Al-Wadeeah Current Deposit Account

Nature of the Product:

Fund received by banks from the depositors/customers with clear permission to utilize/invest the same its own responsibility under obligation to return the entire money on demand by the customer as and when required. In this principle Islamic banks are treated as a keeper and trustee of funds as Al-Amana (on Trust). Islamic banks would not share any profit or loss earned/incurred out of using of this fund by the bank.

Key Features:

• Institution and individual are eligible to open this account.
• No withdrawal and deposit limit.
• No profit or loss is calculated.
• Depositor enjoys right to draw any amount on demand.
• The depositors have to pay govt. taxes and other charges, if any.
• Cheque book facility.
• Pay Order, e-statement facility, Standing Instruction, 24/7 Call Centre.
• Tax, VAT, Excise Duty and other levy will be deducted at source as per Government declaration.
• Fund transfer facility from Islami banking Branch to any other branches of the bank.
• Cost free half-yearly and yearly account statement and balance confirmation certificate.
• Locker service facility.

Mandatory documents:

• Duly filled up account opening form.
• Copy of valid Photo ID for Applicant & Nominee (such as Passport / National ID / Driving License etc).
• Photocopy of Trade License/ MOA
• Photograph of the applicant duly attested by the introducer.
• Photograph of the nominee duly attested by the applicant.
• Copy of e-TIN Certificate.
• Resident address verification document (eg. Utility Bill).