Professional Documents
Culture Documents
Banking
Group Members
Ijarah:
Ijarah is a contract of a known and proposed usufruct against a
specified and lawful return or consideration for the service or return for
the benefit proposed to be taken, or for the effort or work proposed to
be expended.
Continued
Ijarah-Wal-Iqtina′ :
A contract under which an islamic bank provides equipment,
building or other assets to the client against an agreed rental
together with a unilateral undertaking by the bank or the client
that at the end of the lease period, the ownership in the asset
would be transferred to the lessee.
Musawamah:
Musawamah is a general and regular kind of sale in which price
of the commodity to be traded is bargained between seller and
the buyer without any reference to the price paid or cost incurred
by the former.
Continued
Istisna′ a:
It is a contractual agreement for manufacturing goods and
commodities, allowing cash payment in advance and future
delivery or a future payment and future delivery.
Bai′ muajjal:
Literally it means a credit sale. Technically, it is a financing
technique adopted by islamic banks that takes the form of
murabaha muajjal.
Continued
Mudarbah:
A form of partnership where one party provides the funds
while the other provides expertise and management. The
latter is referred to as the Mudarib
Musharkah:
Musharkah means a relationship established under a contract
by the mutual consent of the parties for sharing of profits and
losses in the joint business.
Continued
Bai′ Salam:
Salam means a contract in which advance payment is made
for goods to be delivered later on. The seller undertakes to
supply some specific goods to the buyer at a future date in
exchange of an advance price fully paid at the time of
contract.
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Products and
Services
Current Account
The Current Account is offered in Pak Rupees, USD, GBP,
EUR, JPY and any other approved currency by the central
Bank/Policy of the Bank.
d) Illiterate/Photo Account.
e) Sole Proprietorship Account
f) Partnership Account
Continued
g) Limited Liability Company Account.
k) Agent’s Account.
Process Flow
Branch Level Activities
Account Holder shall complete and sign the DIB
Account Opening Form (AOF)
The Account Holder must be introduced by an
existing account holder
The Account Holder must read and sign the Banking
Services Agreement
Account Holder’s signature on the Signature
specimen card will be obtained
Continued
The Account Holder signs the ATM/VISA Debit
Card Application Form along with its Terms &
Conditions. (If he opts for such card)
Account Holder produces the required Documents
Branch/Operations Manager will check the AOF
and having ensured that if the same is complete and
sign the AOF
Continued
After successful completion of the Compliance and
KYC checks, the account opening officer enters the
customer name and CNIC/Passport number and other
information in the account opening module. System
will generate a serial number (Customer Information
File – CIF). Annexure ‘’ACT-Y1’’