Islami Khair Current Account

Features

Islami Khair Current Account is a shariah compliant PKR regular checking account that provides you ease of doing all banking transactions. In addition to all the facilities and features of a current account, Islami Khair Current Account provides the appeal of countless blessings (sawab).

When you open an Islami Khair Current Account, BankIslami shall pay CSR based charity contribution equal to 1% p.a. of total 6 month’s average deposit amount in your Islami Khair Current Account to charitable institutions bi-annually. There will be no deductions from your account for these charity contributions by BankIslami.

The Islami Khair Current Account offers you the following key salient features:*

  • You can open account with just Rs. 1,000/-
  • Free cheque book
  • Free pay order facility
  • Free One Touch banking facility
  • Free e-statement facility
  • Free internet banking service
  • Free mobile banking application
  • Debit card
  • Safe deposit lockers (subject to availability)
  • Inter Bank Funds Transfer facility
  • Access to the entire online branch network
  • Access to all ATMs throughout Pakistan
  • Round the clock Phone Banking through 111-ISLAMI (475-264) or 111-BIP (247)-111.

* Please refer to latest schedule of charges

How It Works?

Islami Khair Current Account is based on the Islamic principle of Qard whereby you (Customer) are the lender and BankIslami is the borrower. Your deposited amount is kept in safe and secure manner. Being Qard, no profit is paid to you on the funds and the funds are paid back on demand as and when required by you.

However, a charitable contribution equal to 1% p.a. of your average six month’s deposit in Islami Khair Current Account would be paid by BankIslami to charitable institutions biannually. The charity payment would be from Bank’s side, and there will be no deductions from your account for this charity payout by the Bank. Hence, without compromising on your funds in your account, you would benefit from countless blessings (sawab) due to your involvement as supporter (waseela) in aiding charity giving.

Fatwa

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

2022

Documents

The documents required vary with the customer category as follows:

  • Salaried Person
    • Filled Account Opening Form
    • Computerized National Identity Card (CNIC)
    • Passport (for Non-residents only)
    • Employment proof (Pay slip, Employment letter etc)
  • Sole Proprietor
    • 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
    • Copy of Board Resolution
    • Current list of Directors
    • CNICs of all Directors
    • Copy of NTN Certificate and Form 29
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    FAQs

    Q. Why open an Islami Khair Current Account?

    Islami Khair Current Account provides convenient and flexible options to you. It offers ease of doing unlimited transactions along with multiple free services. Moreover, it provides you, the blessings of charity giving without any deduction from your account.

    Q. What is the concept of Qard?

    Islami Khair Current Account is based on the Islamic principle of Qard whereby you (Customer) are the lender and BankIslami is the borrower. Your deposited amount is kept in safe and secure manner. Being Qard, no profit is paid to you on the funds and the funds are paid back on demand as and when required by you.

    Q. How does Islami Khair Current Account differ from any other current account?

    A Charitable contribution equal to 1% p.a. of your average six month’s deposit in Islami Khair Current Account would be paid by BankIslami to selected charitable institutions biannually. The charity payment would be from Bank’s side, and there will be no deductions from your account for this charity payout by the Bank. Hence, without compromising on your funds in your account, you would benefit from countless blessings (sawab) due to your involvement as supporter (waseela) in aiding charity giving.

    Q. Where would the amount for Corporate Social Responsibility (CSR) based charity contributions spent by BankIslami?

    The Bank may use this amount for Corporate Social Responsibility initiatives and donate this amount to charitable causes, organizations and institutions.

    Q. Why would account holder of Islami Khair Current Account receive blessings (sawab) for keeping this account?

    When BankIslami would make charity contribution to charitable institutions and noble causes, you as account holder would share the blessings (sawab) being the supporter (waseela) behind these CSR initiatives. As narrated in Holy Quran:

    وَافْعَلُوا الْخَيْرَ لَعَلَّكُمْ تُفْلِحُونَ
    (Surah Hajj: Ayat 77)
    “اور نیکی کرو تاکہ تمہیں فلاح و کامرانی نصیب ہو۔”

    And in the saying of Prophet Muhammad (ﷺ):

    خیر الناس من ینفع الناس

    [ (کنز العمال: ج ۸ ص ۲۰۱، کتاب المواعظ والرقاق والخطب والحکم من قسم الافعال) /(الفتح الکبیر: 2/98)]

    “تم سے بہتر لوگ وہ ہیں جو لوگوں کو نفع پہنچاتے ہیں۔”

    Q. How will the account holders of Islami Khair Current Account get information where BankIslami has given these CSR based charity contributions?

    BankIslami would give disclosure in its Annual Report about the CSR based charity contributions done by the Bank. Moreover, on frequent basis through media coverage especially on its official social media platforms it would publicize the CSR based charity contributions done by the bank on behalf of its Islami Khair Current Account so that you as account holder are informed and feel pleased of being a supporter to philanthropy and benevolence causes done by the Bank.

    Q. Does Islami Khair Current Account has all the features of regular Current Account?

    Yes, Islami Khair Current Account has all the features of shariah compliant PKR based regular Current Account with no restriction on number of transactions and multiple free features such as Free Cheque book, Free One Touch Banking, Free pay order, free online banking etc.

    Q. Who determines if Islami Khair 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) & Mufti Syed Hussain Ahmed (Member, Shariah Supervisory Board) has the responsibility to oversee that all processes and transactions pertaining to any product offered by BankIslami are Shariah compliant. Shariah Audit is also conducted periodically to ensure compliance with Shariah.

    Islami Khair Current Account is approved and verified by our Shariah Board. To view our Shariah Board’s approval of Islami Khair Current Account, look at the fatwa link on the webpage.

    Q. How Islami Khair Current Account can be opened?

    Islami Khair Current Account can be opened at all the branches of BankIslami as well as through BankIslami digital onboarding link on our website i.e. https://onboard.bankislami.com.pk/

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