Bank Islami Pakistan offers the Islami Sahulat Savings Account which is based on Mudarabah account. It works on the basis that you provide funds to the bank on the basis of Mudarabah for investment in the Bank’s Shariah Compliant Assets. In this procedure, you will function as a Rabbul Maal (investor in Mudaraba) and the Bank will act as the Mudarib (Manager of the Mudaraba). The pool of customers’ funds will be formed by the Bank. The pool management helped in providing of financings to various corporate, individuals, other entities and the government which was based on various Islamic modes of finance such as Ijarah, Murabaha, Mudaraba, Musharakah, and other modes which would generate income. The pool will be calculated by the Bank on a monthly basis.
Islamic Sahulat Saving Account Benefits
1. Islamic Sahulat Saving Account provides the facility of free Cheque Book
2. Islamic Sahulat Saving Account provides the facility of free Pay Order
3. Islamic Sahulat Saving Account provides the facility of free Inward Clearing
4. Islamic Sahulat Saving Account provides the facility of free Online Banking
5. Islamic Sahulat Saving Account provides the facility of free Internet Banking
6. Islamic Sahulat Saving Account provides the facility of free e-Statement
7. Islamic Sahulat Saving Account provides the facility of the monthly average balance condition of 25,000 is applied on free services.
Islamic Sahulat Saving Account Eligibility and Required Documents
For Salaried Individual/Joint Account Holders:
1. The account holder must fill an account opening form.
2. The account holder must provide the valid copy of CNIC.
3. The account holder must provide the valid Passport (for non-residents only).
4. The account holder must provide the valid copy of employment proof i.e. Pay slip, Employment letter etc.
For Sole Proprietors:
1. The account holder must fill an account opening form.
2. The account holder must provide the valid copy of CNIC.
3. The account holder must provide the valid Passport (for non-residents only).
4. The account holder must provide a valid copy of NTN Certificate.
For Partnership/Society/Club/Trust/Association/NGO:
1. The account holder must provide the certified Copy of Partnership/ Trust Deed
2. The account holder must provide the certificate of Registration
3. The account holder must provide the signatures of all Partners on letter of Partnership
4. The account holder must provide the certified copy of rules
5. The account holder must provide the certified copy of resolution
6. The account holder must provide the copy of by-laws
7. The account holder must provide a copy of NTN Certificate
8. The account holder must provide the CNICs of all Partners
9. The account holder must provide the passports (for Non-residents only)
For Limited Company:
1. The account holder must provide the certificate of Incorporation
2. The account holder must provide the certificate for Commencement of Business (PLC only)
3. The account holder must provide the Memorandum of Association
4. The account holder must provide the articles of Association
5. The account holder must provide the current list of Directors
6. The account holder must provide the copy of Board Resolution
7. The account holder must provide the CNICs of all Directors
8. The account holder must provide the copy of NTN Certificate and Form 29
Islamic Sahulat Saving Account Profit Rate
· The profit rate of Islamic Sahulat Saving Account is 0.0400%
· For example, if an individual deposits PKR. 5,000,000 in an account then it will be rewarded PKR. 2,000 after a month.
How to Apply for Islamic Sahulat Saving Account
In order to open an Islamic Sahulat Saving Account, the interested customers click on the Apply Online.
Bank Islami Pakistan Helpline Numbers
Tel: +92-21-111-ISLAMI (111-475264)
Email: contact.center@bankislami.com.pk
Website: https://bankislami.com.pk/
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