Al Baraka Mahana Term Deposit
AL BARAKA MAHANA AMADANI TERM DEPOSIT
The Bank now offers profit up to 12.25% – monthly payout on its Mahana Amadani Term Deposit which is the one of the finest term deposit rate in the banking sector.
- Available in PKR only.
- Minimum investment of PKR 100,000 with no upper limit for Premium & Plus category.
- Minimum investment of PKR 500,000 with upper limit of PKR 10M for Shafqaat category.
- Tenure: 1 Year & 3 Years.
- Profit Payment will be on monthly basis
- Early redemption can be possible before the term completion as per last completed tenure.
- Customer must be an accountholder to book Term Deposit.
|Al Baraka Mahana Amadani Term Deposit|
|Product||Tenure||Investment||Expected Profit Rate*|
|Premium||1 Year (Monthly)||100 – 10m||11.50%|
|Plus||3 Year (Monthly)||100 – 10m||12.00%|
|Shafqaat||3 Year (Monthly)||500k – 10m||13.00%|
*Projected rates/expected rate of return (actual returns may vary)
TARGET MARKET (Premium & Plus)
- Individuals (18 years & above)
- Sole Proprietor
- Clubs / Societies / Associations / Trusts
TARGET MARKET (Shafqaat)
- Senior Citizen (aged 55+)
- Widows (irrespective of age)
- Permanently Disabled (irrespective of age)
SHARIAH BASIS OF AL BARAKA MAHANA AMADANI TERM DEPOSIT
Mahana Amadani term deposit 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.