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Al Baraka Savings Account

Al Baraka Savings Account

Al Baraka Savings Account comprises of all facets of an investment i.e. income, security and growth. It has been developed to suit the requirements of individuals and business entities.

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.
  • Profit is calculated on monthly average balance and paid on monthly basis.
  • Unlimited deposits and withdrawals.
  • Additional benefits such as e-Statement, 24/7 Phone Banking, Internet banking, Mobile App Banking.
  • Other facilities can be availed such as Pay Order, SMS Alerts, Hold Mail Facility, stop Payment, Inter-city clearing, etc. as per prevailing Bank’s Schedule of Charges.

TARGET MARKET

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

SHARIAH BASIS OF AL BARAKA SAVING ACCOUNT

Al Baraka Saving 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.