Free Online Banking service at all Meezan Bank branches
No initial deposit for account opening
No minimum balance requirement
No charges on issuance of chequebook
No charges on issuance of Pay Orders
Profit will be paid on monthly basis & calculated on daily basis
No restriction on withdrawals amount
Instant Funds Transfer within Meezan Bank
USD Savings Account
Bank will share 75% of Gross Income as Mudarib
Depositor will share 25% of Gross Income as Rab-ul-Maal
|Account Categories||Profit Distribution Period||Weightage Assigned|
|USD Savings Account||Monthly||0.45|
On agreeing to become a US Dollar Account holder, the customer enters into a relationship based on Mudarabah with Meezan Bank. Under this relationship, the customer is an Investor (Rab-ul-Maal) and the Bank is the Manager (Mudarib) of the funds deposited by the customers. The Bank allocates the funds received from the customers to a deposit pool; funds from the pool are utilized to provide financing to customers under Islamic modes that include, but are not restricted to Murabaha, Ijarah, Istisna and Diminishing Musharakah.
Current Account (US Dollar) is based on Qard contract. The Bank can use these funds for investment and other purposes. This account allows you the peace of mind of having your money safely deposited with a bank with the additional assurance that the bank is not investing your money in activities that contravene Shariah principles.