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Dollar Saving Account

A Truly Halal Dollar Saving Account

The Riba-free Dollar Savings Account is a Mudarabah-based savings account that you can open and operate using US Dollars and is therefore an excellent business tool for both individuals and corporate clients for meeting their business needs and for diversifying their investment in different foreign currencies to safeguard against currency fluctuations.

 

The Meezan Dollar Saving Account can be opened by individuals and businesses including Sole Proprietorships, Partnerships and Limited Companies.

 

Dollar Savings 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.

 

Open a Dollar Savings Account!

Visit any of Meezan Bank’s branches, fill-in the Application Form and complete a few simple formalities required for opening your Riba-Free Dollar Savings Account; this is all you need to do to enjoy our personalized banking services.

Enjoy a range of accessible features including: 

 

  • Free Cheque book
  • Minimum investment required to open an account is $100 
  • There is no deduction of service charges if the balance maintained is low
  • Profit will be paid a on monthly basis 
  • Profit will be calculated on daily product basis, which ensures that you are getting a return on your investment all the time
  • Foreign Remittances

 

Other facilities to facilitate your banking

 

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 60% of Gross Income as Mudarib
  • Depositor will share 40% of Gross Income as Rab-ul-Maal

 

Weightage for the month of May 2013

 

Account Categories
Profit Distribution Periods/
Tier groups
Weightage Assigned
Dollar Saving Account Monthly
0.45

 

Consolidated Weightages

Profit Rates for the month of April 2013

Period
Monthly Profit Rates (% per annum)
On Average Monthly Balance

0.95%

 

 

 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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