SALIENT FEATURES OF DEPOSIT PRODUCTS

SALIENT FEATURES OF DEPOSIT PRODUCTS
The structure of all remunerative products (PKR & FCY), offered by Askari Bank Limited – Islamic
Banking Services Division (AKBL-IBSD) is primarily, based on Mudarabah. Upon becoming a
remunerative account holder (PKR & FCY), the customer enters into a relationship based on Mudarabah
with Askari Bank Limited – Islamic Banking Services Division (AKBL-IBSD). Under this relationship:
−
The depositor is treated as an investor (Rabb-ul-Mal) and acts as a sleeping partner. The
relationship of Musharakah exists between all the investors / deposit pool participants, on a prorata basis.
−
The Bank on the other hand has dual roles; one as the Manager (Mudarib) of the funds deposited
by the customers and the other (optional role, at Bank’s discretion) is to invest its own funds in
the pool with other investors, thereby, converting it into Musharakah.
The structure of all non-remunerative products (PKR & FCY), offered by Askari Bank Limited – Islamic
Banking Services Division (AKBL-IBSD) is based on Qard (loan). The non-remunerative account
holders do not bear any risk or reward, for the deposits placed in their respective accounts.
1. Mudarabah Based Deposit Products – Salient Features
1.1 Pak Rupee Chequing Accounts
1.1.1 Askari Halal Savings and Notice Account (AHSAN)
Sr.#
Description
Specific Product Details
1.
Name of Product
Askari Halal Saving and Notice Account (AHSAN)
2.
Underlying Mode
Mudarabah
3.
Acceptable Currency
Pak Rupees
4.
Type of Product
Savings (chequing A/c)
5.
Minimum Balance Required
Rs.100/= (for account opening only)
6.
Tenors
Min: N/A , Max: N/A
7.
Profit Calculation Basis
Average Monthly Balance
8.
9.
Periodicity of Profit Distribution Monthly
Service Charges (if any)
As per Schedule of Charges – Islamic
10.
Other Features
•
•
•
No min. balance requirement / charges for maintenance of
account.
No min. balance requirement for profit applicability.
Withdrawals of funds are subject to written 24 hours notice
for Rs.10-200M deposit and 48 hours notice for Rs.200M+
deposits.
SALIENT FEATURES OF DEPOSIT PRODUCTS
1.1.2 Askari Halal Saving Account (AHS)
Sr.#
Description
Specific Product Details
1.
Name of Product
Askari Halal Saving Account (AHS)
2.
Underlying Mode
Mudarabah
3.
Acceptable Currency
Pak Rupees
4.
Type of Product
Remunerative Current Account (chequing A/c)
5.
Minimum Balance Required Rs.100/= (for account opening only)
6.
Tenors
Min: N/A, Max: N/A
7.
Profit Calculation Basis
Average Monthly Balance
8.
Monthly
9.
Periodicity of Profit
Distribution
Service Charges (if any)
10.
Other Features
As per Schedule of Charges - Islamic
•
•
•
•
Free value added services (shall be amended from time to time and
conveyed accordingly):
 Issuance of Visa Debit / ATM Card (for individual account only)
 I-Net Banking Facility (for individual account only)
 SMS Alerts for Cash withdrawal through ATM and I-Net
Banking Transactions (for individual account only)
 Online Funds Transfer
 Issuance of Cheque Book
 Local Remittances (PO / DD / TT)
 Same Day Clearing
 Inter-City Clearing
 Outward Cheque Returned Un-paid in Clearing
 Duplicate Account Statements
Profit rate on this product shall be very nominal.
No min. balance requirement / charges for maintenance of
account.
No min. balance requirement for profit applicability.
SALIENT FEATURES OF DEPOSIT PRODUCTS
1.1.3 Ahsan Munafa Account
Sr. #
Description
Specific Product Details
1.
2.
Name of Product
Underlying Mode
Ahsan Munafa Account
Mudarabah
3.
Acceptable Currency
Pak Rupees
4.
