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Al Baraka Current Account FAQ

The document discusses frequently asked questions about Al Baraka Current accounts. It explains that the account is a regular transactional account for individuals and businesses to manage day-to-day banking needs with unrestricted access. Current accounts can be opened by individuals aged 18+ as well as sole proprietors, partnerships, companies, clubs, societies, and trusts. The accounts operate under the Islamic principle of Qard where the customer acts as the lender and the bank the borrower, with funds payable on demand without profit. Current accounts are available in local and foreign currencies with no deposit or withdrawal limits, though debit card withdrawals may have daily limits. Joint accounts can be opened and the account offers services like e-statements,

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Abdullah Shahid
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106 views2 pages

Al Baraka Current Account FAQ

The document discusses frequently asked questions about Al Baraka Current accounts. It explains that the account is a regular transactional account for individuals and businesses to manage day-to-day banking needs with unrestricted access. Current accounts can be opened by individuals aged 18+ as well as sole proprietors, partnerships, companies, clubs, societies, and trusts. The accounts operate under the Islamic principle of Qard where the customer acts as the lender and the bank the borrower, with funds payable on demand without profit. Current accounts are available in local and foreign currencies with no deposit or withdrawal limits, though debit card withdrawals may have daily limits. Joint accounts can be opened and the account offers services like e-statements,

Uploaded by

Abdullah Shahid
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Frequently Asked Questions

Current Account

1. What is Al Baraka Current account?

Al Baraka Current account is the regular choice of transactional account that offers day-to-day personal
banking needs of a customer. This is an ideal deposit product for individuals and businesses customers
who require unrestricted access to their banking accounts.

2. Who are eligible to open Current account?

Al Baraka Current account can be opened by Individuals (18+ Years), Sole Proprietors, Partnerships,
Companies, Clubs, Societies, Associations & Trusts.

3. What is the structure of ABPL Current Account?

ABPL Current account is based on the structure of Qard, where ABPL cannot give any profit/non-routine
service to the customer, as any incentive over loan is Riba.

4. What is the concept of Qard?

In Islamic Banks, Qard is an Islamic principle whereby customer is the lender and bank is the borrower.
The funds may be used by the Bank at its discretion, and are payable, on demand, with neither any
addition nor penalty.

5. In which currencies is Current account available?

Current account is available in local (PKR) and Foreign currencies (USD, GBP, EURO & AED).

6. What is the minimum amount required to open an Al Baraka Current account?


Minimum amount required for opening an Al Baraka Current account is 100/- (in PKR & FCY).

7. What are deposits and withdrawals limit?

There is no deposits and withdrawal limit. Customers can withdraw any amount they need. However in
case of withdrawal from debit card, a daily withdrawal limit will be applicable as per the features of
different debit cards.

8. Can Al Baraka Current account be opened jointly?

Yes, it can be opened jointly.


PD-2023 V1.0
Frequently Asked Questions
Current Account

9. What profit rate will be offered to ABPL’s Current account holder?

As per the nature of the underlying contract, there will be no profit in terms of cash or in terms of kind
is offered in current account.

10. What are the facilities to be offered in ABPL’s Current Account?

Along with e-Statement, 24/7 Phone Banking, Internet Banking, Mobile Banking App all other facilities
can be availed such as Pay Order, SMS Alerts, Hold Mail Facility, Stop Payment, Intercity Clearing, etc.
as per prevailing Bank’s Schedule of Charges.

PD-2023 V1.0

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