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Tifl-Young Savers Account

Tifl-Young Savers Account

Tifl- Young Savers Account is being offered to youngsters to help them learn the importance of saving at an early age. Tifl-Young Savers Account is designed in such a way that it aims to become every youngster’s first bank account. It caters to the new generation’s future financial needs gradually and conveniently. Through the benefits of this account, youngsters are motivated to save more because of the returns they will get based on their savings.

Key Features

    • Specially designed for children and youngsters to enjoy the benefits of Islamic Banking.
    • Tifl-Young Savers Account can be opened for any child and teenager aged between one day and 18 years.
    • Based on Islamic principles of Mudarabah and under the supervision of proficient Shariah Committee.
    • Available in Local Currency.
    • Profit calculation on daily balance basis in your account.
    • Profit accredited to your account on quarterly basis.
    • No limit for minimum or maximum balance.
    • Unlimited deposits and maximum of 2 withdrawals (over the counter) are allowed within a calendar month.
    • Free Al Baraka Union Pay Debit Card.

Mudarabah

Al Baraka Tifl- Young Savers Account is offered on the basis of Mudarabah principles of Islamic Banking. Mudarabah is a special kind of partnership where one partner gives money to another for investing in Shariah compliant avenues. The investment comes from the first partner who is called Rabb-ul-mal (Customer), while the management and work is an exclusive responsibility of the other, who is called Mudarib (Bank).

The Bank will announce weightages and profits sharing ratios 3 days before the beginning of the month. The Bank will share the profit at the gross income level and will subsequently credit the proportionate profit in the customer’s account at the end of the month. In case of loss, the customer will bear the loss as per the ratio of his investment.

Latest profit sharing ratios and weightages are available on our website or can be obtained from any branch of Al Baraka Bank.

Call Us: +92(21)-111-113-442