Pak Rupee Chequing Accounts

Features Details
Banking Channel Islamic
Product Type Savings (Chequing Account)
Underlying Mode Mudarabah
Currency PKR
Minimum Balance Requirement None
Profit Calculation Basis Daily Product basis
Periodicity of Profit Distribution Monthly
Eligibility
  • The account will be offered to Individual (Beneficiary(ies) single or joint, which can be maximum 2)
  • The account holder should be 18 or above at the time of account opening with valid CNIC, ARC & POC
Transactional Convenience
  • Access to account from over 500 online branches nationwide
  • Instant credit of remittance into Islamic PakWatan Remittance Account with no requirement of branch visit
  • Hassle-free remittance collection through ATMs (no forms filling or waiting at branch counters)
  • No Daily or Monthly credit/ debit limits
  • 24/7 customer support through Call Center
Additional Benefits
  • No initial deposit requirement
  • No minimum balance requirement
  • Local credits are also allowed
  • WHT on cash withdrawal will not be applicable on cash withdrawal through country-wide ATMs, or by cheque of any amount at any branch counter with respect to an account where deposit is exclusively on account of home remittances from abroad
  • Free E-Statement
  • Free Internet Banking
  • Free SMS Alerts on Digital Transactions
  • Customers may be eligible for Ijarah Bis Sayyarah (Car Financing) after six months of maintaining Islamic PakWatan Remittance Account (subject to eligibility criteria of Askari Ikhlas Islamic Banking)
  • Zakat (on Savings account) to be deducted as per applicable laws


Terms and Conditions apply

Special Waivers
  • Free Issuance of Askari Union Pay Debit Card (annual and replacement fee as per prevailing SOC)
  • Free issuance of first cheque book (10 leaves) at the time of account opening (for subsequent cheque books, charges will be applicable as per prevailing SOC)
Service Charges (if any) As per Schedule of Charges – Islamic

Value-added Offering Takaful coverage to all accountholders
Features Details
Name of Product: Askari Halal Saving and Notice Account (AHSAN)
Underlying Mode: Mudarabah
Acceptable Currency: Pak Rupees
Type of Product: Savings (chequing account)
Minimum Balance Required: Rs.100 (for account opening only)
Tenors: Minimum: N/A
Maximum: N/A
Profit Calculation Basis: Average monthly balance
Periodicity of Profit Distribution: Monthly
Service Charges (if any): As per Schedule of Charges – Islamic
Other Features:
  • No minimum balance requirement/charges for maintenance of account
  • No minimum balance requirement for profit applicability
  • Withdrawals of funds are subject to written 24 hours notice for Rs. 10-200 million deposit and 48 hours notice for Rs. 200 million+ deposits
Features Details
Name of Product: Askari Halal Saving Account (AHS)
Underlying Mode: Mudarabah
Acceptable Currency: Pak Rupees
Type of Product: Remunerative Current Account (chequing account)
Minimum Balance Required: Rs.100 (for account opening only)
Tenors: Minimum: N/A
Maximum: N/A
Profit Calculation Basis: Average monthly balance
Periodicity of Profit Distribution: Monthly
Service Charges (if any): As per Schedule of Charges – Islamic
Other Features:
  • Free value added services (shall be amended from time to time and conveyed accordingly):
    • Issuance of Debit Cards
    • Internet Banking facility (for individual account only)
    • SMS alerts for cash withdrawal through ATM and Internet Banking transactions (for individual account only)
    • Online funds transfer
    • Issuance of cheque book
    • Local remittances (Banker’s Cheque)
    • Same day clearing
    • Inter-city clearing
    • Outward cheque returned unpaid in clearing
    • Duplicate account statements
  • Profit rate on this product shall be very nominal
  • No minimum balance requirement/charges for maintenance of account
  • No minimum balance requirement for profit applicability
Features Details
Name of Product: Ahsan Munafa Account
Underlying Mode: Mudarabah
Acceptable Currency: Pak Rupees
Type of Product: Savings (chequing account)
Minimum Balance Required: Rs.100 (for account opening only)
Tenors: Minimum: N/A
Maximum: N/A
Profit Calculation: Daily product basis
Periodicity of Profit Distribution: Monthly
Service Charges (if any): As per Schedule of Charges – Islamic
Other Features:
  • No minimum balance requirement/charges for maintenance of account
  • No minimum balance requirement for profit applicability
Description Specific Product Details
Name of Product Ahsan Munafa – Corporate Account (AMC)
Underlying Mode Mudarabah
Acceptable Currency Pak Rupees (PKR)
Type of Product Savings (chequing A/c)
Minimum Balance requirement
  • There is no minimum balance requirement but for profit eligibility, different ranges / slabs will be applicable.
  • PKR 100/- required for Account Opening
Tenor Min: N/A, Max: N/A
Profit Calculation Daily Product basis
Periodicity of Profit Distribution Monthly
Service Charges (if any) As per Schedule of Charges – Islamic
Other Features
  • Target Customers
    • Proprietorship Firms
    • Partnership Firms
    • Limited Companies (Public & Private)
    • Government and Semi Government Organizations
    • Clubs/Societies/Associations/Trusts
  • Range for Profit Eligibility
    • Balance ranging from Rs.500,000/- and above will be eligible for Product’s profit rate.
    • Balance falling below Rs.500,000/- will be eligible for profit rate based on the weightage of Ahsan Account (Savings Account).
  • Free e-Statements
  • Conditional Free Services
    Following facilities will be provided free of Charge, if an average balance of Rs.1,000,000/- is maintained in the acc.

