Meezan Bank, the first and largest Islamic bank of Pakistan, has introduced a unique Islamic saving account, Meezan Bachat Account, designed exclusively for the middle-income class in Pakistan. Chief Operating Officer of Meezan Bank Ariful Islam, launched the new account at the bank's head office.
The new account would provide high monthly returns with the flexibility to withdraw savings when required. The Riba-free account would work under the principles of Mudarabah and is strictly in conformity with the rules of Islamic Shariah.
On agreeing to become an account holder, the customer would enter 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 customer. Ariful Islam said that the new account was introduced at a time when the bank was celebrating five years of Riba-free banking in Pakistan.
He said that the account was designed keeping in view the customers' needs in focus, since they were at the focal point of product development efforts at the bank. Ariful Islam hoped that this account would cater to the needs of the savers of middle-income class of Pakistan, who wanted to earn a healthy return on their hard-earned savings with easy access to funds any time.
The account-holders can also avail of the features such as instant access to funds at all branches nation-wide, free online banking services at entire branch network nation-wide, bank balance certificates and duplicate statements of account, 24/7 Call Centre with complete tele-banking services, 24/7 internet banking, free and instant access to account(s) anytime and anywhere, personal financial consultancy services, and dedicated banking hours from 9a m to 5 pm. Customers can also enjoy 8a m to 8 p m non-stop banking facilities at selected branches of Meezan Bank in Karachi, Lahore and Faisalabad.-PR
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