Islamic Current Account:
-
Funds are invested in Shariah-compliant avenues.
-
Cannot charge the customer for not maintaining a minimum balance since the account is on a Qard basis.
Conventional Current Account:
-
No Shariah-based restriction on investment of funds.
-
May charge the customer for not maintaining a minimum balance.
Difference on the Basis of Key Features
| Sr # | Key Features | Islamic Banking | Conventional Banking |
|---|---|---|---|
| 1 | Name of Product | Allied Islamic Current Account | Current Account |
| 2 | Product Type | Current | Current |
| 3 | Underlying Islamic Mode(s) | Qard | Demand Deposit |
| 4 | Acceptable Currency | PKR | PKR |
| 5 | Minimum balance requirement | No | Rs. 25,000/- |
| 6 | Tenors (minimum and maximum) | Checking | Checking |
| 7 | Profit calculation | No | No |
| 8 | Periodicity of Profit distribution | N/A | N/A |
| 9 | Target Customers | Individuals, Businessmen | Individuals, Businessmen |
| 10 | Service charges leviable, if any | No | Yes (monthly service charges of Rs. 50 only if the minimum monthly average balance falls below Rs. 25,000/-) |
| 11 | Other salient features/services | – Shari’ah-compliant – Initial deposit Rs. 1,000/- – No charges will be recovered at the time of closing the account |
– Initial deposit Rs. 1,000/- – Charges will be recovered at the time of closing the account – Free-of-cost issuance of first cheque |
Islamic Basic Banking Account:
-
Funds are invested in Shariah-compliant avenues.
-
Cannot charge the customer for not maintaining a minimum balance since the account is on a Qard basis.
Conventional Basic Banking Account:
-
No Shariah-based restriction on investment of funds.
-
May charge the customer for not maintaining a minimum balance.
Difference on the Basis of Key Features
| Sr # | Key Features | Islamic Banking | Conventional Banking |
|---|---|---|---|
| 1 | Name of Product | Allied Islamic Basic Banking Account | Allied Basic Banking Account |
| 2 | Product Type | Current | Current |
| 3 | Underlying Islamic Mode(s) | Qard | Demand Deposit |
| 4 | Acceptable Currency | PKR | PKR |
| 5 | Minimum balance requirement | No | No |
| 6 | Tenors (minimum and maximum) | Checking | Checking |
| 7 | Profit calculation | No | No |
| 8 | Periodicity of Profit distribution | N/A | N/A |
| 9 | Target Customers | Individuals, Businessmen | Individuals, Businessmen |
| 10 | Service charges leviable, if any | No | No |
| 11 | Other salient features/services | – Shari’ah-compliant – No charges will be recovered at the time of closing the account – At parent branch only, the customer will be allowed the following facilities free of charge during a month or as approved by the Bank from time to time: i. Two (02) Cash Withdrawals ii. Two (02) Cash Deposits – At parent branch only, Rs. 50 will be charged for every additional transaction of withdrawal/deposit or as approved by the Bank from time to time |
– Initial deposit Rs. 1,000/- – Charges will be recovered at the time of closing the account – At parent branch only, the customer will be allowed the following facilities free of charge during a month or as approved by the Bank from time to time: i. Two (02) Cash Withdrawals ii. Two (02) Cash Deposits – At parent branch only, Rs. 50 will be charged for every additional transaction of withdrawal/deposit or as approved by the Bank from time to time |
Islamic Current Account:
-
Funds are invested in Shariah-compliant avenues.
Conventional Current Account:
-
No Shariah-based restriction on investment of funds.
Difference on the Basis of Key Features
| Sr # | Key Features | Islamic Banking | Conventional Banking |
|---|---|---|---|
| 1 | Name of Product | Allied Islamic Asaan Current Account | Allied Asaan Current Account |
| 2 | Product Type | Current | Current |
| 3 | Underlying Islamic Mode(s) | Qard | Demand Deposit |
| 4 | Acceptable Currency | PKR | PKR |
| 5 | Minimum balance requirement | No | No |
| 6 | Tenors (minimum and maximum) | Checking | Checking |
| 7 | Profit calculation | No | No |
| 8 | Periodicity of Profit distribution | N/A | N/A |
| 9 | Target Customers | Low-risk customers, especially unbanked/underbanked segment of the population | Low-risk customers, especially unbanked/underbanked segment of the population |
| 10 | Service charges leviable, if any | No | No |
| 11 | Other salient features/services | – Shari’ah-compliant – Initial deposit Rs. 100/- – No charges will be recovered at the time of closing the account – Transaction turnover (Debit & Credit each) Rs. 500,000/- per month – Free first cheque of 10 leaves – Free issuance of ATM/Debit Card – Free SMS banking |
– Initial deposit Rs. 100/- – Transaction turnover (Debit & Credit each) Rs. 500,000/- per month – Free first cheque of 10 leaves – Free issuance of ATM/Debit Card – Free SMS banking |
Islamic Current Account:
-
Funds are invested in Shariah-compliant avenues.
