Tifl-Young Savers Account
AL BARAKA TIFL – YOUNG SAVERS ACCOUNT
Tifl – Young Savers Account is being offered to youngsters to help them learn the importance of saving at an early age. Tifl – Young Savers Account is designed in such a way that it aims to become every youngster’s first bank account. It caters to the new generation’s future financial needs gradually and conveniently. Through the benefits of this account, youngsters are motivated to save more because of the returns they will get based on their savings.
- Available in PKR only.
- Account can be opened with PKR 100.
- Profit calculation on daily balance basis.
- Profit credited on quarterly basis.
- No limit for minimum or maximum balance.
- Unlimited deposits and maximum of 2 withdrawals (over the counter) are allowed within a calendar month.
- 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.
*Up to the age of 18 years
SHARIAH BASIS OF AL BARAKA TIFL – YOUNG SAVERS ACCOUNT
Al Baraka Tifl – Young Savers 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.