Allied Islamic Savings Account

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.

  • Salient Features

    1. Saving Accounts will be operated based on the mode of Mudaraba with No Minimum balance requirement
    2. 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
    3. No charges will be recovered at the time of closing the account
    4. The Bank will utilize all such remunerative deposits as the Bank may deem appropriate in Shariah compliant modes of financing / investments
    5. Free or against charges (at parent / remote branch), following 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. No restriction on number of deposit / withdrawal transactions
    7. 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 Allied Direct Internet Banking
      • 24/7 access to account through Allied Phone Banking
      • SMS 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

  • Additional Features

    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. 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
    4. At parent branch only, the customer maintaining average monthly balance (for last month) in SB account Rupees 2.5 million (free in the account opening month irrespective of the balance) will be allowed following facilities free of charge for next month or as approved by the Bank from time to time:
      • Online account to account transfer
      • Issuance of DD/ABC payable at any branch in Pakistan/TT/PO/ABC payable at issuing branch/OBC*/Express Collection/Call Deposit Receipt by debit to the Account

Note: *OBC Charges is free whereas other charges i.e. postage / courier charges will be deducted