Allied Islamic Saving Account

The common features of Allied Islamic Saving Accounts include:

• Operated on the Islamic contract of Mudarabah with no minimum balance requirement

• Profits or losses shared on a semi-annual basis (or as declared by the Bank)

• No account closing charges

• Compliance with AML/KYC/CDD/FATCA as per SBP guidelines

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

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

• Free cheque book issuance

• No restriction on the transaction amount or number of deposits/withdrawals (unless specified)

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:

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

• Initial deposit requirement:

  • PKR 100 for local currency

  • 100 units in the respective foreign currency

• Initial deposit requirement is waived for:

  • Mustahqeen of Zakat

  • Students

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

  • Employees of autonomous bodies or similar categories

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

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

If the 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