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Falah Classic Savings Account at Alfalah Bank


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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
(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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