Falah
Classic Savings Account (Regular Saving Account)
If you are looking for Riba free returns on your
investments based on Islamic Financing principles then Falah Classic Savings
Account is best-suited for you. Whether you are an individual or a business
entity looking for competitive returns on savings, this account is designed on
the foundation of ‘Mudarabah’, where Bank is the ‘Mudarib’ (manager of the
funds) and you, the customer is the ‘Rabb-ul-Maal’ (owner of funds). Bank at
its discretion, use or employ your deposited funds in Shariah compliant modes
such as Ijarah, Murabaha and Musharakah.
Bank Alfalah islamic Banking will share profit on the
basis of predetermined profit sharing ratio. The rate of return on your deposit
will be determined through a Shariah approved mechanism called weightages,
which are announced before the beginning of each calendar month and shall
remain applicable for upcoming month. In the event of loss, all depositors will
share such loss proportionate to their investment.
Features:
·
Minimum initial deposit requirement of account opening
is Rs 100 only**.
·
No minimum and maximum balance limit for profit
eligibility.
·
Profit is calculated on average balance of the month
and paid semi-annually.
·
No restriction on number of deposit or withdrawal
transactions.
·
Single tier account.
Benefits:
·
VISA Debit/ATM Card accepted at over 30 million
outlets and more than 2 million ATMs worldwide.
·
Free cheque books, pay orders and demand drafts.
·
Convenience of Online banking across all Bank Alfalah
Islamic branches nationwide, with no charges.
·
Free e-statements.
·
SMS alerts on every transaction.
·
Complimentary account statement semi-annually.
* Withholding Tax and Zakat is applicable as per
existing policy of Government.
*Profit rates of all Islamic Banking deposit products
are declared on monthly basis. Profit is credited to accounts within 7 working
days of next month, but is value dated to the first of the month.
** No initial deposit would be required for opening of account by
** No initial deposit would be required for opening of account by
(i) Mustahiqqeen of Zakat
(ii) Students
(iii) Employees of Govt.or Semi-Govt institutions for
salary and pension purposes (including widows/children of deceased employees
eligible for family pension/benevolent fund grant, etc) and other similar types
of accounts.)
Note: All
the free services are subject to the terms and conditions as per
prevailing Schedule of Charges
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