Wednesday , September 18 2019

Bank Islamic Pakistan Islamic Mahana Munafa Account

Bank Islamic Pakistan Islamic Mahana Munafa

BankIslami Pakistan Limited introduce Islamic Mahana Munafa Account for their Customers in Pakistan.They can get 12.00% Expected Rate.

Documents
The documents required vary with the customer category as follows:

Salaried Individual /Joint Account Holders
Filled Account Opening Form
Computerized National Identity Card (CNIC)
Passport (for Non-residents only)
Employment proof (Pay slip, Employment letter etc)
Sole Proprietors
Filled Account Opening Form
Computerized National Identity Card (CNIC)
Passport (for Non-residents only)
NTN Certificate
Partnership/Club/Society/Association/NGO/Trust
Certified Copy of Partnership/ Trust Deed
Certificate of Registration
Signatures of all Partners on letter of Partnership
Certified copy of rules
Certified copy of resolution
Copy of by-laws
Copy of NTN Certificate
CNICs of all Partners
Passports (for Non-residents only)
Limited Company
Certificate of Incorporation
Certificate for Commencement of Business (PLC only)
Memorandum of Association
Articles of Association
Current list of Directors
Copy of Board Resolution
CNICs of all Directors
Copy of NTN Certificate and Form 29

You provide funds to the Bank on Mudaraba basis for investment in the Bank’s Shariah Compliant Assets
In this arrangement, you will function as a Rabbul Maal (investor in Mudaraba) and the Bank will act as the Mudarib (Manager of the Mudaraba)
The Bank will form a pool of customers’ funds
The pool provides financings to various individuals, corporate, government and other entities based on various Islamic modes of finance such as Murabaha, Ijarah, Musharakah, Mudaraba and other modes and would generate income
The Bank will calculate income from the pool on a monthly basis. This income will be shared between the Bank and the Depositors as per a pre agreed profit sharing ratio
The profit share of the Bank is called the Mudarib’s share. This profit sharing ratio between the Bank and the Depositors is determined at the beginning of the month
The profit share of the depositors is based on the predetermined weightages assigned at the beginning of the month. A weightage based profit distribution mechanism ensures that the return paid to any Customer in a Profit & Loss sharing contract is proportionate to the risk taken
In the case of a loss, as per the rules of Mudaraba, the loss will be borne solely by the Rabbul Maal. The loss will be distributed between various categories of customers on a pro rata basis. Bank also suffers loss as no income is generated against its efforts
Bank Islamic Pakistan Islamic Mahana Munafa

  • profit would be paid if such early encashment is made within the first one (1) month of the investment. However, if encashment is made after one month of investment, profit of the nearest completed tenor would be calculated and paid to the customer.
  • there is no penalty to punish customers for withdrawing their funds before maturity, However, the Bank may deduct any amounts paid as Profit from the principal value of the deposit or Profit payable thereon, where amounts already paid as Profit were paid with reference to a rate higher than the rate applicable in case of early encashment.

Features
Long term investments yield high returns but delayed profit payment. With our Islami Mahana Munafa Account you don’t compromise on any. Now you can enjoy the freedom of halal monthly gains for a prosperous present while building your wealth for a secure future. Also, Islami Mahana Munafa Account will provide you with security, convenience and flexibility of investment tenure to suit your needs.

Free Internet Banking Service
Hold Mail & Stop payment facility
Safe Deposit Lockers
100% interest free
Available in Pak Rupees
Tenure of investment are 1, 2, 3 , 5 & 10 years
Minimum amount of investment is Rs. 10,000/- only
Profit/loss payment on monthly basis until the maturity date
Payment of amount of investment on the maturity date
Differential and specific pool allocation possible for large deposit holders
Profit announcement at the begining of every month
Facility of premature encashment available. In such a case, the corresponding period rate would apply, unless stated otherwise
Free facility of transfer of profit and invested funds in nominated Islami Current or Islami Bachat Account
Monthly profit/loss payment on daily product basis
Round the clock phone Banking through 111-ISLAMI (475-264) or 111-BIP (247)-111
Personalized service from Customer Relationship Officers
Free Six monthly Account Statement facility