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Meezan Euro Savings Account

A Truly Halal Euro Saving Account

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

 

On agreeing to become a Meezan Euro Savings 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. These 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 Musharkah .

 

 

Meezan Euro Saving Account can be opened by Individuals, Sole-Proprietorships, Partnerships and Limited Companies.

 

 

 

 

  • Minimum deposit required to open an account is € 100
  • Routine withdrawals up to € 500 per day allowed without prior intimation (subject to availability)
  • Withdrawals of above € 500 needs 1 day prior notice
  • No deduction of service charges if the balance maintained is low
  • Profit will be paid on monthly basis
  • Profit will be calculated on a daily product basis, which ensures that you are getting a return on your investment all the time
  • Foreign Remittances
 

 

 

 

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

 

Weightages for the Month of May 2013

 

Account Category
Profit Distribution Period/
Tier group
Weightage Assigned
Meezan Euro Saving Account
monthly
0.27

 

Consolidated Weightages

Profit Rates for the month of April 2013

Daily Product Basis
Profit Rates (% Per Annum)
0.63%

 

 

 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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