Smart Wallet is a digital wallet that enables banked and unbanked population of the country to open accounts without the hassle of paperwork. Open Smart Wallet through simple biometric verification and enhance your savings by earning Halal monthly returns on savings, with the flexibility to use the money at any time.
Requirements for Using Meezan Smart Wallet - Savings
Instant account opening
Nationwide ATM access through PayPak Debit card (If applied for)
Cash withdrawal from any Meezan branch after biometric verification
No requirement of minimum deposit
Free internet and mobile banking services
Profit will be paid on monthly basis and calculated on daily basis
On agreeing to become a Smart Wallet 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 for Shariah compliant investment or to provide financing to customers under Islamic modes that include, but are not restricted to Murabaha, Ijarah, Istisna and Diminishing Musharkah
Bank will share 50% of Gross Income as Mudarib
Depositor will share 50% of Gross Income as Rab-ul-Maal
| Products | Tier Groups | Weightage Assigned |
|---|---|---|
| Meezan Smart Wallet | Monthly | 0.57 |
| Products | Amount | Profit Assigned |
|---|---|---|
| Meezan Smart Wallet | Monthly | 10.67% |
You may visit any branch of Meezan Bank and our staff will assist you in opening your account.
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