Al Baraka Khazana Account
AL BARAKA KHAZANA ACCOUNT
Are you looking for higher profits? If ‘yes’, then this account is best suited for you. Through this account, you can perform multiple transactions without any restrictions along with premium profit.
- Available only in Pak Rupees only.
- Minimum initial investment of PKR 100,000/- for retail and PKR 250,000 for business entities.
- Unlimited deposits and withdrawals.
- Slab based profit entitlement where customers will get higher profits on higher balances.
- Profit is calculated on monthly average balance and paid on monthly basis.
- 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, Intercilty clearing, etc. as per prevailing Bank’s Schedule of Charges.
- Individuals (18+ years)
- Sole Proprietors
- Clubs / Societies / Associations / Trust
SHARIAH BASIS OF AL BARAKA KHAZANA ACCOUNT
Al Baraka Khazana 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.