Allied Islamic Sahulat Account

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.

  • Salient Features

    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
      • Students
      • 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.
      • No restriction on number of deposit / withdrawal transactions (except otherwise stated).
    5. 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.
    6. 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 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.

  • Additional Features

    1. Account will be operated based on the mode of Mudaraba (profit / loss sharing basis).
    2. Profit 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.
    3. Account can only be opened in Pak Rupees only.
    4. At parent branch only, the customer maintaining minimum balance (as approved by the Bank from time to time) in the account, will be allowed one free of charge Safe Deposit Locker as follows:
    Safe Deposit Lockers Minimum Balance
    Small Rs.40,000/-
    Medium Rs.70,000/-
    Large Rs.100,000/-
    Extra Large Rs.125,000/-

    In case the balance in the account falls below the minimum balance requirement mentioned under 11 above, the following charges (as approved by the Bank from time to time) will be recovered:

    Safe Deposit Lockers Annual Fee/Rent
    Small Rs.3,000/- p.a.
    Medium Rs.4,000/- p.a.
    Large Rs.5,500/- p.a.
    Extra Large Rs.7,000/- p.a.