Albaraka Bank Savings Account

Albaraka Bank 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