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  • Islamic Banking
       
      DEPOSIT SCHEMES
       
     

    The profits of the Islamic Banking Branch(es) is distributed among the depositors on the basis of weightages assigned to their deposit categories in proportion of their deposit amount. The bank is offering following deposits schemes for the customers to enable them to channalize their funds in the investment activities of the bank.

    1. Current Account

    The Deposits in current accounts are received on Qard-e-Hasana basis. The funds received in Current Accounts are not used in any interest based banking activities. The account opening facility is available in all the Islamic banking branches of The Bank of Khyber and Islamic Desks at all other branches of The Bank of Khyber.

    Key Features of Current Account
    • No limit on withdrawal.
    • No Profit No loss.
    • Free On-Line deposit/ Withdrawal.
    • Free Account Statement (once in a month).
    • No charges for Closing of Account.
    • Free e-mail of account statement.
    • All other service charges are 50% for Senior Citizens.

    2. Interest Free PLS Saving Accounts

    Deposit in Profit and Loss Saving Accounts in BOK Islamic Banking are accepted on Musharaka basis strictly in conformity with the principles of Islamic Shariah. The deposits received in PLS accounts are invested in Islamic assets like Murabaha, Ijarah, Diminishing Musharaka or Islamic Sukuks which are duly approved by Shariah Supervisory Committee. The profit is calculated on monthly basis and disbursed to customers on monthly basis. The PLS account opening facility is available in all BOK Islamic Branches as well as Islamic Desks established in all Conventional branches of BOK.

    Key Features of PLS Account
    • Profit Payment on monthly Basis.
    • Profit Calculation on average Daily Balance.
    • Free On-Line deposit/ Withdrawal.
    • Free Account Statement (Once in a month)
    • No charges for Closing of Account.
    • Free e-mail of account statement.
    • All other service charges are 50% for Senior Citizens.

    3. Riba Free Certificates (RFCs)

    Riba Free Certificates of BOK Islamic Banking are issued on Musharakah basis strictly in conformity with the principles of Islamic Shariah. The deposits received in RFCs are invested in Islamic assets like Murabaha, Ijarah, Diminishing Musharakah or Islamic Sukuks which are duly approved by Shariah Supervisory Committee. The profit is calculated on monthly basis and disbursed to customers at their choice. RFCs are issued from all BOK Islamic Branches as well as Islamic Desks established in all Conventional branches of BOK.

    Riba Free Certificates are issued to customers against their deposit amount. RFCs are issued for fixed period with profit payment options given in brackets at the discretion /Choice of the depositor.

    • RFC (6 Months)
    • RFC 1 Year (Monthly)
    • RFC 1 year (6 Months)
    • RFC 1Year(Maturity)
    • RFC 2 years (Monthly)
    • RFC 2 years (6 Months)
    • RFC 2 Years (Yearly)
    • RFC 2 years (Maturity)
    • RFC 3 years ( Monthly)
    • RFC 3 years (6 Months)
    • RFC 3 years (Yearly)
    • RFC 3 years (Maturity)
    • RFC 5 years (6 Months)
    • RFC 5 years (Yearly)
    • RFC 5 years (Maturity)


    Key Features of RFCs
    • Minimum Investment Rs.10,000/-
    • Profit Payment on every 5th working day of each month or at   discretion of the customer.
    • Investment slabs are 6 Months, 1Year, 2Years, 3Years and 5Years.
    • Pre-Mature termination allowed subject to adjustment of profit.
    • All other service charges are 50% for Senior Citizens.
    • 90% Financing available.

    4. Khyber Pak Munafa Scheme

    Khyber Pak Munafa Scheme Certificates of BOK Islamic Banking are issued on Musharakah basis strictly in conformity with the principles of Islamic Shariah. The deposits received in Khyber Pak Munafa Scheme are invested in Islamic assets like Murabaha, Ijarah, Diminishing Musharakah or Islamic Sukuks which are duly approved by Shariah Supervisory Committee. The profit is calculated on monthly basis and disbursed to customers. Khyber Pak Munafa Scheme Certificates are issued from all BOK Islamic Branches as well as Islamic Desks established in all Conventional branches of BOK.

    Key Features of Khyber Pak Munafa Scheme
    • Minimum Investment Rs.100,000/-
    • Investment for 5 Years.
    • Profit Calculation on average Daily Balance.
    • Profit payment on Monthly Basis
    • Profit Payment on every 5th working day of each month.
    • Profit up to 14% (based on previous history)
    • Pre-Mature termination allowed subject to adjustment of profit
    • Free On-Line deposit/ Withdrawal.
    • Free Account Statement (once in a month).
    • All other service charges are 50% for Senior Citizens.
    • 90% Financing available.

