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Product & Services Islamic Banking

Current Accounts are based on the Islamic principle of Qard such that the Bank is the ’Borrower’ and the depositor is the ‘Lender’.

Salient Features:

The Salient features of the account are as follows:

  1. The minimum initial deposit will be Rs. 500.
  2. Account will be opened in PKR.
  3. The Principal amount is guaranteed.
  4. The account will be non-remunerative.
  5. Unlimited deposits and withdrawals are permissible.
  6. Zakat deductions are not applicable.
  7. Minimum balance charges are not applicable.
  8. Other service charges (if any) will be applicable as per the approved schedule of charges.

Any benefits in money, kind, or services over and above the Principal amount are interpreted as Riba unless such benefits are admissible for all account holders without discrimination.

Eligibility Criteria:

  1. Individuals 18 years & older as well as minors under guardianship.
  2. Sole Proprietorships.
  3. Partnerships.
  4. Companies.
  5. Clubs / Societies / Associations / Trusts.

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 decisions concerning the investment of the Mudarabah funds and by signing the account opening form, the investor understands that he/she has given unrestricted rights to the Bank (Mudarib) to invest the funds.

Salient Features:

The salient features of the account are as follows:

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

Eligibility Criteria:

  1. Individuals 18 years & old as well as minors under guardianship.
  2. Sole Proprietorships.
  3. Partnerships.
  4. Companies.
  5. 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 decisions concerning the investment of the Mudarabah funds and by signing the account opening form, the investor understands that he/she has given unrestricted rights to the Bank (Mudarib) to invest the funds.

Salient Features:

The salient features of the account are as follows:

  1. The minimum initial deposit will be Rs. 1000.
  2. Account will be opened in PKR.
  3. Unlimited deposits and withdrawals are permissible.
  4. Profit shall be credited to the account monthly basis.
  5. Free checkbook as per schedule of charges.
  6. Withholding Tax and Zakat deductions are applicable as per legal and regulatory requirements.
  7. Other service charges (if any) will be applicable as per the approved schedule of charges.

Eligibility Criteria:

  1. Individuals 18 years & old as well as minors under guardianship.
  2. Sole Proprietorships.
  3. Partnerships.
  4. Companies.
  5. Clubs / Societies / Associations / Trusts.

To enhance the financial inclusion of the Agri community especially females, low and middle-income people, etc. Shariah Compliant investment portfolio Zarai Amadanai Certificate is launched to provide an 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 the agreed ratio.

Salient Features:

The salient features are as follows:

 

Name of the Product Zarai Amadani Certificate.
Underlying Islamic Mode Mudarabah.
Acceptable Currency Pak Rupees (PKR).
Type of Product Saving Certificates.
Investment Amount PKR 10,000.
Tenors (minimum and maximum) 3 Years and 5 Years.
Profit Calculation Basis Average Daily Balance. (Daily Product)
Periodicity of Profit Distribution Monthly/Quarterly/Maturity Basis.
Target Customers Females and farmer community.
Other Salient Features i) Competitive Profit.

ii) Separate monthly weightages.

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 decisions concerning the investment of the Mudarabah funds and by signing the account opening form, the 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:

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

Eligibility criteria:

    1. Individuals 18 years & old as well as minors under guardianship.
    2. Sole Proprietorships.
    3. Partnerships.
    4. Companies.
    5. 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 decisions concerning the investment of the Mudarabah funds and by signing the account opening form, the investor understands that he/she has given unrestricted rights to the Bank (Mudarib) to invest the funds.

Salient Features:

The salient features of the account are as follows:

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

Eligibility:

  1. Individuals 18 years & old as well as minors under guardianship.
  2. Sole Proprietorships.
  3. Partnerships.
  4. Companies.
  5. Clubs / Societies / Associations / Trusts

Eligibility:

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.1,000,000

Minimum Balance Requirement & Service Charges:

  1. These accounts shall be opened with a minimum of Rs. 100 as the initial deposit. However; there shall be no minimum balance requirement on these accounts.
  2. 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 a minimum level keeping in view the instructions of SBP regarding service charges and responsible pricing issued from time to time.
  3. Bank shall ensure that no service charges are recovered by the bank at the time of opening and closing of an account.
  4. For the current account, the relationship is based on the Islamic principle of Qard such that the Bank is the ’Borrower’ and the depositor is the ‘Lender’.
  5. For this account, the guidelines of the State Bank of Pakistan issued vide BPRD Circular No. 11 of 2015 shall be followed or any amendment thereof.

Eligibility:

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.1,000,000

Minimum Balance Requirement & Service Charges:

  1. These accounts shall be opened with a minimum of Rs. 100 as the initial deposit. However, there shall be no minimum balance requirement on these accounts.
  2. Banks will only charge a reasonable and market-competitive fee for providing banking services to Assan account holders. however, the charges/fee should be kept at a minimum level keeping in view the instructions of SBP regarding service charges and responsible pricing issued from time to time.
  3. Bank shall ensure that no service charges are recovered by the bank at the time of opening and closing of an account.
  4. For saving accounts, 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 an unrestricted Mudarabah arrangement.
  5. For this account, the guidelines of the 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’.

Salient Features:

The salient features of this account are as follows:

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

Eligibility:

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

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