Falah
Foreign Currency Savings Account
Falah Foreign Currency Savings Account enables you to
earn Riba free returns on your foreign currency deposits. You can open the
account singly or jointly.
It is a profit bearing deposit account 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 the
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:
·
Account can be opened in US Dollar, Pound Sterling or
Euro currency.
Minimum initial deposit requirement for account
opening is 100/- (USD, GBP or EURO).
·
No minimum and maximum balance limit for profit
eligibility.
·
No restriction on deposit and withdrawal transactions.
·
Profit is calculated on average balance of the month and
paid semi-annually.
·
Single tier account
Benefits:
·
Free cheque books.
·
Complimentary account statement semi-annually.
·
Free E-statements
·
SMS alerts on every transaction (charges as per Schedule
of Charges)
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