    5. RFSD Pool (Riba Free Special Deposits Certificates) RFSC

    In this pool selective deposits are accepted against special assets and expected profit rates.

    Riba Free Special Certificates in BOK Islamic Banking are issued on Musharakah basis strictly in conformity with the principles of Islamic Shariah. The deposits received in RFSCs are invested in Islamic assets like Ijarah, Diminishing Musharaka or Islamic Sukuks which are duly approved by Shariah Supervisory Committee. The profit is calculated on monthly basis and disbursed to customers on monthly basis. The RFSCs are issued from all BOK Islamic Branches as well as Islamic Desks established in all Conventional branches of BOK.

    These deposits are tagged with special assets and deposits are accepted only when there is some opportunity of investment. These deposits are restricted and require special permission.

    Key Features of RFSCs
    • Minimum Investment one million.
    • Profit Payment on monthly basis.
    • Investment for 1month, 3 months and 6 months.
    • Pre-Mature termination allowed subject to adjustment of profit.
    • Free On-Line deposit/ Withdrawal.
    • Free Account Statement (once in a month).
    • Free Closing of Account.
    • All other service charges are 50% for Senior Citizens.

    6. RFSD-Banks Pool (Riba Free Special Certificates-Banks) RFSD-Banks

    In this pool only Banks deposits are accepted against specially allocated assets of the Bank.

    Riba Free Special Certificates-Banks (RFSD-Banks) in BOK Islamic Banking are issued on Musharakah basis strictly in conformity with the principles of Islamic Shariah. The deposits received in RFSD-Banks are invested in Islamic assets like Ijarah, Diminishing Musharaka or Islamic Sukuks which are duly approved by Shariah Supervisory Committee. The profit is calculated on monthly basis and disbursed to customers on monthly basis. The RFSD-Banks are issued from all BOK Islamic Branches as well as Islamic Desks established in all Conventional branches of BOK.

    These deposits are tagged with special assets and deposits are accepted only when there is some opportunity of investment. These deposits are restricted and require special permission.

    Key Features of RFSD-Banks
    • Only Banks deposits are accepted.
    • Profit Payment on monthly basis.
    • Profit Calculation on average Daily Balance.
    • Investment for 1month.
    • Pre-Mature termination allowed subject to adjustment of profit.
    • Free On-Line deposit/ Withdrawal.
    • Free Account Statement (once in a month).
    • Free Closing of Account.

    7. RFSD-Corporate Pool (Riba Free Special Deposit Certificates Corporate) RFSCC

    In this pool selective deposits are accepted against special assets and expected profit rates.

    Riba Free Special Certificates Corporate (RFSCCs) in BOK Islamic Banking are issued on Musharakah basis strictly in conformity with the principles of Islamic Shariah. The deposits received in RFSCc are invested in Islamic assets like Ijarah, Diminishing Musharaka or Islamic Sukuks which are duly approved by Shariah Supervisory Committee. The profit is calculated on monthly basis and disbursed to customers on monthly basis. The RFSCC are issued from all BOK Islamic Branches as well as Islamic Desks established in all Conventional branches of BOK.

    These deposits are tagged with special assets and deposits are accepted only when there is some opportunity of investment. These deposits are restricted and require special permission.

    Key Features of RFSCC
    • Profit Payment on monthly basis.
    • Profit Calculation on average Daily Balance.
    • Minimum Investment Twenty million.
    • Investment for 1month and 3 months.
    • Pre-Mature termination allowed subject to adjustment of profit.
    • Free On-Line deposit/ Withdrawal.
    • Free Account Statement (once in a month).
    • Free Closing of Account.
    • All other service charges are 50% for Senior Citizens.

    8. RFSD Pool-Mutual Fund/F.I.

    In this pool Financial Institutions deposits/ Mutual Fund are accepted against specially allocated assets according to Terms and Conditions of RFSD Pool-Mutual Fund.

    9. Sahara Account

    Deposit in Sahara Account in BOK Islamic Banking are accepted on Musharakah basis strictly in conformity with the principles of Islamic Shariah. Sahara Account is only for pensioners. The deposits received in Sahara Accounts are invested in Islamic assets like Murabaha, Ijarah, Diminishing Musharakah or Islamic Sukuks which are duly approved by Shariah Supervisory Committee. The profit is calculated on monthly basis and disbursed to customers’ account on monthly basis. Sahara Account opening Facility is Available in all BOK Islamic Branches as well as Islamic Desks established in all Conventional branches of BOK.

