The Islami Dollar Bachat account is ideal for individuals and businesses who are eager to save in US Dollar. This saving scheme is for both; Residents & Non-residents, who need to either save in US Dollars or remit money from 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:
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:
To Understand the Difference between Islami dollar bachat account and conventional saving account kindly click
The documents required vary with the customer category as follows:
Q. Where are the funds deposited in Islami Dollar Bachat Account invested?
Q. Is there any Zakat or Withholding tax deductible on the profit on Dollar Bachat Account?
Q. What makes Islami Dollar Bachat Account Shariah Compliant?
The 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 Dollar Bachat Account holder and BankIslami?
Q. What is the profit offered on Islami Dollar Bachat Account?
Q. How many transactions are allowed on an Islami Dollar Bachat account?
Q. Islamic Dollar Bachat Account seems to be very similar to a Conventional Bank's Savings Account. What is the difference?
Q. How is the Customer's profit calculated?
Q. Can there be a loss in Islami Dollar Bachat Accounts?
Q. Who determines if Islamic Dollar Bachat Account is Shariah Compliant?
Q. What is withholding tax on profit?