AL BARAKA MAHANA BARKAH ACCOUNT
Al Baraka Mahana Barkah Account provides a regular stream of halaal monthly profit for low income and middle income group of customers with the same convenience and services of a regular savings account. This product is ideal for those who wish to invest with an absolute peace of mind by saving on regular basis and expect good returns on daily balance along with having the liberty of having no limitation on cash withdrawals.
- Account can be opened with PKR 10,000/-.
- Privileged profit rate will be applicable above PKR 10,000/-.
- Profit will be calculated on daily balance on respective slab and credited in the account on monthly basis.
- Additional benefits such as e-Statement, 24/7 Phone Banking, Internet Banking, Mobile Banking App, etc.
- Other facilities can be availed such as Pay Order, SMS Alerts, Hold Mail Facility, Stop Payment, Intercity Clearing, etc. as per prevailing Bank’s Schedule of Charges.
- Accidental Takaful* and Cash Withdrawal Coverage** (details mentioned below)
|Maintenance of Average Balance (Last Month)||Cash withdrawal (ATM & Over the Counter)||Accidental Takaful|
|PKR 25,000||Actual or maximum PKR 25,000||1.5x of average balance of last three months up to maximum of 100K.|
|PKR 100,000||Actual or maximum PKR 50,000||1.5x of average balance of last three months up to maximum of 250K.|
|PKR 250,000||Actual or maximum PKR 75,000||1.5x of average balance of last three months up to maximum of 500K.|
|PKR 500,000||Actual or maximum PKR 100,000||1.5x of average balance of last three months up to maximum of 1M.|
- Salaried Individuals
SHARIAH BASIS OF AL BARAKA MAHANA BARKAH ACCOUNT
Mahana Baraka Account is based on the Islamic concept of Mudarabah, a form of partnership, in which depositors act as Rab-al-Maal (Capital Provider) whereas bank acts as Mudarib (Expertise Provider). Bank invests these funds in a pool from which financings are given to various sectors such as Corporate, SME, Consumer, etc. on the Islamic principles of sale, partnership and lease. The profit arising from such financings is shared between depositors and bank as per the agreed ratio.