposits as the Bank may deem appropriate in Shariah compliant modes of financing / investments
- Free or against charges (at parent / remote branch), value added services may be offered to account holder(s) at the discretion of the Bank. However the Bank reserves the right to offer such services based on the criteria approved by the Bank from time to time and specified in the Schedule of Bank Charges
- No restriction on number of deposit / withdrawal transactions
- Eligible for following as per the Bank’s discretion:
- Online banking services available at the Bank’s entire network
- Globally accepted Allied Cash plus Shop Visa Debit Card / ATM Card
- Access to myABL Internet Banking
- 24/7 access to account through Allied Phone Banking
- SMS Alert service on transactions
- Facility of foreign remittances through the following accounts:
- Foreign currency
- Local currency, to the extent of amount allowed by State Bank of Pakistan only for certain categories such as for student’s fee, medical charges, travel expense etc
- Account can only be opened in local currency
- Initial deposit amount: Rupees 1,000
- Following services will be available free of charge for all the account holders without minimum balance requirement:
- Online Cash Deposit.
- Online Cash Withdrawal
- Online Account to Account Transfers
- At all branches, if monthly average balance of previous month is Rupees 25,000 or above (free in the account opening month irrespective of the balance). Following facilities will be available free of charge for next month or as approved by the Bank from time to time:
- Online Clearing Collection by Remote Branch
- Issuance of Demand Drafts / Allied Banker Cheque (Payable at any branch) / Pay Order / Allied Banker Cheque (Payable at Issuing branch) Call Deposit Receipt
- Cancellation of Demand Drafts / Allied Banker Cheque (Payable at any branch) / Pay Order / Allied Banker Cheque (Payable at Issuing branch) Call Deposit Receipt
- Duplicate Issuance of Demand Drafts / Allied Banker Cheque (Payable at any branch) / Pay Order / Allied Banker Cheque (Payable at Issuing branch) Call Deposit Receipt
- Intercity Clearing / OBC
- First cheque book of 10 leaves