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BankIslami Sohni Dharti Home Remittances Account

خصوصیات

A Sohni Dharti Home Remittances Account is a specialized Shariah-compliant PKR account designed for individuals who receive funds from abroad as home remittances. The account operates strictly on the basis that all credited funds originate exclusively from home remittances, helping attract and retain foreign currency for domestic use. Local credit is not allowed in this account.

This account is available under the following Shariah modes:

1. Mudarabah (Savings)

2. Qard (Current)

The Sohni Dharti Home Remittances Account offers you the following key salient features:*

  • No initial deposit requirement
  • Unlimited deposits and withdrawals
  • Free first Cheque Book (10 Leaves)
  • BankIslami Debit Card
  • Free Pay Orders
  • SMS Alerts facility
  • Free e-statement facility
  • Profit payout on a monthly basis (Savings only)
  • Profit calculated on monthly average balance (Savings only)
  • No profit on Current Account
  • Free internet banking service
  • Free mobile banking application
  • Free One Touch Banking facility
  • Zakat and withholding tax applicable as per government policy
  • Personalized service through a designated Personal Banker
  • Round the clock Phone Banking through 111-ISLAMI (475-264)
How It Works?

The BankIslami Sohni Dharti Home Remittances Account is offered under the Shariah principles of Mudarabah and Qard. Details of each are given below:

  • Mudarabah (Savings)
    • You provide funds to the Bank on a Mudarabah basis for investment in the Bank’s Shariah compliant assets.
    • In this arrangement, you are the Rabbul Maal (owner of funds) and the Bank acts as the Mudarib (manager of the funds).
    • The Bank forms a pool of deposits received from Sohni Dharti Home Remittances Account holders.
    • The pool provides financing through Shariah compliant modes such as Murabaha, Ijarah, Musharakah, and Mudarabah, which generate income.
    • Income is calculated and distributed in accordance with the approved profit distribution mechanism.
    • Profit is shared between the Bank and depositors as per a pre-agreed profit sharing ratio.
    • The Bank’s profit share is called the Mudarib’s share and is determined at the beginning of each month.
    • The depositor’s profit share is based on predetermined weightages assigned at the beginning of the month, ensuring proportionate distribution according to risk taken.
    • In case of loss, as per Mudarabah rules, the loss is borne by the Rabbul Maal and distributed among customer categories on a pro-rata basis.
    • The Bank bears loss only in the form of unrewarded effort and incurred costs.
  • Qard (Current)
    • The BankIslami Sohni Dharti Home Remittances Current Account is based on the Islamic principle of Qard.
    • You (the customer) act as the lender, while BankIslami is the borrower.
    • Your deposited amount is kept in a safe and secure manner.
    • As this account is based on Qard, no profit is paid on the deposited funds.
    • The funds are repayable on demand, as and when required by you.
  • Salaried Individual and Joint Account Holders
    • اکاونٹ کھولنے کا فارم۔
    • کمپیوٹرائزڈ قومی شناختی کارڈ (CNIC)
    • Passport (for non-residents only)
    • Employment proof (pay slip, employment letter, etc.)

To understand the difference between the BankIslami Sohni Dharti Home Remittances Account and a conventional remittance account, insert the comparison link here.

فتویٰ

Sohni Dharti Remittance Account – Fatwa

اکثر پوچھے جانے والے سوالات

Q. Who is the target market of BankIslami Sohni Dharti Home Remittances Account?

The BankIslami Sohni Dharti Home Remittances Account is designed for individuals who receive funds from abroad as home remittances. It provides a secure and Shariah-compliant way to manage remittance inflows for domestic use.

Q. What is the concept of Qard?

Under the Qard-based Sohni Dharti Home Remittances Current Account, you (the customer) are the lender and BankIslami is the borrower. Your deposited amount is kept in a safe and secure manner. As per Shariah principles, no profit is paid on Qard-based accounts, and the funds are repayable on demand as and when required by you.

Q. What is Mudarabah?

Mudarabah is a Shariah-compliant partnership in which one party provides funds (Rabbul Maal) and the other party provides expertise and management (Mudarib). In the Sohni Dharti Home Remittances Savings Account, the account holder provides funds while BankIslami manages them. Profit is shared between both parties as per a pre-agreed ratio, while any loss—unless caused by negligence or breach of agreed terms—is borne by the Rabbul Maal.

Q. How is the customer’s profit calculated?

Profit generated from the pool of Shariah-compliant assets is calculated at the end of each month. BankIslami retains its share as the Mudarib’s share, while the remaining profit is distributed among customer categories based on predetermined weightages. Profit rates are announced at the beginning of the following month and applied accordingly.

Q. What is the relationship between the account holder and BankIslami?

The account holder provides funds as the Rabbul Maal, and BankIslami manages these funds as the Mudarib. Both parties benefit from the profit earned as per the pre-agreed profit-sharing ratio. In the event of a loss, depositors bear the loss on a pro-rata basis, while the Bank earns no return for its efforts and continues to bear operating costs.

Q. What profit is offered on the BankIslami Sohni Dharti Home Remittances Savings Account?

As per Shariah requirements, profit cannot be guaranteed or committed upfront. Profit rates are determined only after actual income from the asset pool is realized. The profit rates announced at the beginning of the next month determine the profit paid. Previous months’ profit rates may be shared only as an indicative reference.

Q. Who determines whether the Sohni Dharti Home Remittances Account is Shariah compliant?

The Shariah Supervisory Committee of BankIslami ensures that all products, processes, and transactions related to deposit products are Shariah compliant. Shariah audits are conducted periodically by the Bank, and the State Bank of Pakistan also conducts Shariah audits to ensure ongoing compliance.

Q. How can the BankIslami Sohni Dharti Home Remittances Account be opened?

The BankIslami Sohni Dharti Home Remittances Account can be opened at any BankIslami branch across Pakistan. Customers may also open the account digitally through BankIslami’s online onboarding facility available on the Bank’s official website.

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