What is Mudaraba?
“Mudaraba” is a kind of partnership where one partner invests, while the other manages the investments. They agree on a profit sharing ratio. The investor (fund supplier) is called “Rabb-ul-Maal” while the fund manager is called “Mudharib” who is exclusively responsible for the management of the business.
Allied Islamic Business plus Account will be operated like normal chequeing accounts on profit/ loss sharing basis.
- Business plus Account will be operated based on the mode of Mudaraba with No Minimum balance requirement.
- 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
- No charges will be recovered at the time of closing the account
- The Bank will utilize all such remunerative deposits as the Bank may deem appropriate in 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 specified in the Schedule of Bank Charges
- No restriction on number of deposit / withdrawal transactions
- Online banking services available on the Bank’s entire network.
- Globally accepted Allied Cash plus Shop Visa Debit Card / ATM Card.
- Access to myABL Internet Banking.
- 24/7 access to account through Allied Phone Banking.
- SMS Alert service for transactions.
- Facility of foreign remittances through the following accounts.
- Foreign currency.
- Local currency, to the extent of the amount allowed by State Bank of Pakistan only for certain categories such as for student’s fee, medical charges, travel expense etc.
- The Account can only be opened in local currency
- Initial deposit amount: Rupees 1,000
- Following services will be available free of charge to all the account holders without minimum balance requirement:
- Online Cash Deposit.
- Online Cash Withdrawal
- Online Account to Account Transfers
- Free cheque book
- At all branches, if monthly average balance of the previous month is Rupees 25,000 or above (free in the account opening month irrespective of the balance). Following facilities will be available free of charge for the next month or as approved by the Bank from time to time:
- Online Clearing Collection by Remote Branch
- Issuance of Demand Drafts / Allied Banker Cheque (Payable at any branch) / Pay Order / Allied Banker Cheque (Payable at Issuing branch) Call Deposit Receipt
- Cancellation of Demand Drafts / Allied Banker Cheque (Payable at any branch) / Pay Order / Allied Banker Cheque (Payable at Issuing branch) Call Deposit Receipt
- Duplicate Issuance of Demand Drafts / Allied Banker Cheque (Payable at any branch) / Pay Order / Allied Banker Cheque (Payable at Issuing branch) Call Deposit Receipt
- Intercity Clearing / OBC
Note: *OBC Charges are free, whereas other charges i.e. Postage / courier charges will be deducted.
- Individuals and Entities* (For Business Accounts Only)
- Sole Proprietorship.
- Fill out Application form (available at Islamic Branches as well)
- Get connected with our representative by filling online basic information form.