Asaan Bachat Account

A savings account with no minimum balance requirement and monthly or quarterly profit payment

Name of the product	Asaan Bachat Account
Underlying Islamic mode	PLS Deposit on Mudarabah basis
Acceptable currency	PKR
Type of product	Saving
Minimum balance requirement, if any	No minimum balance
Tenors (minimum and maximum)	Savings
Profit calculation	Daily closing balance
Periodicity of Profit distribution	Monthly / Quarterly Profit Payment
Target Customers	PLS small Account holders
Service charges leviable if any	As per Schedule of Service Charges
Other salient features/services	Free internet/Mobile banking services SMS facility Free CDR facility RTGS Facility
Launch date of the product	With the approval of SBP
Maximum transaction	8 transaction in a month
Maximum amount in the account	Rs.500,000

 

Mudarabah 

Deifinition of Mudarabah 

“Mudarabah” is a kind of partnership where one partner gives money to another for investing in profitable avenues. The investor (fund supplier) is called “Rabb-ul-Mal” while the person who utilizes this fund (the fund manager) is called “Mudarib” who is exclusively responsible for management of the business.

Legitimacy of Mudarabah 

The Muslim jurists have reached Ijma’ among them upon conducting Ijtihad on the permissibility of the Mudarabah contract. It has also been established that the companions of the Prophet Muhammad (SAW) such as Umar, Uthman, Ali, Abdullah Ibn Mas`ud, Abdullah Ibn Umar, Ubaydullah Ibn Umar and A`ishah have placed the property of orphans under the Mudarabah contract with no objections from other companions.

The Modern Application of Mudarabah in NRSP

Relationship with depositors:

All investment accountholders of the bank provide money to bank as Rabb-ul-Mal to be invested by the bank as Mudarib on the basis of profit and loss sharing on pre agreed specific ratio.