Type of Product
Savings (chequing A/c)
5.
Min. Balance Required
Rs.100/= (for account opening only)
6.
7.
Tenors
Profit Calculation
Min: N/A, Max: N/A
Daily Product Basis
8.
Monthly
9.
Periodicity of Profit
Distribution
Service Charges (if any)
10.
Other Features
As per Schedule of Charges - Islamic
•
•
No min. balance requirement / charges for maintenance of
account.
No min. balance requirement for profit applicability.
1.1.4 AHSAN Pensioners
Sr. #
Description
Specific Product Details
1.
Name of Product
Askari Halal Saving and Notice Account (AHSAN) - Pensioners
2.
Underlying Mode
Mudarabah
3.
Acceptable Currency
Pak Rupees
4.
Type of Product
Savings (chequing A/c)
5.
Min. Balance Required
Nil (no amount required for account opening)
6.
7.
Tenors
Profit Calculation
Min: N/A, Max: N/A
Average Monthly Balance
8.
Monthly
9.
Periodicity of Profit
Distribution
Service Charges (if any)
10.
Other Features
As per Schedule of Charges – Islamic
•
•
No min. balance requirement / charges for maintenance of
account.
No min. balance requirement for profit applicability.
SALIENT FEATURES OF DEPOSIT PRODUCTS
1.2 Foreign Currency Chequing Accounts
1.2.1 Askari Halal US Dollar Savings Account
Sr. #
Description
Specific Product Details
1.
Name of Product
Askari Halal US Dollar Savings Account
2.
Underlying Mode
Mudarabah
3.
Acceptable Currency
US Dollar, GBP and Euro
4.
Type of Product
Savings (chequing A/c)
5.
Min. Balance Required
USD=$1,000/-, GBP=£1,000/-, Euro=€1,000/- (for A/c opening only)
6.
Tenors
Min: N/A, Max: N/A
7.
Profit Calculation
Average Monthly Balance
8.
9.
Periodicity of Profit
Monthly
Distribution
Service Charges (if any) As per Schedule of Charges – Islamic
10.
Other Features
•
•
No min. balance requirement / charges for maintenance of account.
No min. balance requirement for profit applicability.
1.3 Askari Halal Investment Accounts (AHIA) – Non Chequing Accounts (Term
Deposits)
1.3.1 Askari Islamic Investment Certificates (AIIC)
Sr. #
Description
Specific Product Details
1.
2.
Name of Product
Underlying Mode
Askari Islamic Investment Certificates (AIIC)
Mudarabah
3.
Acceptable Currency
Pak Rupees
4.
Type of Product
Term Deposit
5.
Min. Balance Required
Rs.50,000/- (minimum investment amount)
6.
7.
Tenors
Profit Calculation
3 Months, 6 months , 1 year, 3 years, 4 years, 5 years
Monthly
8.
9.
Periodicity of Profit
For 3-6 months Tenor = At Maturity
Distribution
For 1Yr - 5Yr Tenor = Monthly, Quarterly and at Maturity Options
Service Charges (if any) As per Schedule of Charges – Islamic
10.
Other Features
•
•
Premature withdrawal option available
Chequing Account required for AIIC Issuance and profit payment
SALIENT FEATURES OF DEPOSIT PRODUCTS
1.3.2 Askari Khas Islamic Deposit Account (AKIDA)
Sr. #
Description
Specific Product Details
1.
Name of Product
Askari Khas Islamic Deposit Account (AKIDA)
2.
Underlying Mode
Mudarabah
3.
Acceptable Currency
Pak Rupees
4.
Type of Product
Term Deposit
5.
Min. Balance Required
Rs.200,000/= (minimum investment amount)
6.
7.
Tenors
Profit Calculation
3 Months, 6 months, 1 year, 2 years
Monthly
8.
9.
Periodicity of Profit
At maturity
Distribution
Service Charges (if any) As per Schedule of Charges – Islamic
10.