-
Cannot charge the customer for not maintaining a minimum balance since the account is on a Qard basis.
Conventional Current Account:
-
No Shariah-based restriction on investment of funds.
-
May charge the customer for not maintaining a minimum balance.
Difference on the Basis of Key Features
| Sr # | Key Features | Islamic Banking | Conventional Banking |
|---|---|---|---|
| 1 | Name of Product | Allied Islamic Current Account (FCY) | Current Account (FCY) |
| 2 | Product Type | Current | Current |
| 3 | Underlying Islamic Mode(s) | Qard | Demand Deposit |
| 4 | Acceptable Currency | US Dollar, GBP, Euro | US Dollar, GBP, Euro, JPY |
| 5 | Minimum balance requirement | No | No |
| 6 | Tenors (minimum and maximum) | Checking | Checking |
| 7 | Profit calculation | No | No |
| 8 | Periodicity of Profit distribution | N/A | N/A |
| 9 | Target Customers | Individuals (in single/joint capacity), Sole Proprietorships, Partnership Concerns, Corporate clients | Individuals (in single/joint capacity), Sole Proprietorships, Partnership Concerns, Corporate clients |
| 10 | Service charges leviable, if any | No | Yes (monthly service charges of 2 units for US Dollar, GBP, Euro, and 300 units for JPY, only if the minimum monthly average balance falls below 500 units of US Dollar, GBP, Euro, and 50,000 units of JPY) |
| 11 | Other salient features/services | – Shari’ah-compliant – Initial deposit of 100 units of the respective currency – No charges will be recovered at the time of closing the account |
Charges will be recovered at the time of closing the account |
Islamic Savings Account:
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Bank and account holder’s relationship is on a Mudaraba basis whereby the depositor (Rab-ul-Maal) provides funds and the Bank (Mudarib) invests funds in Shariah-compliant modes.
-
Profit rates are not predetermined. Profit from Mudaraba is distributed on a pre-agreed ratio of weightages.
-
Funds are invested in Shariah-compliant avenues.
-
Loss is borne by the depositor (Rab-ul-Maal) proportionate to their investments.
Conventional Savings Account:
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Bank and account holder’s relationship is based on Debtor and Creditor.
-
Mark-up is predetermined.
-
No Shariah-based restriction on investment of funds.
-
Pays mark-up to account holders even if the Bank incurs a loss.
Difference on the Basis of Key Features
| Sr # | Key Features | Islamic Banking | Conventional Banking |
|---|---|---|---|
| 1 | Name of Product | Allied Islamic Savings Account | PLS Savings Account |
| 2 | Product Type | Savings | Savings |
| 3 | Underlying Islamic Mode(s) | Mudarabah | Savings |
| 4 | Acceptable Currency | PKR | PKR |
| 5 | Minimum balance requirement | No | No |
| 6 | Tenors (minimum and maximum) | Checking | Checking |
| 7 | Profit calculation | Monthly average balance | Monthly average balance |
| 8 | Periodicity of Profit distribution | Six-monthly or as may be decided/declared from time to time at the discretion of the Bank | Six-monthly or as may be decided/declared from time to time at the discretion of the Bank |
| 9 | Target Customers | Individuals, Businessmen | Individuals, Businessmen |
| 10 | Service charges leviable, if any | No | Only exempted on salary accounts of institutions under special arrangement with Allied Bank |
| 11 | Other salient features/services | – Shari’ah-compliant – Initial deposit Rs. 100/- – No charges will be recovered at the time of closing the account – If monthly average balance of the previous month is Rs. 2.500M or above (free in the account opening month irrespective of the balance), then certain facilities will be available free of charge for the next month. |
– Initial deposit Rs. 100/- – No charges will be recovered at the time of closing the account – If monthly average balance of the previous month is Rs. 2.500M or above (free in the account opening month irrespective of the balance), then certain facilities will be available free of charge for the next month. |
Islamic Savings Account:
-
Bank and account holder’s relationship is on a Mudaraba basis whereby the depositor (Rab-ul-Maal) provides funds and the Bank (Mudarib) invests funds in Shariah-compliant modes.
