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Labbaik Saving Aasaan

A Holy Journey with Comfort & Convenience

Meezan Labbaik Saving Aasaan is an ideal deposit product for you if you are an individual saver and wish to save for your spouse, children, parents, etc. You can take benefit from this special Mudarabah based Deposit account (available in six months to twenty years plan) for Umrah & Hajj where you will also be entitled for profit on the deposited amount, thus providing Customers a bigger incentive to save for Umrah/Hajj through Meezan Labbaik Saving Aasaan.

 

On agreeing to become a Labbaik Saving Aasaan Account holder, you will enter into the relationship of Mudarabah with the Bank. Under this relationship, you will be the Investor (or Rab-ul- Maal) and the Bank will be the Manager (or Mudarib) of the funds deposited by you in the Deposit pool. These funds will be utilized by the Bank to provide financing to customers under Islamic modes of financing, including but not limited to Murabaha, Ijarah, Istisna and Diminishing Musharakah.

 

Meezan Labbaik Saving Account can be opened by Individuals, Sole-Proprietorships, Partnerships and Limited Companies.

Meezan Labbaik Savings Aasaan provides a number of features including: 

 

  • Available for individuals, where customers can open a single / joint account with family members
  • Minimum amount to open the account is Rs. 1,000/-
  • Labbaik Saving Plan is available for six (06) months to twenty (20) years
  • Labbaik Saving Account is a Pak Rupee account
  • It will be a Recurring Deposit Account, where customers will deposit monthly contribution as per the deposit schedule plan
  • Labbaik Saving Account is a non-chequing account, where no cheque book or VISA Debit Card will be issued
  • Apart from regular monthly deposit contribution customers can deposit additional amounts in order to complete the deposit amount and make the desired journey earlier than initially scheduled
  • After completion of the desired deposit amount, customers will have a right to travel with Meezan Bank or redeem his funds to go with an alternate company or utilize the funds for alternate purposes
  • No pre-mature withdrawal schedule will be applied
  • Customers may redeem 50% of the contribution as per defined procedure, one-time in the entire deposit tenure

 

Other facilities to facilitate your banking experience

 

 

Profit sharing & Distribution Method

 

The Bank calculates the profit of the deposit pool every month. Gross income of the deposit pool is shared between the Bank (Mudarib) and customers (Rab-ul-Maal) on the basis of a predetermined profit-sharing ratio announced at the beginning of the month. The profit is distributed amongst the Account holders on the basis of predetermined weightages, announced at the beginning of the month. In case of a loss, as per the rules of Mudarabah, the Rab-ul-Maal shall bear the loss in the ratio of their investment.

 

 

Profit Sharing Ratio

  • Bank will share 50% of Gross Income as Mudarib
  • Depositor will share 50% of Gross Income as Rab-ul-Maal

Weightages for the Month of May 2013

 

Account Category
Profit Distribution Period/
Tier group
Weightage Assigned
Saving Account
monthly
1.07

 

Consolidated Weightages

Profit Rates for the month of April 2013

Average Monthly Balance (PKR)
Profit Rates (% per annum)
On Average Monthly Balance
6.26%

 

 

 

 

 Historical Profit Rates

 

 

Just fill in our Account Opening Form (available at any branch), and submit the required documents.


*The Bank reserves the right to request further documentation on a case-to-case basis.

 

Apply Now

 

Personal Accounts

 

For Individuals (inclusive of Housewives / Students / Retired Personnel)

  • CNIC / NICOP / POC (signed by customer)
  • Any job / Business proof 
  • Any other related document requested by the Bank
     

 

For a Non-Resident Pakistani (Pakistani Nationals Residing outside Pakistan)

  • NICOP / CNIC
  • Visa/Passport Copy
  • Job Proof (Salary Certificate/Slip) / Business Proof

 

 

For Minors (individuals below the age of 18)

  • Attested copy of Birth Certificate
  • Attested copy of B Form
  • CNIC copy of guardian
  • Valid proof of source of income of guardian

 

Business Accounts

 

For a Limited Company

  • Attested copy of Certificate of Incorporation
  • List of Directors
  • Attested copy of Memorandum & Articles of Association
  • Board Resolution
  • Attested copy of Certificate of Commencement of Business (For Public Ltd. Co.)
  • Attested copies of CNICs of all Directors / Signatories
  • Latest copy of certified Form-29 issued by SECP

 

For a Sole-Proprietorship

  • CNIC of Proprietor
  • Attested Copy of NTN Certificate
  • Account Opening Request & Proprietorship Letter on Firm's Letter Head

 

For a Partnership

  • Partnership Deed (attested by notary public)
  • Letter of Authority & Mandate (if applicable)
  • Attested copies of CNICs of all Partners
  • Account Opening Request Letter on Firm's Letter Head
  • Attested copy of Registration Certificate with registrar of the firms

 

For a Club / Society / Association / Trust

  • Copy of Rules/By-Laws
  • Copy of Registration Certificate
  • List of Executive Members/Management Committee/Management Body
  • Copy of Resolution
  • CNICs of all Members of Management Body
  • Undertaking to immediately inform the Bank in writing about any changes in Management Committee/Authorized persons.

 

 

 

 

Fatwa in English 

 

 

 

Fatwa in Urdu

 

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