Albaraka Bank Accounts

Below are some accounts of the Albaraka Bank. There are a lot of accounts in the Albaraka Bank.

Participation Account

Al Baraka’s Participation Account is a profit-generating account in which your capital is invested for a fixed period.

Your investment is placed in a pool together with capital from other investors. At the end of the investment period, your share in the profits generated is on a pro-rata basis.

What are the benefits you will enjoy?

Flexibility of investment period, from 7 days to 24 months.
The freedom to choose, on maturity, to either withdraw your funds, or re-invest in order to maximise your profits.

What qualification criteria apply?

Investment Period	Minimum Deposit
7 Day Account	R250 000
35 Day Account (1 Month)	R50 000
91 Day Account (3 Months)	R1 000
182 Day Account (6 Months)	R1 000
365 Day Account (1 Year)	R1 000
720 day Account	R10 000

Note: All cash deposits are subject to a cash deposit fee

Who should apply for Al Baraka’s Participation Account?

Individuals or entities
Short, medium or long term investors

How do you apply?

Visit one of our branches country-wide and discuss the Al Baraka Participation Account with one of our consultants

What Documentation is required?

Bar-coded Identity Document
A utility bill, not older than 3 months, for the verification of your residential address

For Further information about ensuring FICA compliance, please click on the tab for legal information or call our Customer Services Centre on 0860 225 786

Deposit Accounts

Al Baraka Current Account

Al Baraka account has been developed to help/assist you in with your day to day business and personal banking needs with convenience and reliability.

Salient Features

Available in PKR and other major Foreign Currencies like USD, GBP, EURO & AED
Free from any minimum balance charges
Unlimited deposits and withdrawals
Free ATM card with unlimited access to all ATMs, nationwide.
Additional benefits such as e-Statement, 24/7 Phone Banking, SMS Banking

Islamic Concept

Al Baraka Current Account is based on the Islamic principle of Qarz, whereby the customer is the lender and the bank is the borrower. Customer funds are invested with utmost care in halal business ventures only, and are payable, on demand, with neither any addition nor penalty.

Eligibility criteria

Individuals (18 years & above)
Sole Proprietor
Partnerships
Companies
Clubs / Societies / Associations / Trusts

For more information, kindly visit our branch or call us on 111-113-442.

Al Baraka Basic Banking Account

An Islamic Basic Banking Account designed for those customers who wish to avail all the facilities of Islamic Current Account without worrying about the minimum balance and other requirements associated with this type of account.

Salient Features

A Pak Rupee current account with no minimum balance requirements
No profit / return will be paid to the depositor on the balance maintained in the account
Can be opened with as low as Rs. 100/=
No minimum balance requirement and no penalty for low balances
Unlimited and free access to cash withdrawals through ABPL’s ATM network.
Transactions on non-ABPL ATMs will be charged as per the Schedule of Charges
Statement of account will be issued once a year
Other services will be provided as per prevailing Schedule of Charges
Additional benefits such as e-Statement, 24/7 Phone Banking, SMS Banking

Islamic Concept

The ABPL Basic Banking Account is based on the Islamic principle of Qarz, whereby the customer is the lender and the bank is the borrower. Customer funds are invested with utmost care in halal business ventures only, and are payable, on demand, with neither any addition and/or penalty.

Eligibility criteria

Individuals (18 years & above)

Al Baraka Savings Account

Al Baraka Savings Account comprises of all facets of an investment i.e. income, security and growth. It has been developed to suit the requirements of individuals and business entities.

Salient Features

Available in PKR and other major currencies like USD, GBP, EURO & AED
Free from any minimum balance charges
Profit is calculated on monthly and bi-annually basis
Profit will be paid every month
Unlimited deposits and withdrawals
Enjoy higher profits on higher balances
Free ATM card with unlimited access to ATM Network, nationwide
Additional benefits such as e-Statement, 24/7 Phone Banking, SMS Banking

Islamic Concept

Al Baraka saving account is based on the Islamic concept of Mudarabah. Under this arrangement the customer is Rab-ul-Maal (Investor) and the bank is Mudarib (Fund Manager). Customer deposit is invested in profitable business ventures which are legal and Shariah compliant. The profit/loss is shared on a pre determined ratios. As Fund Manager, the bank is entitled to a part of the profit, whereas profit distribution amongst the depositors and shareholders is made according to the weightages assigned to their investment at the beginning of each month.

Eligibility criteria

Individuals (18years & above)
Sole Proprietor
Partnerships
Companies
Clubs / Societies / Associations / Trust

For more information, kindly visit our branch or call us on 111-113-442.

Asaan Account

Al Baraka Asaan Account has been launched for the potential customers who hesitate to open an account in a bank due to excessive paper work and documentation. For such masses ABPL has launched Al Baraka Asaan Account to provide the ease of opening a bank account without the hassle of excessive documentation. With Al Baraka Asaan Account, ABPL aims to provide banking facilities to the certain segment of the society, who have not been catered to their financial needs as they should be. All you need to do is fill a single page Account Opening Form and submit with a minimum initial deposit of Rs. 100/-. Account Opening has never been so easy.

Salient Features

The account may be opened as both Current and Saving Account. The current account and saving account are based on the Islamic modes of Qard and Mudaraba.
In case of saving account, the profit calculation method is Monthly Average Balance and profit payment frequency is Half-Yearly as per prevailing practice for general saving account.
Only Resident Pakistani Individuals can open these accounts.
The account will only be opened in PKR as single or joint accounts.
The preferred withdrawal mode is card. However; cheque book may be issued as per the choice of customers.
These accounts shall be opened with minimum of Rs. 100 as initial deposit.
There shall be no minimum balance requirement on these accounts.
Total Debit per Month: Rs. 500,000
Total Credit Balance Limit: Rs. 500,000
Simplified Due Diligence. (As mentioned below)
Simplified one pager Account Opening Form with terms and conditions overleaf.
Issuance of Statement of Account on Customer’s demand in addition to SBP requirements. In addition, on customer’s request, mini statements or detailed account statements may also be available through surface mail or electronic channels.
Conversion Facility from Basic Banking Account (BBA)
Only Declaration of source of income is required.
Other facilities may be provided i.e. SMS alerts, internet banking etc.