The relationship between the Bank and the Customer holding Islamic saving accounts shall be based on the principles of Mudarabah, where the Customer is the Rab-ul-Mal and the Bank is the Mudarib. The Customer will not participate in the management or in decisions concerning investment of the Mudarabah funds and by signing the account opening form, investor understands that he/she has given unrestricted rights to the Bank (Mudarib) to invest the funds.

Salient Features

The salient features of account are as follows:

• The minimum initial deposit shall be Rs. 500/-.
• Account will be opened in PKR.
• Minimum balance charges are not applicable
• Funds will be invested in Shariah Compliant Assets.
• Profit will be calculated on average daily balance (daily product) and disbursed on monthly basis.
• Withholding Tax and Zakat deductions are applicable as per legal and regulatory requirement.
• Other service charges (if any) will be applicable as per approved schedule of charges.

Eligibility criteria

• Individuals (18years & old) as well minors under guardianship
• Sole Proprietorships
• Partnerships
• Companies
• Clubs / Societies / Associations / Trusts

The relationship between the Bank and the Customer holding Islamic Business Deposit accounts shall be based on the principles of Mudarabah, where the Customer is the Rab-ul-Mal and the Bank is the Mudarib. The Customer will not participate in the management or in decisions concerning investment of the Mudarabah funds and by signing the account opening form, investor understands that he/she has given unrestricted rights to the Bank (Mudarib) to invest the funds.

Salient Features

• The minimum initial deposit will be Rs. 1000/
• Account will be opened in PKR.
• Unlimited deposits and withdrawals are permissible.
• Profit shall be credited to account monthly basis.
• Free cheque book as per schedule of charges.
• Withholding Tax and Zakat deductions are applicable as per legal and regulatory requirement.
• Other service charges (if any) will be applicable as per approved schedule of charges.

Eligibility criteria

• Individuals (18years & old) as well minors under guardianship
• Sole Proprietorships
• Partnerships
• Companies
• Clubs / Societies / Associations / Trusts

In order to enhance the financial inclusion of Agri community especially females, low and middle income people etc. Shariah Compliant investment portfolio Zarai Amadanai Certificate is launched to provide investment opportunity for a period of 3 to 5 years at competitive rates of profit / income.

Underlying Contract:

The underlying agreement between the bank and the customer is Mudarabah. The customer (depositor) is Rab ul Maal (owner of the funds) and the bank is Mudarib (fund manager). The bank as Mudarib may invest funds received from customers and the profit earned on the funds will be distributed as per agreed ratio.

SALIENT FEATURES OF THE PRODUCT:

The relationship between the Bank and the Customer holding Islamic Term Deposit Certificates shall be based on the principles of Mudarabah, where the Customer is the Rab-ul-Mal and the Bank is the Mudarib. The Customer will not participate in the management or in decisions concerning investment of the Mudarabah funds and by signing the account opening form, investor understands that he/she has given unrestricted rights to the Bank (Mudarib) to invest the funds.Salient Features

The salient features of ITDC are as follows:

• Investments can be made for 1 month, 3 months, 6 months, 1 year, 2 years, 3 years, 4 years and 5 years
• Account will be opened in PKR.
• Minimum investment required is PKR 10,000
• Profit payment options are Monthly, quarterly, half-yearly, at maturity as per calendar year.
• Profit payment is made to the investor’s designated account (checking account) in ZTBL-IBD as per terms opted by the customer.
• Profit will be calculated as average daily balance (daily product) and distribution will be made as per terms of ITDR.
• Accrual will be made on monthly basis and disbursement will be made as per terms of ITDR.
• Premature encashment shall be made as per below mention premature encashment criteria.
• Withholding Tax and Zakat deductions are applicable as per rules.

