Al Baraka Asaan Account has been launched for the potential customers who hesitate to open an account in a bank due to excessive paper work and documentation. For such masses ABPL has launched Al Baraka Asaan Account to provide the ease of opening a bank account without the hassle of excessive documentation. With Al Baraka Asaan Account, ABPL aims to provide banking facilities to the certain segment of the society, who have not been catered to their financial needs as they should be. All you need to do is fill a single page Account Opening Form and submit with a minimum initial deposit of Rs. 100/-. Account Opening has never been so easy.
- The account may be opened as both Current and Saving Account. The current account and saving account are based on the Islamic modes of Qard and Mudaraba.
- In case of saving account, the profit calculation method is Monthly Average Balance and profit payment frequency is Half-Yearly as per prevailing practice for general saving account.
- Only Resident Pakistani Individuals can open these accounts.
- The account will only be opened in PKR as single or joint accounts.
- The preferred withdrawal mode is card. However; cheque book may be issued as per the choice of customers.
- These accounts shall be opened with minimum of Rs. 100 as initial deposit.
- There shall be no minimum balance requirement on these accounts.
- Total Debit per Month: Rs. 500,000
- Total Credit Balance Limit: Rs. 500,000
- Simplified Due Diligence. (As mentioned below)
- Simplified one pager Account Opening Form with terms and conditions overleaf.
- Issuance of Statement of Account on Customer’s demand in addition to SBP requirements. In addition, on customer’s request, mini statements or detailed account statements may also be available through surface mail or electronic channels.
- Conversion Facility from Basic Banking Account (BBA)
- Only Declaration of source of income is required.
- Other facilities may be provided i.e. SMS alerts, internet banking etc.