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Overview – Allied Islamic Savings Account

Allied Islamic Savings Accounts are operated like regular chequeing accounts but on a profit/loss sharing basis, in accordance with Islamic principles.

Note: OBC Charges are free; however, other charges like postage/courier will be deducted.

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
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