Eligibility criteria

• • Individuals (18years & old) as well minors under guardianship
  • Sole Proprietorships
  • Partnerships
  • Companies
  • Clubs / Societies / Associations / Trusts

The relationship between the Bank and the Customer holding Special Islamic Term Deposit Certificates shall be based on the principles of Mudarabah, where the Customer is the Rab-ul-Mal and the Bank is the Mudarib. The Customer will not participate in the management or in decisions concerning investment of the Mudarabah funds and by signing the account opening form, investor understands that he/she has given unrestricted rights to the Bank (Mudarib) to invest the funds.

Salient Features

The salient features of account are as follows:

• Investments can be made for 1 month, 3 months, 6 months, 1 year, 2 years, 3 years, 4 years and 5 years
• Account will be opened in PKR.
• Minimum investment required is PKR 2,500,000/-
• Profit payment options are Monthly, quarterly, half-yearly, & maturity as per calendar year.
• Profit payment is made to the investor’s designated account (checking account) in ZTBL-IBD.
• Profit will be calculated as average daily balance (daily product), accrual will be made on monthly basis and disbursement will be made as per terms customer has opted for.
• If excess profit paid, will be adjusted from principal amount.
• Withholding Tax and Zakat deductions are applicable as per rules
• Premature encashment shall be made as per below mention premature encashment criteria

Eligibility

• • Individuals (18years & old) as well minors under guardianship
  • Sole Proprietorships
  • Partnerships
  • Companies
  • Clubs / Societies / Associations / Trusts

Only Individuals can open these accounts in Pak Rupee as single or joint accounts.

Transaction Limits / Turnover Total Debit per Month:

Rs. 500,000 Total Credit Balance Limit: Rs. 500,000

Minimum Balance Requirement & Service Charges 

• These accounts shall be opened with minimum of Rs. 100 as initial deposit. However; there shall be no minimum balance requirement on these accounts.
• Banks will only charge a reasonable and market competitive fee on providing banking services to Assan account holders; however the charges/fee should be kept at minimum level keeping in view the instructions of SBP regarding service charges and responsible pricing issued from time to time.
• Bank shall ensure that no service charges are recovered by bank at the time of opening and closing of an account.
• For current account, relationship is based on the Islamic principle of Qard such that the Bank is the ’Borrower’ and the depositor is the ‘Lender’.
• For this account the guidelines of State Bank of Pakistan issued vide BPRD Circular No. 11 of 2015 shall be followed or any amendment thereof.

Only Individuals can open these accounts in Pak Rupee as single or joint accounts.

Transaction Limits / Turnover Total Debit per Month:

Rs. 500,000 Total Credit Balance Limit: Rs. 500,000

Minimum Balance Requirement & Service Charges 

• These accounts shall be opened with minimum of Rs. 100 as initial deposit. However; there shall be no minimum balance requirement on these accounts.
• Banks will only charge a reasonable and market competitive fee on providing banking services to Assan account holders; however the charges/fee should be kept at minimum level keeping in view the instructions of SBP regarding service charges and responsible pricing issued from time to time.
• Bank shall ensure that no service charges are recovered by bank at the time of opening and closing of an account.
• For saving account, the relationship between the Bank and customers shall be based on the principles of Mudarabah, where the Bank shall be Mudarib and customers shall be Rab-ul-Maal. Further, the relationship is based on unrestricted Mudarabah arrangement.
• For this account the guidelines of State Bank of Pakistan issued vide BPRD Circular No. 11 of 2015 shall be followed or any amendment thereof.

Basic Banking Account is based on the Islamic principle of Qard such that the Bank is the ’Borrower’ and the depositor is the ‘Lender’.

The salient features of this account are as follows:

• The minimum initial deposit will be Rs. 1000/-
• Account will be opened in PKR.
• The account will be non remunerative account.
• No limit on minimum balance. In cases, where balance in BBA remains ‘nil’ for a continuous six month period, such accounts will be closed.
• No fee for maintaining BBA.
• Statement of Account will be issued once in a year free of charge.
• Other service charges (if any) will be applicable as per approved schedule of charges.Eligibility

Only Individuals can open these accounts in Pak Rupee as single or joint accounts.