Question No. 1: Shall I continue using my old cheque book?
Answer: Yes.
Question No. 2: I am using Allied Bank Debit/ATM Card for my conventional account. Will my said card still be valid or continue to work?
Answer: Yes, your existing Allied Bank Debit/ATM Card will remain valid and you may use it as usual.
Question No. 3: Will my account number be changed after conversion of Conventional banking branch into an Islamic Banking Branch or would it remain unchanged?
Answer: No, your existing account number shall remain same after conversion.
Question No. 4: Do I need to sign any additional document to convert the relationship to Islamic Banking Branch?
Answer: Yes. You have to sign acknowledgement form/page of the Terms and conditions for operation of Islamic Banking account. You may also provide consent digitally i.e. myABL etc. to avoid any paperwork.
Question No. 5: Will I be able to use the entire ABL network for my day to day online-banking transactions such as cash deposit, cash withdrawal or funds transfer etc.?
Answer: Yes, you will be able to use the entire network of ABL to perform your day-to-day online banking transactions.
Question No. 6: Will I be able to use the existing ABL, Alternate Delivery Channel (ADC) network to perform my ADC related services like funds transfer through ATM, Funds transfer through internet etc.?
Answer: Yes, you can continue using ADC services without any hindrance. In case of your account is moved to Conventional Virtual Cost Center / nearest Branch; you may face temporary ADC Channels downtime.
Question No. 7: Will I continue to avail conventional Banking services in Conventional Virtual cost Center?
Answer: No, the life of Conventional Virtual cost Center is One [01] year from the date of issuance of Islamic Banking License as per SBP guidelines. The Account shall be moved to another conventional branch afterwards.
Question No. 8: What will Allied Islamic Banking offer for Term Certificates?
Answer: We will offer you a complete range of Shariah-compliant Investment Certificates at competitive profit rates. Profit on these Investment Certificates is Riba-free. Allied Islamic Investment Certificates are offered for periods ranging from one month to 5 years. Profit Payment options will be either Monthly, Quarterly, Half yearly or at Maturity. Premature encashment option for Allied Islamic Investment Certificates is also available. The facility will be subject to respective applicable terms and conditions.
Question No. 9: How are Islamic Current Accounts, saving accounts and Investment Certificates operated?
Answer: The operation of all PKR and Foreign Currency (FCY) current accounts is based on the Islamic principle of Qard. The structure of Remunerative Saving Accounts and Investment Certificates (Term Deposits) is based on the principle of Mudarabah and strictly in conformity with the rules of Islamic Shariah and are approved by the Shariah Board of the Bank.
Question No. 10: Are profit rates in Islamic Banking and conventional banking the same?
Answer: Profit rates for the saving deposit / investment certificates may vary as compare to conventional banking. The profit rates declared over the past 24 months and the weightages for expected rates are available on the Bank’s official website. For further inquiries regarding expected or declared profit rates, please visit your branch.
Question No. 11: Will Zakat be applicable to my account after converting to Islamic Banking?
Answer: No zakat will be deducted for those conventional current accounts that are converted to Islamic current accounts. However, Zakat will be deducted for conventional current account(s) that are converted to Islamic savings account(s), where applicable. If you prefer to manage Zakat payments on your own, “Zakat Declaration” (Form CZ-50) is required to be submitted to your branch at least 30 days before the 1st of Ramazan. The product mapping details are available on the bank’s official website. Link and QR code mentioned on the attached letter.
Question No. 12: In case of any further query, is there any land line number available?
Answer: Yes, you can contact us on any number given in the intimation letter.
Question no. 13: Is schedule of charges of Conventional and Islamic Banking same?
Answer: Predominantly, the schedule of charges of conventional and Islamic banking is same, however, there are certain differences on the basis of Shariah permissibility. Please contact your branch or our website for latest schedule of charges.