The Islami Dollar Bachat account is ideal for individuals and businesses who are eager to save in US Dollar. This saving scheme is both for Residents and Non residents who need to either save in US Dollars or remit money from or abroad for personal or business transactions. The Islami Dollar Bachat account is a profit/loss bearing account in USD based on the principle of Mudaraba where the Bank invests your funds in a Shariah compliant manner. The profit and loss from the investment is then shared between you and the Bank.

The Islami Dollar Bachat Account offers you the following key salient features:

  • Free Internet Banking service
  • Safe Deposit Lockers facility available
  • 100% interest free
  • Monthly profit/loss payment on daily product basis
  • A minimum balance of USD. 100/- in cash or through USD clearing cheque or valid instructions of remittances from abroad
  • No Zakat or Withholding tax applicable
  • Joint Account facility up to four joint account holders
  • Access to the entire online branch network
  • No restrictions on intercity transactions
  • 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

BankIslami's Islami Dollar Bachat account is a profit bearing account developed on the basis of the modes of Mudarabah. This is how it works:

  • 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

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 Dollar Bachat Account is approved and verified by our Shariah Board. To view our Shariah Board's approval of Islami Dollar Bachat Account, click on the following:

The documents required vary with the customer category as follows:

  • Salaried Individual /Joint Account Holders
    • 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. Where are the funds deposited in Islami Dollar Bachat Account invested?

  • All Islami Dollar Bachat Account funds received by BankIslami are invested in Shariah approved US Dollar based investments either on shore or off shore and in providing US Dollar financing to customers.

Q. Is there any Zakat or Withholding tax deductible on the profit on Dollar Bachat Account?

  • No, there is no Zakat or Withholding tax deductible on Profit credited in a Dollar Bachat account holder.