Mustaqeem Rahat Account

Introduction

To simplify the account opening requirement and procedure, State Bank of Pakistan (SBP) has introduced a new low risk account category namely Asaan Account. The account is targeted towards all low income un-banked and under-banked masses that face difficulties in account opening due to normal account opening requirements.

Account Features

Currency PKR
Type Current or Saving
Eligibility Individual (Single or Joint)
Initial Deposit PKR 100/-
Transaction Limits Total Debits Per Month:
Maximum Credit Balance: 
PKR 500,000/-
PKR 500,000/-

Account Facilities

Current

Mustaqeem Asaan Current account is based on the Islamic mode of Qard making the principal amount secured. Funds in this account are invested in Islamic assets under strict adherence to Shariah principles.

Following services will be available to customers in this account.

  • Visa Debit Classic Card
  • Cheque-book on demand
  • Internet Banking, Mobile Banking & SMS Alerts facilities (subject to eligibility)
  • Account Statements (as per requirement)

Saving

Mustaqeem Aasaan Saving account is opened on the basis of Mudarabah where the customer functions as a Rabb ul Maal (investor in Mudarabah) and the Bank acts as the Mudarib (Manager of the Mudarabah).The customer not only gets return on his investments through deployment of funds in Shariah compliant modes but also benefits from a range of services catering to his banking needs.
The Bank allocates the funds received from the customers to a deposit pool where funds from the pool are utilized to provide financing to customers under Islamic modes. The rate of profit on deposits is determined through a Shariah approved mechanism for calculation of weightages which is announced at the beginning of each calendar month.

Following services will be available to customers in this account.

  • Visa Debit Classic Card
  • Cheque-book on demand
  • Internet Banking, Mobile Banking & SMS Alerts facilities (subject to eligibility)
  • Account Statements (as per requirement)
  • Profit calculation on average deposit on a monthly basis