With our Islami Current Account, you can have complete peace of mind that your funds are safe and utilized in Halal avenues only. Islami Current Account is ideal for customers who have frequent transaction needs and require unlimited access to their account to meet their personal or business expenses. Also, you have access to our entire online network of for convenience of instant and secure intercity transactions. So enjoy full control over your funds in a Shariah compliant manner.

The Islami Current Account offers you the following Key salient features:

  • A minimum balance of Rs. 1,000/- only to open the account
  • Joint Account facility up to four joint account holders
  • Access to the entire online branch network
  • BankIslami Visa Debit Card
  • Access to all ATMs linked to MNET and 1 Link throughout Pakistan
  • InterBank Funds transfer facility through ATM
  • Facility of making instant payments at Orix terminals for grocery, fuel ,dining and other purchases
  • Free Internet Banking service
  • Round the clock phone Banking through 111-ISLAMI (475-264) or 111-BIP (247)-111
  • Personalized service from Customer Relationship Officers
  • Free Account statement facility
  • Hold mail and Stop payment facility
  • Safe deposit lockers (subject to availability)

BankIslami's Islami current account is based on the Islamic principle of Qarz (loan) whereby you are the lender and the Bank is the borrower. These funds are invested in halal business ventures only so that you are 100% sure that your funds are managed in a Shariah compliant manner. The funds are payable to you on demand as and when required with neither any addition nor penalty.

BankIslami's commitment to Shariah is strict and absolute. We have the distinction of being the only Bank to have a full time Shariah adviser as well as having a prestigious local Shariah board of global repute. Islami Current Account is approved and verified by our Shariah Board. To view our Shariah Board's approval of Islami Current Account, click on the following:

The documents required vary with the customer category as follows:

  • Salaried Individual /Joint Account Holders ul>
    • Filled Account Opening Form
    • Computerized National Identity Card (CNIC)
    • Passport (for Non-residents only)
    • Employment proof (Pay slip, Employment letter etc)
  • Sole Proprietors
    • Filled Account Opening Form
    • Computerized National Identity Card (CNIC)
    • Passport (for Non-residents only)
    • NTN Certificate
  • Partnership/Club/Society/Association/NGO/Trust
    • Certified Copy of Partnership/ Trust Deed
    • Certificate of Registration
    • Signatures of all Partners on letter of Partnership
    • Certified copy of rules
    • Certified copy of resolution
    • Copy of by-laws
    • Copy of NTN Certificate
    • CNICs of all Partners
    • Passports (for Non-residents only)
  • Limited Company
    • Certificate of Incorporation
    • Certificate for Commencement of Business (PLC only)
    • Memorandum of Association
    • Articles of Association
    • Current list of Directors
    • Copy of Board Resolution
    • CNICs of all Directors
    • Copy of NTN Certificate and Form 29

Q. Why open an Islami Current Account?

  • Islami Current Account provides a very convenient and flexible option to deposit holders. It offers ease of doing unlimited transactions. This is an ideal deposit product for businesses and individuals who require unrestricted access to their Banking accounts. BankIslami's Internet Banking service, round the clock phone Banking service, our Biometric ATMs and online Banking network complement this product.

Q. What is the relationship between an Islami Current Account holder and BankIslami?

  • BankIslami's Islami current account is based on the Islamic principle of Qarz (loan) whereby you are the lender and the Bank is the borrower. These funds are invested in halal business ventures only so that you are 100% sure that your funds are managed in a Shariah compliant manner. The funds are payable to you on demand as and when required with neither any addition nor penalty.

Q. What is the concept of Qarz?

  • The funds deposited in Islami Current account are invested only in a Shariah compliant manner. There is no such restriction on a Conventional Bank. A conventional Bank can invest deposit holders funds in non Shariah compliant avenues of investment.

Q. What is a Mudaraba?

  • Mudaraba is a form of partnership where one party provides funds while the other party provides expertise and management to manage the business or investment fund. The provider of funds is known as Rabbul Maal and the entrepreneur is referred to as Mudarib.The profit is shared in pre-agreed ratios, and loss, if any, unless caused by negligence or violation of terms of the contract by the Mudarib is borne by the Rabbul Maal.

What makes Islami Bachat Account Shariah Compliant?

  • All funds raised by BankIslami are invested in businesses which are in compliance with Shariah. Importantly, they are invested in the manner which is prescribed by Shariah. All profit & losses are pooled and distributed according to rules of Shariah between BankIslami and the depositors.

    he pre-agreed profit sharing weightage is announced at the start of each month and can be obtained from the branch, Website or Phone Banker. Based on this profit sharing weightage, the Islami Bachat Account holder would be distributed the share in profit for the month at the beginning of the next month.

Q. What is the relationship between an Islami Bachat Account holder and BankIslami?

  • An Islami Bachat Account holder provides funds as 'Rabb-ul-maal' and BankIslami invest these funds as 'Mudarib' i.e the fund manager. Based on this relationship, the depositors and BankIslami become beneficiaries of the profit earned. When the joint investment pool earns profit, it is distributed in the pre-agreed ratio of depositors and BankIslami. In case of the unlikely event of loss, the depositors on the pro-rata basis bears the loss whereas the Bank goes un-rewarded for all its efforts and bears all the costs incurred for doing the business.

Q. What is the profit offered on Islami Bachat Account?

  • As per Shariah requirements, profit can not be committed to the customer upfront. The profit rates can only be determined after actual income from pool of assets is determined. Profit announcement at the beginning of next month will determine the profit paid. However, the sales person can share the rates announced for previous months to provide the customer with indicative rate(s).

Q. How many transactions are allowed on an Islami Bachat account?

  • Unlimited

Q. Islamic Bachat Account seems to be very similar to a Conventional Bank's Savings Account. What is the difference?

  • The funds in Islami Bachat account can only be invested in a Shariah compliant pool of assets whereas there is no such restriction on a Conventional Savings Account.

Q. How is the Customer's profit calculated?

  • Profit from the pool of Shariah compliant assets is calculated at the end of every month. BankIslami keeps a share of the profit as a Mudarib's share. The balance profit is distributed between various categories of Customers as per predetermined weightages. The profit amount for each category is used to calculate the Profit rates for each category of Customers, which are announced at the beginning of next month

Q. Can there be a loss in Islami Bachat Accounts?

  • Yes, if there is a loss in the overall pool of Shariah compliant assets the same will passed on to the Customers in the exact ratio of their investment in the portfolio. However, BankIslami is a professional Mudarib and takes utmost care in investing and extending financing to Customers.

Q. Who determines if Islamic Bachat Account is Shariah Compliant?

  • The Shariah Supervisory committee of BankIslami, comprising of Mufti Muhammad Taqi Usmani, Prof. Dr. Fazlur Rehman and our in house Shariah adviser Mufti Irshad Ahmed Aijaz, has the responsibility to oversee that all products, process and transactions pertaining to any deposit product offered by BankIslami are Shariah compliant. A Shariah Audit is also conducted periodically to ensure compliance with Shariah. The State Bank of Pakistan also conducts a Shariah Audit to ensure Shariah compliance.