Dubai Islamic Savings Account is a great investment option for depositors who wish to earn Halal returns on their savings. That’s not all, it allows you the flexibility to withdrawn your funds whenever required.
By investing in the Dubai Islamic Savings Account, the depositor (fund provider or Rabbul-Maal) authorizes DIBPL (fund manager or Mudarib) to invest his/her funds on the basis of unrestricted Mudaraba contract according to the principles of Sharia. DIBPL invests these funds in its Common Mudaraba Pool with other deposits and the shareholders’ equity. The profit on the Common Mudaraba Pool is distributed amongst the shareholders’ and depositors on the basis of agreed upon weightages which take into consideration the tenor, amount of deposit and profit payment frequency of the account.
The Dubai Islamic Savings Account is offered in the following currencies:
- Pak Rupees
- US Dollar
All entities including individuals, corporations, firms, societies, clubs, government organizations, statutory bodies, public and private institutions can open a Dubai Islamic Savings Account with a balance as low as PKR 1000.
For Foreign Currency Savings Account, daily balance throughout the month must remain above 500 (applicable currency) to be eligible for profit payment.
Features of the Saving Account
- Monthly profit payment on the average balance of the month (sum of daily ending balances divided by total number of days for the current profit distribution period) (please refer to historical profits paid and prevailing weightages).
- Unlimited number of deposits and withdrawals (subject to sufficient credit balance, and the regulatory restrictions applicable to Foreign Currency Account).
- Entitlement to Silver or Gold ATM/VISA Debit Card (applicable for Pak Rupees account only).
- Standing instructions option for payment of bills (utilities) and other periodical payments.
- Free account statement on a six monthly basis.
- Free access to Dubai Islamic Internet Banking offering a comprehensive range of services.
- Free access to Dubai Islamic Phone Banking offering 24/7 tele-banking services.
- Free online banking allows account access at all Dubai Islamic branches across Pakistan.
- Enjoy Dubai Lounge Priority Banking services on meeting the balance requirements (as mentioned in the Schedule of Bank Charges) and enjoy a host of exclusive privileges.