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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.

1. What is the Allied Islamic Current Account?

The Allied Islamic Current Account is a Shariah-compliant, non-remunerative account that allows individuals and businesses to conduct daily transactions without earning or paying any interest (Riba).

2. Is the Allied Islamic Current Account Shariah compliant?

Yes, the account is fully compliant with Islamic banking principles and is supervised by Allied Bank’s Shariah Board to ensure adherence to Islamic laws.

3. Who can open an Allied Islamic Current Account?

Any individual (resident or non-resident), sole proprietor, partnership firm, or corporate entity can open this account by fulfilling the basic account opening requirements.

4. What are the key benefits of this account?

  • Interest-free (no Riba)

  • Access to myABL Digital Banking (web & mobile app)

  • Free ATM/debit card issuance (subject to bank policy)

  • 24/7 access through ABL’s nationwide ATM network

  • Branch banking support across Pakistan

5. Does the Islamic Current Account offer a checkbook or debit card?

Yes, account holders are eligible for a chequebook and an ABL Islamic debit card, subject to standard banking procedures.

6. Can I manage my account online?

Yes, you can easily manage your account using the myABL Digital Banking Application via desktop or mobile app.

7. Are there any charges for maintaining this account?

Basic current accounts usually have no minimum balance requirement or monthly maintenance charges, but specific account types may vary. Please refer to ABL’s Schedule of Charges for details.

8. How can I open an Allied Islamic Current Account?

You can open the account by visiting your nearest Allied Bank Islamic branch with your CNIC and supporting documents. Alternatively, you can begin the process online and complete verification in-branch.

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