-
Funds are invested in Shariah-compliant avenues.
-
Loss is borne by the depositor (Rab-ul-Maal) proportionate to their investments.
Conventional Savings Account:
-
Bank and account holder’s relationship is based on Debtor and Creditor.
-
Mark-up is predetermined.
-
No Shariah-based restriction on investment of funds.
-
Pays mark-up to account holders even if the Bank incurs a loss.
Difference on the Basis of Key Features
| Sr # | Key Features | Islamic Banking | Conventional Banking |
|---|---|---|---|
| 1 | Name of Product | Allied Islamic Anmol Plus Account | – |
| 2 | Product Type | Savings | – |
| 3 | Underlying Islamic Mode(s) | Mudarabah | – |
| 4 | Acceptable Currency | PKR | – |
| 5 | Minimum balance requirement | No | – |
| 6 | Tenors (minimum and maximum) | Checking | – |
| 7 | Profit calculation | Monthly average balance | – |
| 8 | Periodicity of Profit distribution | Monthly | – |
| 9 | Target Customers | Individuals | – |
| 10 | Service charges leviable, if any | No | – |
| 11 | Other salient features/services | – Shari’ah-compliant – Initial deposit Rs. 1,000/- – No charges will be recovered at the time of closing the account – If daily minimum balance of the previous month is Rs. 500,000 or above (free in the account opening month irrespective of the balance), then certain facilities will be available free of charge for the next month. |
– |
Islamic Savings Account:
-
Bank and account holder’s relationship is on a Mudaraba basis whereby the depositor (Rab-ul-Maal) provides funds and the Bank (Mudarib) invests funds in Shariah-compliant modes.
-
Profit rates are not predetermined. Profit from Mudaraba is distributed on a pre-agreed ratio of weightages.
-
Funds are invested in Shariah-compliant avenues.
-
Loss is borne by the depositor (Rab-ul-Maal) proportionate to their investments.
Conventional Savings Account:
-
Bank and account holder’s relationship is based on Debtor and Creditor.
-
Mark-up is predetermined.
-
No Shariah-based restriction on investment of funds.
-
Pays mark-up to account holders even if the Bank incurs a loss.
Difference on the Basis of Key Features
| Sr # | Key Features | Islamic Banking | Conventional Banking |
|---|---|---|---|
| 1 | Name of Product | Allied Islamic Business Plus Account | Allied Business Account |
| 2 | Product Type | Savings | Current |
| 3 | Underlying Islamic Mode(s) | Mudarabah | Demand Deposit |
| 4 | Acceptable Currency | PKR | PKR |
| 5 | Minimum balance requirement | No | No |
| 6 | Tenors (minimum and maximum) | Checking | Checking |
| 7 | Profit calculation | Monthly average balance | No |
| 8 | Periodicity of Profit distribution | Six-monthly | N/A |
| 9 | Target Customers | Businessmen | Businessmen |
| 10 | Service charges leviable, if any | No | Yes (monthly service charges of Rs. 100/- only if the minimum monthly average balance falls below Rs. 50,000/-) |
| 11 | Other salient features/services | – Shari’ah-compliant – Initial deposit Rs. 1,000/- – No charges will be recovered at the time of closing the account – If monthly average balance of the previous month is Rs. 25,000 or above (free in the account opening month irrespective of the balance), then certain facilities will be available free of charge for the next month. |
– Initial deposit Rs. 1,000/- – Charges will be recovered at the time of closing the account – Customers can avail the following free benefits with no monthly average balance requirements: – FREE Online Cash Deposit – FREE Intercity Clearing / OBC – FREE Online Cash Withdrawals – FREE First Cheque Book of 10 Leaves – FREE Online Account-to-Account Transfer – FREE Cheque/Instrument deposit for clearing/collection by Remote Branch – FREE Issuance/Cancellation/Duplicate Issuance of Demand Drafts/Allied Banker Cheque (payable at any branch)/Pay Order/Allied Banker Cheque (payable at issuing branch) Call |
Islamic Savings Account:
-
Bank and account holder’s relationship is on a Mudaraba basis whereby the depositor (Rab-ul-Maal) provides funds and the Bank (Mudarib) invests funds in Shariah-compliant modes.