Other Features
•
•
Premature withdrawal option available
Chequing A/c required for AKIDA Issuance and profit payment
1.3.3 Askari Halal Certificates of Aasaan Monthly Mudarabah (AHCAMM)
Sr. #
Description
Specific Product Details
1.
2.
Name of Product
Underlying Mode
Askari Halal Certificates of Asaan Monthly Mudarabah (AHCAMM)
Mudarabah
3.
Acceptable Currency
Pak Rupees
4.
Type of Product
Term Deposit
5.
Min. Balance Required
Rs.50,000/=
6.
7.
Tenors
Profit Calculation
Min: One Month, Max: No Limit (auto rollover on monthly basis)
Monthly
8.
9.
Periodicity of Profit
Monthly
Distribution
Service Charges (if any) As per Schedule of Charges (SOC)
10.
Other Features
•
•
Premature withdrawal option available
Chequing A/c required for AHCAMM Issuance and profit payment
SALIENT FEATURES OF DEPOSIT PRODUCTS
2. Qard Based Deposit Products – Salient Features
2.1 Pak Rupees Chequing Accounts
2.1.1 Askari Islamic Current Account
Sr.# Description
Specific Product Details
1.
2.
Name of Product
Underlying Mode
Askari Islamic Current Account
Qard
3.
Acceptable Currency
Pak Rupees
4.
Type of Product
Current (chequing A/c)
5.
Min. Balance Required
Rs. 1,000/- (for account opening only)
6.
7.
Tenors
Profit Calculation
Min: N/A, Max: N/A
N/A
8.
Periodicity of Profit
N/A
Distribution
Service Charges (if any) As per Schedule of Charges – Islamic
9.
10.
Other Features
No minimum balance requirement / charges for maintenance of account.
2.1.2 Askari Basic Banking Account
Sr.#
Description
Specific Product Details
1.
2.
Name of Product
Underlying Mode
Askari Basic Banking Account (BBA)
Qard
3.
Acceptable Currency
Pak Rupees
4.
Type of Product
Current (chequing A/c)
5.
Min. Balance Required
Rs. 1,000/- (for account opening only)
6.
7.
Tenors
Profit Calculation
Min: N/A, Max: N/A
N/A
8.
9.
Periodicity of Profit
N/A
Distribution
Service Charges (if any) As per Schedule of Charges – Islamic
10.
Other Features
As per SBP Instructions for BBA Accounts currently in vogue & as
amended from time to time.
No minimum balance requirement / charges for maintenance of account.
SALIENT FEATURES OF DEPOSIT PRODUCTS
2.1.3 Askari Islamic Current Account – Pensioners
Sr.#
Description
Specific Product Details
1.
Name of Product
Askari Islamic Current Account – Pensioners
2.
Underlying Mode
Qard
3.
Acceptable Currency
Pak Rupees
4.
Type of Product
Current (chequing A/c)
5.
Min. Balance Required
N/A (no amount required for account opening)
6.
7.
Tenors
Profit Calculation
Min: N/A, Max: N/A
N/A
8.
9.
Periodicity of Profit
N/A
Distribution
Service Charges (if any) As per Schedule of Charges – Islamic
10.
Other Features
No minimum balance requirement / charges for maintenance of account.
2.2 Foreign Currency Chequing Accounts
2.2.1 Askari Halal Foreign Currency Current Account
Sr.#
Description
Specific Product Details
1.
2.
Name of Product
Underlying Mode
Askari Halal Foreign Currency Current Account
Qard
3.
Acceptable Currency
USD, Euro and GBP
4.
Type of Product
Current (chequing A/c)
5.
Min. Balance Required
USD=$1,000/-, GBP=£1,000/-, Euro=€1,000/- (for A/c opening only)
6.
Tenors
Min: N/A, Max: N/A
7.
Profit Calculation
N/A
8.
N/A
9.
Periodicity of Profit
Distribution
Service Charges (if any)
10.
Other Features
No min. balance requirement / charges for maintenance of account.
As per Schedule of Charges – Islamic

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