Allied Islamic Saving account is based on Shari’ah compliant mode of ‘Mudaraba’.
Allied Islamic Saving accounts will be operated like normal chequeing accounts on profit / loss sharing basis.
The common features of Allied Islamic Saving Accounts are:
- Saving Accounts will be operated based on the mode of Mudaraba with No Minimum balance requirement.
- Profits or Loss will be shared on monthly/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.
- AML/KYC/CDD/FATCA requirements will be as per SBP instructions and guidelines issued by the bank from time to time.
- The Bank will utilize all such deposits as the Bank may deem appropriate in approved 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 may also be specified in the Schedule of Bank Charges.
- Cheque Book will be issued to the customer for withdrawal of funds
- No restriction on transaction amount and number of deposit / withdrawal transactions (except otherwise stated).
- 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/PayPak Debit Card.
- Access to myABL Internet Banking.
- Pay Anyone facility and issuance/payment of ABC/CDR
- 24/7 access to account through Allied Phone Banking.
- SMS Banking.
- SMS Alert service on transactions.
- Facility of remittance in Local or Foreign Currency through respective type of account(s) shall be available as per SBP regulations and Bank’s Policy.
10. Account will be opened as per the process mentioned in Banking Services Manual.
Following are the additional features of this product besides the common features mentioned above:
1. Account can be opened separately in both local and foreign currencies as per the Bank’s / State Bank of Pakistan’s policy.
2. Initial deposit amount: Rupees 100 for Pak Rupees Accounts and 100 units in respective foreign currency.
3. Initial deposit requirement will be relaxed(as per SBP’s instructions)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
4. Free or against charges (at all 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 may also be specified in the Schedule of Bank Charges
5. Profits or Loss will be calculated on average balance of the month and shared semi-annually or as may be decided / declared from time to time at the discretion of the Bank.