    • Online Fund Transfers
    • Issuance of Cheque Book
    • Local Remmitances (Banker’s Cheque)
    • Same Day Clearing
    • Inter-City Clearing
    • Outward Cheque returned unpaid in Clearing
    • Issuance of Debit Cards
    • SMS Alert services on all transactions
    • i-net Banking facility
Features Details
Name of Product: Askari Halal Saving and Notice Account (AHSAN) – Pensioners
Underlying Mode: Mudarabah
Acceptable Currency: Pak Rupees
Type of Product: Savings (chequing account)
Minimum Balance Required: Nil (no amount required for account opening)
Tenors: Minimum: N/A
Maximum: N/A
Profit Calculation: Daily product basis
Periodicity of Profit Distribution: Monthly
Service Charges (if any): As per Schedule of Charges – Islamic
Other Features:
  • No minimum balance requirement/charges for maintenance of account
  • No minimum balance requirement for profit applicability
Description Specific Product Details
Underlying Mode Mudarabah
Acceptable Currency Pak Rupees
Type of Product Savings (chequing A/c)
Minimum Balance Rs.100/= (for account opening only)
Profit Calculation Profit payable on monthly average balance
Profit Distribution Monthly
Who Can Apply Authorized dealers of Fauji Fertilizer Company Limited (FFCL)
 Service Charges (if any) As per Schedule of Bank Charges – Islamic
Other Features
  • Free value added services:
    • Issuance of first ATM Card (only for individuals & proprietary accounts)
    • Issuance of first cheque book
    • E-Statement facility
    • I-Net Banking facility (only for individuals & proprietary accounts).
    • SMS Alerts facility (both debit & credit transactions)
  • No minimum balance requirement/charges for maintenance of account
  • No minimum balance requirement for profit applicability
  • Nationwide on-line access to accounts
Description Specific Product Details
Underlying Mode: Mudarabah
Acceptable Currency: Pak Rupees
Type of Product: Remunerative Current Account (chequing A/c)
Minimum Balance: Rs.100/= (for account opening only)
Profit Calculation: Profit payable on monthly average balance
Profit Distribution: Monthly
Target Customers: Authorized dealers of Fauji Fertilizer Company Limited (FFCL)
Service Charges (if any): As per Schedule of Bank Charges – Islamic
Other Features:
  • Free value added services
    • Issuance of first ATM Card (only for individuals & proprietary accounts)
    • Issuance of first cheque book
    • E-Statement facility
    • I-Net Banking facility (only for individuals & proprietary accounts)
    • SMS Alerts facility (both debit & credit transactions)
    • Waiver of Financing Facility processing charges
    • Issuance & cancellation of demand drafts & pay orders
    • Issuance of duplicate demand drafts & duplicate pay orders
    • No charges on inter-branch online withdrawals
    • No charges on inter-branch online deposits
    • No charges on inter-branch online transfers
    • No charges on collection of cheques through NIFT
  • Nationwide on-line access to accounts
  • Profit rate on this product shall be very nominal
  • No minimum balance requirement/charges for maintenance of account
  • No minimum balance requirement for profit applicability
Description Specific Product Details
Underlying Mode: Mudarabah
Acceptable Currency: Pak Rupees
Type of Product: Savings (chequing A/c)
Minimum Balance: Rs. 10,000,000/-
Profit Calculation: Daily product basis
Periodicity of Profit Distribution: Monthly
Target Customers: Business Enterprises, High Net Worth Individuals, Financial Institutions, Government/ Corporate Entities etc.
Service Charges (if any): As per Schedule of Bank Charges – Islamic
Other Features: Withdrawals of funds are subject to written 24 hours notice for Rs.10-200M deposit and 48 hours notice for Rs.200M+ deposits
Description Specific Product Details
Name of Product Askari Islamic Asaan Account
Underlying Mode Mudarabah
Acceptable Currency Pak Rupees
Type of Product Savings (chequing A/c)
Minimum Balance Required Rs. 100/- (for account opening only)
Tenors Min: N/A, Max: N/A
Profit Calculation Profit payable on monthly average balance
Periodicity of Profit Distribution Monthly average balance
Service Charges (if any) As per Schedule of Charges – Islamic
Other Features
  • Free eStatements
  • Free iNet Banking
  • No service Charges at the time of opening and closing of Account