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Overview

The Allied Islamic Current Account is ideal for customers seeking a non-profit, risk-free banking solution for day-to-day transactions. Operated under the Islamic mode of Qard, it aligns with Shariah principles and offers convenience, flexibility, and access to modern banking services without compromising on faith-based financial practices.

The common features of Allied Islamic Current Accounts are:

  1. Deposits may be utilized by the Bank in Shariah-compliant financing/investment modes.

  2. No charges apply on account closure.

  3. Initial deposit requirement:

    • PKR Accounts: Rs. 1,000

    • Foreign Currency Accounts: 100 units of respective currency

  4. AML/KYC/CDD/FATCA compliance as per SBP and bank guidelines.

  5. Relaxation in initial deposit for:

    • Mustahkeen of Zakat

    • Students

    • Government/semi-government employees (including eligible widows/children)

  6. No limits on number or amount of deposit/withdrawal transactions (unless otherwise stated).

  7. Value-added services may be offered free or at charges, based on bank policy and criteria.

  8. Free cheque book issuance for fund withdrawals.

  9. Eligible for the following facilities (at bank’s discretion):

    • Free online banking across ABL network (cash deposits, withdrawals, funds transfers)

    • Debit Card issuance

    • Access to myABL Internet Banking

    • Pay Anyone, ABC/CDR issuance

    • 24/7 access via Allied Phone Banking

    • SMS alerts for transactions

    • Local/foreign currency remittance (subject to SBP regulations and bank policies)

  • Individuals (singly or jointly) and business entities may open this account.

  • No minimum balance requirement.

  • No profit/loss sharing with account holders.

  • Available in both Pak Rupees and SBP-authorized foreign currencies per bank and SBP policies.

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