Allied Islamic Saving Account

The common features of Allied Islamic Savings Accounts include:

1. Operated on the Islamic contract of Mudaraba with no minimum balance requirement

2. Profits or loss shared on a semi-annual basis (or as declared by the Bank)

3. No account closing charges

4. Compliance with AML/KYC/CDD/FATCA as per SBP guidelines

5. Deposits are used in Shariah-compliant modes of financing/investments

6. Value-added services (free or charged) available at parent/remote branches at the Bank’s discretion

7. Free cheque book issuance

8. No restriction on transaction amount or number of deposits/withdrawals (unless specified)

9. Additional features at Bank’s discretion:

   • Free online banking (Cash Deposit, Withdrawal, Funds Transfer)

   • Free Issuance of CDR
   • Free online clearing (cheque/instrument deposit for clearing/collection via remote branch).

   • Access to myABL Internet Banking

   • 24/7 Allied Phone Banking

   • SMS Alerts on transactions

   • Local/foreign remittance facilities as per SBP policy

   • Debit card issuance facility

These additional benefits apply in addition to the above standard features:

1. Accounts can be opened in both local and foreign currencies (as per SBP policy)

2. Initial deposit requirement:

   • PKR 100 for local currency

   • 100 units in respective foreign currency

3. Initial deposit requirement is waived for:

   • Mustahkeen of Zakat

   • Students

   • Government/semi-government employees (salary/pension), including widows/children of deceased staff

   • Employees of autonomous bodies or similar categories

4. Value-added services (free or charged) available at all branches, per criteria in Bank’s Schedule of Charges

5. Profit/loss calculated monthly, shared semi-annually (or as decided by the Bank)

If monthly average balance in the previous month is PKR 1,000,000/- or more, the following services will be free in the next month:

• Issuance of Demand Drafts / Allied Banker Cheque (Payable at any branch) / Pay Order / Allied Banker Cheque (Payable at Issuing branch)
• 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