Islami Business Saving Account

Islami Business Savings Account serves to cater  your frequent transactional needs without any compromise on the profits. This account is based on Mudarabah and the Profit  will be calculated on the Daily Balance whereas the payment of profit will be on monthly basis.

The Islami Business Saving Account offers you the following salient key features:

• Initial deposit requirement 50,000/-
• Profit calculation on daily average balance
• Monthly Profit Payment
• No restriction on number of withdrawals during a month
• No restriction on the number of deposit transactions during a month
• Personalized service through designated Personal Banker
• No restrictions on intercity transactions
• Paypak Debit card facility available (charges apply as per SOC)
• Free internet Banking service
• Round the clock phone banking through 111-ISLAMI (475-264)
• Free account statement facility
• Hold mail and Stop payment facility
• Safe deposit lockers (subject to availability)

Islami Business Savings Account is a Mudarabah based account. This is how it works:

• You provide funds to the Bank on Mudarbah basis for investment in the Bank’s Shariah Compliant Assets
• In this arrangement you are the Rab-ul-Maal (owner of funds) and the Bank is the Mudarib (manager of the funds).
• The bank will form a pool of deposits received from account holders of Islami Business Saving Account
• The pool provides financing to various individuals, corporate, government and other entities based on various Islamic modes of finance such as Murabaha, Ijarah, Musharakah, Mudaraba and other modes which would generate income
• The Bank will calculate income from the pool on a daily 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 each 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

To Understand the Difference between Islami business saving account and conventional saving account kindly click

The documents required vary with the customer category as follows: