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Al Baraka Current Account

Current Account can be opened in any currency Bank deems fit with no restriction in number of withdrawals and deposits. As per the nature of the underlying contract, there will be no profit in terms of cash or in terms of kind can be offered to current account. However, the free features available as Bank wide features can be part of Qard based products.

PRODUCT FEATURES

  • Available in local (PKR) and Foreign currencies (USD, GBP, EURO & AED).
  • Account can be opened with minimum denomination of 100/- (in PKR & FCY).
  • No minimum balance requirement for account maintenance.
  • Unlimited deposits and withdrawals.
  • Additional benefits such as e-Statement, 24/7 Phone Banking, Internet Banking, Mobile App Banking, 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.

TARGET MARKET

  • Individuals (18+ years)
  • Sole Proprietors
  • Partnerships
  • Companies
  • Clubs / Societies / Associations / Trusts

SHARIAH BASIS OF AL BARAKA CURRENT ACCOUNT

Al Baraka Current Account is based on the Islamic principle of Qarz, whereby the customer is the lender and the bank is the borrower. The funds may be used by the Bank at its discretion, and are payable, on demand, with neither any addition nor penalty.