Falah
Notice Period Deposit
With Falah Notice Deposit Account, your savings earn
Riba free profit with the choice of short notice periods, so you can access
your money if you need to. You can place funds in this product if you are an
individual or a business entity.
It is a profit bearing fixed 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:
·
Available for 7 and 30 days terms.
·
Profit is paid on maturity.
·
Minimum initial deposit and balance requirement of Rs.
100,000 only.
·
No maximum balance limit.
·
Rollover option available upon written intimation.
*Withholding Tax and Zakat is applicable as per
existing policy of Government.
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