-
Profit rates are not predetermined. Profit from Mudaraba is distributed on a pre-agreed ratio of weightages.
-
Funds are invested in Shariah-compliant avenues.
-
Loss is borne by the depositor (Rab-ul-Maal) proportionate to their investments.
Conventional Savings Account:
-
Bank and account holder’s relationship is based on Debtor and Creditor.
-
Mark-up is predetermined.
-
No Shariah-based restriction on investment of funds.
-
Pays mark-up to account holders even if the Bank incurs a loss.
Difference on the Basis of Key Features
| Sr # | Key Features | Islamic Banking | Conventional Banking |
|---|---|---|---|
| 1 | Name of Product | Allied Islamic Sahulat Account | – |
| 2 | Product Type | Savings | – |
| 3 | Underlying Islamic Mode(s) | Mudarabah | – |
| 4 | Acceptable Currency | PKR | – |
| 5 | Minimum balance requirement | No | – |
| 6 | Tenors (minimum and maximum) | Checking | – |
| 7 | Profit calculation | Monthly average balance | – |
| 8 | Periodicity of Profit distribution | Six-monthly | – |
| 9 | Target Customers | Individuals, Businessmen | – |
| 10 | Service charges leviable, if any | No | – |
| 11 | Other salient features/services | – Shari’ah-compliant – Initial deposit Rs. 1,000/- – No charges will be recovered at the time of closing the account – At parent branch only, the customer maintaining the minimum balance (as approved by the Bank from time to time) in the account will be allowed one free-of-charge Safe Deposit Locker as follows: Safe Deposit Lockers – Minimum Balance: Small: Rs. 40,000/- Medium: Rs. 70,000/- Large: Rs. 100,000/- Extra Large: Rs. 125,000/- |
Islamic Savings Account:
-
Bank and account holder’s relationship is on a Mudaraba basis whereby the depositor (Rab-ul-Maal) provides funds and the Bank (Mudarib) invests funds in Shariah-compliant modes.
-
Profit rates are not predetermined. Profit from Mudaraba is distributed on a pre-agreed ratio of weightages.
-
Funds are invested in Shariah-compliant avenues.
-
Loss is borne by the depositor (Rab-ul-Maal) proportionate to their investments.
Conventional Savings Account:
-
Bank and account holder’s relationship is based on Debtor and Creditor.
-
Mark-up is predetermined.
-
No Shariah-based restriction on investment of funds.
-
Pays mark-up to account holders even if the Bank incurs a loss.
Difference on the Basis of Key Features
| Sr # | Key Features | Islamic Banking | Conventional Banking |
|---|---|---|---|
| 1 | Name of Product | Allied Islamic Khalis Munafa Account | Platinum Rewarding Profit Account |
| 2 | Product Type | Saving | Other (remunerative current account) |
| 3 | Underlying Islamic Mode(s) | Mudarabah | Saving |
| 4 | Acceptable Currency | PKR | PKR |
| 5 | Minimum balance requirement | No | Rs. 100,000/- |
| 6 | Tenors (minimum and maximum) | Checking | Checking |
| 7 | Profit calculation | Daily average balances | Monthly average balances |
| 8 | Periodicity of Profit distribution | Monthly | Monthly |
| 9 | Target Customers | Higher-savings customers | Higher-savings customers |
| 10 | Service charges leviable, if any | No | Yes (monthly service charges of Rs. 50/- only if the minimum monthly average balance falls below Rs. 10,000/-) |
| 11 | Other salient features/services | – Shari’ah-compliant – Tier-based profit calculation – Initial deposit Rs. 1,000/- – No charges will be recovered at the time of closing the account. – Profit calculation on the basis of average daily balances maintained during the month in different tiers as announced from time to time at the discretion of the Bank, whereas the loss will be shared in proportion to the contributed funds utilized in any specific pool |
– Tier-based profit calculation – Initial deposit Rs. 100,000/- – Charges will be recovered at the time of closing the account. – Profit calculation on the basis of average daily balances maintained during the month in different tiers as announced from time to time at the discretion of the Bank. – PLS savings rate of 4% will be applicable for deposits below Rs. 100,000/- |
Islamic Savings Account:
-
Bank and account holder’s relationship is on a Mudaraba basis whereby the depositor (Rab-ul-Maal) provides funds and the Bank (Mudarib) invests funds in Shariah-compliant modes.
-
Profit rates are not predetermined. Profit from Mudaraba is distributed on a pre-agreed ratio of weightages.
