The common features of Allied Islamic Savings Accounts include:
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Operated on the Islamic contract of Mudaraba with no minimum balance requirement
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Profits or loss shared on a semi-annual basis (or as declared by the Bank)
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No account closing charges
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Compliance with AML/KYC/CDD/FATCA as per SBP guidelines
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Deposits are used in Shariah-compliant modes of financing/investments
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Value-added services (free or charged) available at parent/remote branches at the Bank’s discretion
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Free cheque book issuance
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No restriction on transaction amount or number of deposits/withdrawals (unless specified)
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Additional features at Bank’s discretion:
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Free online banking (Cash Deposit, Withdrawal, Funds Transfer)
- Free Issuance of CDR
- Free online clearing (cheque/instrument deposit for clearing/collection via remote branch).
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Access to myABL Internet Banking
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24/7 Allied Phone Banking
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SMS Alerts on transactions
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Local/foreign remittance facilities as per SBP policy
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Debit card issuance facility
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These additional benefits apply in addition to the above standard features:
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Accounts can be opened in both local and foreign currencies (as per SBP policy)
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Initial deposit requirement:
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PKR 100 for local currency
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100 units in respective foreign currency
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Initial deposit requirement is waived for:
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Mustahkeen of Zakat
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Students
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Government/semi-government employees (salary/pension), including widows/children of deceased staff
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Employees of autonomous bodies or similar categories
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Value-added services (free or charged) available at all branches, per criteria in Bank’s Schedule of Charges
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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)
- Duplicate Issuance of Demand Drafts / Allied Banker Cheque (Payable at any branch) / Pay Order / Allied Banker Cheque (Payable at Issuing branch)