Islami Bachat Account

Features

Our Islami Bachat account is a bundle of benefits. It helps you keep up with your tradition of savings with the convenience and safety of a professional and understanding bank. Also, you earn highly attractive profits on your savings with the flexibility of making as many transactions on your account as you want.

Islami Bachat Account is ideal for customers who need to draw money for monthly expenses but would also like to earn on your hard earned savings. Corporate Employers can also avail this account to provide convenience, flexibility and halal profits to their employees by opening their salary accounts with us.

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

  • Monthly profit/loss payment on Average balance
  • Differential and specific pool allocation possible for large deposit holders
  • Profit announcement every month
  • A minimum balance of Rs. 100/- only to open the account
  • Joint Account facility
  • Access to the entire online branch network
  • Unlimited over the counter deposits and withdrawals, free of charge
  • No restrictions on intercity transactions
  • BankIslami Paypak Debit Card
  • Access to all ATMs linked to 1 Link throughout Pakistan
  • Free Internet Banking service
  • Round the clock phone Banking through 111-ISLAMI (475-264)
  • Personalized service from Customer Relationship Officers
  • Free Account Statement facility
  • Hold mail and Stop payment facility
  • Safe deposit lockers (subject to availability)
How It Works?

BankIslami’s Islami 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 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
Fatwa

BankIslami’s commitment to Shariah is strict and absolute. Islami Bachat Account is approved and verified by our Shariah Board. To view our Shariah Board’s approval of Islami Bachat Account, click on the following:

Documents

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
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    FAQs

    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 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. Who determines if Islamic Current Account is Shariah Compliant?

    • The Shariah Supervisory Board of BankIslami, comprising of Mufti Irshad Ahmad Aijaz (Chairman, Shariah Supervisory Board), Mufti Javed Ahmad (Resident Shariah Board Member) & Mufti Muhammad Husain Khaleel Khail (Member, Shariah Supervisory Board) 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.

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