Islami Premium Saving Account

Islami Premium Saving Account is a general pool regular checking account which is targeted towards HNWI (High Net Worth Individuals), sole proprietors, traders, NGOs, business entities etc. It is a two-tiered account with no transaction limits and convenience of fund accessibility.

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

• Initial deposit requirement 100,000/-
• Profit calculation on monthly average balance
• Profit payment monthly
• No restriction on number of withdrawals during a month
• No restriction on the number of deposit transactions during a month
• Personalized service from 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 Premium 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 customers
• 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

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

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