Islami Asaan Account is a No minimum Balance account available in the following Variants:
- Bachat/ Saving
Islami Asaan Account aims to facilitate customers with an increased level of convenience. All a customer needs to do is:
- Visit the nearest BankIslami Branch
- Submit a copy of CNIC/ SNIC
- Fill a One pager Asaan Account form
- Submit a biometric image (thumb impression) for opening this account
BankIslami with its aim of Serving You the Right Way provides the facility of opening Asaan Account in Sahulat Variant. The customers with this variant can enjoy added benefits on the minimum balance of PKR 25,000/-
The main features of Islami Asaan Account are:
- No minimum balance on operating the account
- Single/ Joint Account
- Halal profit on monthly basis (for remunerative accounts- Saving and Sahulat only)
- Total Debit per Month: Rs. 500,000/-
- Total Credit Balance Limit: Rs. 500,000/-
- Simple one pager account opening form
- Visa Classic Card*
- Cheque Book to be issued on request*
- Free Internet banking facility
- Free E-Statement Facility
- Free SMS Alerts**
- Free Cheque Book**
- Free Payorder**
* Charges as per SOC
**On minimum balance of PKR 25,000/- (Available on Asaan Sahulat Account Only)
Islami Asaan Account aims to provide customers with a less documentation procedures and hassle free solution.
- You provide funds to the Bank on Mudaraba basis for investment in the Bank’s Shariah Compliant Assets
- In this arrangement, you will function as a Rabbul Maal (investor in Mudaraba) and the Bank will act as the Mudarib (Manager of the Mudaraba)
- The Bank will form a pool of customers’ funds
- The pool provides financings to various individuals, corporate, government and other entities based on various Islamic modes of finance such as Murabaha, Ijarah, Musharakah, Mudaraba and other modes and would generate income
- The Bank will calculate income from the pool on a monthly basis. This income will be shared between the Bank and the Depositors as per a pre agreed profit sharing ratio
- The profit share of the Bank is called the Mudarib's share. This profit sharing ratio between the Bank and the Depositors is determined at the beginning of the month
- The profit share of the depositors is based on the predetermined weightages assigned at the beginning of the month. A weightage based profit distribution mechanism ensures that the return paid to any Customer in a Profit & Loss sharing contract is proportionate to the risk taken
- In the case of a loss, as per the rules of Mudaraba, the loss will be borne solely by the Rabbul Maal. The loss will be distributed between various categories of customers on a pro rata basis. Bank also suffers loss as no income is generated against its efforts
The customers need to just submit his/her CNIC/ SNIC
- No. Asaan Account is meant for resident individuals having Pakistani nationality only. The bank may guide nonresidents or foreign nationals to open regular bank account.
- Yes. The limits mentioned for Asaan Accounts should be implemented through appropriate system changes. However, following exceptions are available: • Credit transactions beyond total credit balance limit of Rs. 500,000 in case of inward remittances in Asaan Account subject to proper analysis of transaction and evaluation of risk. • Credit of any profit/ return on deposit in the Asaan Account beyond total credit balance limit of Rs. 500,000. • Bank charges, government taxes or levies and instructions issued under any law or from the court will not be subject to debit or withdrawal restriction beyond total debit per month limit of Rs. 500,000.
- In such scenario, the bank may guide the customer to convert his/her Asaan Account into regular account as per the Guidelines.
- No, However international transactions through debit card shall be permitted within the applicable limit of Rs. 500,000.
- Yes, If Term Deposit Receipt (TDR) is to be issued from Asaan Account, the amount lying in TDR will be clubbed with the balance available in Asaan Account for calculating total Credit balance.
- No, The procedure for opening of Asaan Account is easier and only copy of CNIC and minimum deposit of Rs. 100 is required along with account opening form to open an account. In addition, there is no requirement for letter of thanks and proof of income.
- No. Verification of a customer through either of the mode will be sufficient provided proof of verification is available on bank’s record.
- No. In such a case, the bank may guide non-residents or foreign nationals to open regular account instead of Asaan Account.
- The bank instead of allowing regular accounts to Asaan account holder may guide them to convert their Asaan Accounts into regular accounts.
- The Guidelines clearly specify that simplified approach for opening Asaan Accounts by banks is designed to extend benefits of financial services to common people who are new to bank (NTB) especially unbanked/under banked segments. Therefore, opening Asaan Accounts of regular account holders is not allowed.
- Asaan Account is designed to extend benefits of financial services to common people especially unbanked/under banked segments. The bank may guide PEPs to open regular accounts.
- No, Account will be opened instantly however activation will be restricted for Debit transactions until NADRA Verification is completed.
- The customer will have to visit the branch to claim their initial deposit account in such an instance.