Barakat Account:
Looking for a flexible investment option? The
Barakat Account allows you to invest your funds for a fixed period of
time.
At maturity, the distributed profit will be credited to an account
designated by you.
Barakat Account is suitable for you when you do not
need immediate access to your money and would like to earn a higher rate of
profit than a savings account.
What are the
rules for profit & loss?
·
There
is no fixed profit before or at the time of opening a Barakat Account
·
Profit
from the investment will be shared between the Bank and the depositors based on
agreed ratio written in the contract
·
Bank
announces the result on quarter basis
·
There
is contract period for this type of account as written in the contract (6
months or 12 months)
Who can open?
·
Persons
above the age of 18, singly or jointly, Trusts, Societies, companies and other
organizations approved & licensed by competent authorities in the country.
Required
documents;
·
Tazkira
(National ID/Passport)
·
Latest
photograph
·
For
companies (valid license & article of association), board resolution IDs of
the entity owners
What are the
benefits of this account?
·
Halal/permissible
profit
·
No
transaction in this account
·
Monthly
account statement
·
In
compliance with Shari’a principles & regulations
·
Interest
free (No reba)
What extra
services are available for this account?
·
Renewable
contract
·
Customer
can request for a new contract (when it is matured)
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