Islami Foreign Currency Account

BankIslami Islami Foreign Currency account is ideal for businesses and individuals who would like to diversify their investment in different currencies to ensure security against currency fluctuations or want to keep foreign currency account to meet their business needs. Also, you can have easy access to foreign currency with no hassles of foreign exchange conversion when you have to travel abroad or remit funds abroad to meet education, leisure or business needs.

Key Features

BankIslami’s Islami foreign currency 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.

To Understand the Difference between Islami foreign currency account and conventional current account kindly click

The documents required vary with the customer category as follows:

Q. Where are the funds deposited in Foreign CurrencyAccount invested?

All Islami Foreign Currency Account funds received by BankIslami are invested in halal business ventures only so that you are 100% sure that your funds are managed in a Shariah compliant manner.

Q. Is there any Zakat or Withholding tax deductible on the profit on Foreign Currency  Account?

No, there is no Zakat or Withholding tax deductible on Profit credited in a Foreign Currency  Account

Q. What is a Qarz (loan)?

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. Who determines if Foreign CurrencyAccount is Shariah Compliant?

The Shariah Supervisory committee 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.