-
Funds are invested in Shariah-compliant avenues.
-
Loss is borne by the depositor (Rab-ul-Maal) proportionate to their investments.
Conventional Savings Account:
-
Bank and account holder’s relationship is based on Debtor and Creditor.
-
Mark-up is predetermined.
-
No Shariah-based restriction on investment of funds.
-
Pays mark-up to account holders even if the Bank incurs a loss.
Difference on the Basis of Key Features
| Sr # | Key Features | Islamic Banking | Conventional Banking |
|---|---|---|---|
| 1 | Name of Product | Allied Islamic Asaan Saving Account | Allied Asaan Saving Account |
| 2 | Product Type | Saving | Saving |
| 3 | Underlying Islamic Mode(s) | Mudarabah | Saving |
| 4 | Acceptable Currency | PKR | PKR |
| 5 | Minimum balance requirement | No | No |
| 6 | Tenors (minimum and maximum) | Checking | Checking |
| 7 | Profit calculation | Monthly | Monthly |
| 8 | Periodicity of Profit distribution | Six-monthly or as may be decided/declared from time to time at the discretion of the Bank | Six-monthly or as may be decided/declared from time to time at the discretion of the Bank |
| 9 | Target Customers | Low-risk customers, especially unbanked/underbanked segment of the population | Low-risk customers, especially unbanked/underbanked segment of the population |
| 10 | Service charges leviable, if any | No | No |
| 11 | Other salient features/services | – Shari’ah-compliant – Initial deposit Rs. 100/- – Profit calculation on average balance of the month – No charges will be recovered at the time of closing the account – Transaction turnover (Debit & Credit each) Rs. 500,000/- per month – Free first cheque of 10 leaves – Free issuance of ATM/Debit Card – Free SMS banking |
– Initial deposit Rs. 100/- – Profit calculation on average balance of the month – Transaction turnover (Debit & Credit each) Rs. 500,000/- per month – Free first cheque of 10 leaves – Free issuance of ATM/Debit Card – Free SMS banking |
Islamic Investment Certificate (IIC):
-
Bank and account holder’s relationship is on a Mudaraba basis whereby the depositor (Rab-ul-Maal) provides funds and the Bank (Mudarib) invests funds in Shariah-compliant modes.
-
Profit rates are not predetermined. Profit from Mudaraba is distributed on a pre-agreed ratio of weightages.
-
Funds are invested in Shariah-compliant avenues.
-
Loss is borne by the depositor (Rab-ul-Maal) proportionate to their investments.
Conventional Term Deposit:
-
Bank and account holder’s relationship is based on Debtor and Creditor.
-
Mark-up is predetermined.
-
No Shariah-based restriction on investment of funds.
-
Pays mark-up to account holders even if the Bank incurs a loss.
Difference on the Basis of Key Features
| Sr # | Key Features | Islamic Banking | Conventional Banking |
|---|---|---|---|
| 1 | Name of Product | Allied Islamic Investment Certificate | Allied Term Plus Deposits |
| 2 | Product Type | Term | Term |
| 3 | Underlying Islamic Mode(s) | Mudarabah | Saving |
| 4 | Acceptable Currency | PKR | PKR |
| 5 | Minimum balance requirement | Rs. 25,000/- | Rs. 10,000/- |
| 6 | Tenors (minimum and maximum) | 1 month, 3 months, 6 months, 1 year, 2 years, 3 years, 4 years, and 5 years | 1 month, 3 months, 6 months, 1 year, 3 years, 5 years, and 10 years |
| 7 | Profit calculation | Yes | Yes |
| 8 | Periodicity of Profit distribution | Monthly, Quarterly, Half-yearly, or on Maturity basis | Monthly, Quarterly, Half-yearly, or on Maturity basis |
| 9 | Target Customers | Individuals, Businessmen | Individuals, Businessmen |
| 10 | Service charges leviable, if any | No | No |
| 11 | Other salient features/services | – Shari’ah-compliant – Following options will be available at maturity of the certificate: i. Roll-over with Principal and Profit ii. Profit encashment (in linked current/saving account) and Principal Roll-over iii. Principal and Profit encashment at maturity (in linked current/saving account) – No premature charges or termination fees will be charged on any type of investment certificate |
– Auto Roll-over option available at maturity on prevailing profit rates as per customer’s instructions – In case of premature encashment, prevailing PLS savings rate will apply for the completed days – Customers are guaranteed a fixed return after a |