Allied Islamic Sahulat Account (Preferable For Allocation Of Safe Deposit Lockers)
Allied Islamic Sahulat Account is a normal banking account for day to day transactions.
1. The Bank will utilize all such deposits as the Bank may deem appropriate in Shariah compliant modes of financing / investments.
2. No charges will be recovered at the time of closing the account.
3. Initial deposit amount: Rupees 1,000 for Pak Rupees Accounts.
4. No initial deposit will be required for the followings categories:
- Mustahkeen of Zakat
- Employees of Government or Semi Government institutions for salary and pension purposes (including widows / children of deceased employees eligible for family pension / benevolent fund grant etc.), other autonomous bodies and similar types of accounts.
5. No restriction on number of deposit / withdrawal transactions (except otherwise stated).
6. 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.
7. Eligible for following as per the Bank’s discretion:
- Online banking services (Cash Deposit, Cash Withdrawal and Funds Transfer) 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 Banking.
- SMS Alert service on transactions.
- Facility of foreign remittances through the Local currency accounts, 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 will be operated based on the mode of Mudaraba (profit/loss sharing basis).
- The Account can be opened singly/jointly.
- Initial deposit amount: Rupees 1,000 for Pak Rupees Accounts.
- 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.
- Account can only be opened in Pak Rupees only.
- There are different minimum balance requirements (subject to change by the Bank from time to time) with reference to the Locker size as mentioned in below table. The Account Holder will be allowed one free of charge Safe Deposit Locker accordingly after marking lien on the amount equivalent to minimum balance.
Safe Deposit Lockers Minimum Balance* Small Rs. 40,000/- Medium Rs. 70,000/- Large Rs. 100,000/- Extra Large Rs. 125,000/-
* May be changed by the Bank from time to time and as communicated in the Schedule of Charges of ABL – IBG.
If the lien marked amount falls below the required minimum balance (due to any reason like sharing of loss), the customer is required to replenish the amount up to the required minimum balance or surrender the locker or pay the charges as per SOC.
- The process of marking/non-marking of lien will be as per Credit Policy and Credit Procedure Manual. Further the Customer will provide his/her consent through Letter of lien (attached as Annexure-A).
- All the matters related to Safe Deposit Locker including document requirements for locker allocation will be governed by BSG Manual – Safe Deposit Lockers.
9. The treatment of Key Deposit shall be as per Schedule of Charges of ABL-IBG (currently there is no key deposit applied on Allied Islamic Sahulat Account).