The Asaan Account is checking (current or saving) account which is designed to cater the needs of common people and is open to all low income unbanked/under-banked masses who face difficulties in account opening due to normal account opening requirements. These segments of society may include but are not limited to skilled/unskilled work force, farmers, less educated/uneducated people, laborers/daily wagers, women/housewives, self-employed individuals, pensioners, young adult population etc.
This product’s saving account is based on Mudarbah, whereby, the account holder (fund provider or Rab ul Mal) authorizes Dubai Islamic Bank Pakistan Limited (Mudarib or investment manager), to invest the Rab ul mal’s funds on the basis of unrestricted Mudarbah contract according to the principles of Sharia.
Whereas current account is based on the Qard contract. Where the depositor permits bank to use or invest his money in its Sharia compliant investments and is neither entitled to investment profit nor does the account holder bear any risk of loss.
The Asaan Account is being offered in Pak Rupees only.
- Account can be opened by Individuals (Singly or Jointly) only.
- No minimum balance requirement
- Maximum withdrawal (debit) allowed in a calendar month is limited to Rs. 500,000 per month. Also, maximum deposit (credit) balance shall not exceed Rs. 500,000.
- Foreign outward remittance is not allowed under this account
- For Asaan Savings Account, profit calculated on monthly average balance & paid out on monthly basis
- 24/7 Call Center with complete Tele-banking services
The following Account falls under Sections 7 (3) of Deposit Protection Corporation Act, 2016 for more information visit. dibpak/deposit-protection-mechanism/