AL BARAKA SHAFQAAT ACCOUNT
Al Baraka Shafqaat Account has been introduced as socially responsible banking services for most valued segments of our society in order for them to make their routine transactions with premium customer support along with healthy return on their investment. Al Baraka is the only full-fledged Islamic bank to offer such account services for the target market mentioned herein. This account comes along with a wide range of free services and benefits.
- Account can be opened with minimum PKR 10,000/- only.
- No minimum balance requirement for account maintenance.
- No restriction on multiple deposits and withdrawals.
- Privilege Services will be offered to address customers’ needs promptly.
- Higher the account balance, higher the expected profit up to PKR 10,000,000/-.
- Profit will be calculated on daily basis and credited on monthly basis.
- First Cheque Book of 25 leaves
- First Debit card (PayPak)
- SMS Banking
- Phone Banking
- Duplicate copies of account statement
- Waiver upto 100% concession on annual locker rentals*
- Accidental Takaful** and Cash Withdrawal Coverage ***
*Upon availability of small locker
**100% of the previous month’s average balance subject to a cap of PKR 1 million
***Actual balance up to 30,000/- whichever is lesser
- Senior citizens (Age 55+)
- Widows (Irrespective of age)
- Differently Abled Persons (Irrespective of age)
SHARIAH BASIS OF AL BARAKA SHAFQAAT ACCOUNT
This 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.