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Home | Business Banking | Deposit Accounts | Karobari Munafa Account

Karobari Munafa Account

Specially tailored for Corporate entities

Karobari Munafa is a high profit savings account specifically tailored for large Corporate or GoP-controlled entities. It allows customers to earn higher returns on surplus cash balances, has no preset transaction limits and comes with a variety of free packaged benefits.

 

Karobari Munafa Account can be opened by Individuals, Sole-Proprietorships, Partnerships and Limited Companies.

 

The Karobari Munafa Account works on the principle of Mudarabah under which the customer is an Investor (Rab-ul-Maal), and the Bank is the Manager (Mudarib) of the funds deposited by the customer. The Bank allocates the funds received from the customers to a Deposit pool. Funds in the pool are invested under Islamic modes of finance that include but are not restricted to Murabaha, Sukuk and Ijarah.

 

 

 

  • Minimum investment required to open an account is Rs. 10,00,000/- 
  • Profit will be calculated on daily product basis
  • Profit will be paid on monthly basis
  • No restriction on withdrawals or number of transactions
  • Free Cheque books & Pay-orders
  • Dedicated Relationship Manager

 

Other facilities to facilitate your banking

Always Stay Connected with Our Online Banking



Our free On-line Banking facility allows all customers to access their account and conduct banking transactions from any of Meezan bank's branches nationwide. Our on-line facility makes it easy to deposit and withdraw cash, make pay-order requests and access numerous banking services from any Meezan Bank branch even if the account is based in a different city.

 

Our free On-line Banking, offers the following services:

 

  • Real-time cash deposit, instantly crediting your account!
  • Real-time cash withdrawal upto Rs. 5 million, giving you access to your money from anywhere in the Country!
  • Transfer of funds between your Meezan Bank accounts
  • Deposit and collection of clearing Cheques drawn within the same city
  • Issuance of Pay-order from any Meezan Bank branch
 

 

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 Categories
Profit Distribution Periods/
Tier groups
Weightage Assigned
Karobari Munafa Account 1M-9.99M
0.83
Karobari Munafa Account 10M-24.99M
0.90
Karobari Munafa Account 25M-49.99M
1.02
Karobari Munafa Account 50M-99.99M
1.19
Karobari Munafa Account 100M-199.99M
1.24
Karobari Munafa Account 200M-499.9M
1.32
Karobari Munafa Account 500M-999.9M
1.43
Karobari Munafa Account 1B & 1,999.99M
1.53
Karobari Munafa Account 2B & Above
1.58

 

 

 

 

 

 

Account Categories
Profit Distribution Periods/
Tier groups
Weightage Assigned
Karobari Munafa Account Plus 1M-9.99M
0.83
Karobari Munafa Account Plus 10M-49.99M
0.90
Karobari Munafa Account Plus 50M-99.99M
0.98
Karobari Munafa Account Plus 100M-199.99M
1.04
Karobari Munafa Account Plus 200M & Above
1.04

 

Consolidated Weightages

Profit Rates for the month of April 2013

KAROBARI MUNAFA ACCOUNT
Daily Account Balance (PKR)
Profit Rates (% per annum)
Re. 1 - 9.99 Million
4.85%
10 Million - 24.99 Million
5.26%
25 Million - 49.99 Million
5.96%
50 Million - 99.99 Million
6.96%
100 Million - 199.99 Million
7.25%
200 Million - 499.99 Million
7.72%
500 Million - 999.99 Million
8.36%
1000 Million and above
8.95%

 

 

KAROBARI MUNAFA ACCOUNT PLUS
Daily Account Balance (PKR)
Profit Rates (% per annum)
Re. 1 - 9.99 Million
4.85%
10 Million - 49.99 Million

5.26%

50 Million - 99.99 Million
5.73%
100 Million - 199.99 Million
6.08%
200 Million and above
-

 

 

 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.

 

 

 

 

Shariah Fatwa 
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