    Key Features of Sahara Account
    • Only for Pensioners.
    • The profit share of Sahara Account is more than PLS Account.
    • Profit payment on Monthly Basis.
    • Free On-Line deposit/ Withdrawal.
    • Free Account Statement (once in a month).
    • Service Charges are 50% for Senior Citizens.

    10. Sahara Certificate (5 Years)

    Sahara Certificate (5 Years) of BOK Islamic Banking is issued on Musharakah basis strictly in conformity with the principles of Islamic Shariah. Sahara Certificate is issued only to pensioners. The deposits received in Sahara Certificate (5 Years) are invested in Islamic assets like Murabaha, Ijarah, Diminishing Musharakah or Islamic Sukuks which are duly approved by Shariah Supervisory Committee. The profit is calculated on monthly basis and disbursed to customers’ account on monthly basis. Sahara Certificate (5 Years) are issued from all BOK Islamic Branches as well as Islamic Desks established in all Conventional branches of BOK.

    Sahara Certificates are issued to customers against their deposit amount for fixed 5Years period with profit payment on monthly basis.

    No separate account is required to be opened for existing account holders.

    Key Features of Sahara Certificate (5 Years)
    • Only for Pensioners
    • Investment tenor is 5 Years.
    • Their share in profit is more than RFC 5Year (Monthly) certificates.
    • Profit payment on Monthly Basis.
    • Pre-Mature termination possible.
    • Free On-Line deposit/ Withdrawal.
    • Free Account Statement (once in a month).
    • Service Charges are 50% for Senior Citizens.
    • 80% Financing available.

    11. Ma’awin Certificate (5 Years)

    Ma’awin Certificate (5 Years) is a Riba Free Certificate of BOK Islamic Banking are issued on Musharakah basis strictly in conformity with the principles of Islamic Shariah only for Widows, Orphans and Permanent Disabled Persons. The deposits received in Ma’awin Certificate (5 Years) are invested in Islamic assets like Murabaha, Ijarah, Diminishing Musharakah or Islamic Sukuks which are duly approved by Shariah Supervisory Committee. The profit is calculated on monthly basis and disbursed to customers’ account on monthly basis. Ma’awin Certificate (5 Years) are issued from all BOK Islamic Branches as well as Islamic Desks established in all Conventional branches of BOK.

    Ma’awin Certificates are issued to customers against their deposit amount for fixed 5Years period with profit payment on monthly basis.

    No separate account is required to be opened for existing account holders.

    Key Features of Ma’awin Certificate 5 Years
    • Only for Widows, Orphans and Permanent Disabled Persons
    • Investment tenor is 5 Years.
    • Their share in profit is more as they deserve more than RFC 5 Years    (Monthly) certificates.
    • Profit payment on Monthly Basis.
    • Pre-Mature termination possible.
    • Free On-Line deposit/ Withdrawal.
    • Free Account Statement (once in a month).
    • Service Charges are 50% for Senior Citizens.
    • 80% Financing available.

    12. Umrah Account

    Deposits in Umrah Accounts in BOK Islamic Banking are accepted on Musharaka basis strictly in conformity with the principles of Islamic Shariah. The deposits received in Umrah accounts are invested in Islamic assets like Murabaha, Ijarah, Diminishing Musharaka or Islamic Sukuks which are duly approved by Shariah Supervisory Committee. The profit is calculated on monthly basis and disbursed to customers on monthly basis. The Umrah account opening facility is available in all BOK Islamic Branches as well as Islamic Desks established in all Conventional branches of BOK.

    Key Features of Umrah Account
    • A non-checking account, used for deposit amount to be withdrawn    through any instrument for performing umrah.
    • Profit share will be higher than PLS share.
    • Profit Payment on monthly Basis.
    • Free On-Line deposit.
    • No charges for Closing of Account.
    • No minimum Balance.

    13. Hajj Account

    Deposits in Hajj Accounts in BOK Islamic Banking are accepted on Musharaka basis strictly in conformity with the principles of Islamic Shariah. The deposits received in Hajj accounts are invested in Islamic assets like Murabaha, Ijarah, Diminishing Musharaka or Islamic Sukuks which are duly approved by Shariah Supervisory Committee. The profit is calculated on monthly basis and disbursed to customers on monthly basis. The Hajj account opening facility is available in all BOK Islamic Branches as well as Islamic Desks established in all Conventional branches of BOK.

    Key Features of Hajj Account
    • A non-checking account, used for deposit amount to be withdrawn    through any instrument for performing Hajj.
    • Profit share will be higher than PLS/Umrah Account share.
    • Profit Payment on monthly Basis.
    • Profit Calculation on average Daily Balance.
    • Free On-Line deposit.
    • No charges for Closing of Account.

       



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