The Johara Account is checking (current or saving) account which is designed to cater the needs of women whether they are entrepreneurs, salaried or self-employed individuals or housewives who wish to open bank account to receive remittances from abroad or simply a college students who wishes to open an account to fulfill their banking needs.
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 Johara Account is being offered in Pak Rupees, US Dollar, UK Pound, Euro and UAE Dirham.
- Open with an initial deposit of just Rs. 1,000
- No Account maintenance service charges
- No restriction on the number of monthly deposits or withdrawals
- Profit calculation on monthly average balance
- Profit will be paid on monthly basis
- First Cheque book of twenty five leaves
- Free locker for first year (small locker only, subject to availability), onwards renewal charges as per SOC
- Discounted financing services/rates
- 50% Discount on application processing fee for Consumer Finance
- Online banking services nationwide
- Internet Banking
- E-mail statements (twice a year)
- Joint account in the name of individuals will be allowed. However, both account holders should be females
- Giving Power of Attorney (mandate) to operate this account will not be allowed.
- Zakat applicable as per Zakat & Ushr ordinance on saving account
The following Account falls under Sections 7 (3) of Deposit Protection Corporation Act, 2016 for more information visit. dibpak/deposit-protection-mechanism/
What is Johara Account?
The Johara Account is targeted at females and specifically designed for women entrepreneurs, salaried and self-employed individuals or housewives who wish to open bank account to receive remittances from abroad or simply a college students who wishes to open an account to fulfill their banking needs.
What are the free services available in this product?
There are no Cheque book charges on the issuance of first cheque book of 25 leaves, free locker (small locker, subject to availability) for the first year, free online banking services nationwide.
Is there any benefit on consumer finance in this Account?
Yes, there is 50% discount on consumer finance application processing fee for the account holders in this product. Whereas, discounted rates are available for House Finance, Auto Finance and Personal Finance.
Can Minor open a Johara Account?
Yes. If guardian and minor both are female. In case of minor account, photocopy of Form-B, Birth Certificate or Student ID card (as appropriate) of the minor will be required. In addition, photocopy of any of identity document as per (a) above of the guardian of the minor shall be obtained.
Can Non-residents and foreign nationals open Johara account?
Yes, Johara account can be opened by residents and foreign nationals.
Can a person open Johara Account jointly?
Yes. But both account holders should be females.
What are the initial deposit and minimum balance requirements for Johara Account?
Johara Accounts shall be opened with minimum of PKR 1,000 or equivalent in other currencies as initial deposit. However, there are no minimum balance requirements on the account.
Are the conditions for account being marked as dormant or inoperative same as in case of regular accounts?
Yes, conditions will be the same for Johara Account.
Can a company account be opened as Johara Account?
Yes. However, only companies where major shareholding of the company are with females.
How the profit is being calculated?
Profit is calculated on the basis of monthly average balance and paid on monthly basis.
What is the monthly fee for Johara Account?
There is no monthly fee for Johara Account. It is absolutely free.
What is the Islamic mode of profit sharing?
Profit sharing is on the basis of Mudaraba for saving accounts.