MCB Islamic Financial Institution Account

MCB Islamic Financial Institution Account exclusively designed for financial institutions seeking a shariah compliant solution to manage their excess liquidity in a profitable way with a freedom to withdraw as and when required.

Benefits/Features

MCB Islamic MCB Islamic Finanacial Instituion Account can be offered to:

Banks (including Micro Finance Banks)
Development Financial Institutions
Micro Finance Institutions other than Micro Finance Banks
Non-Banking Finance Companies
All categories of Funds (including but not limited to mutual funds).
No minimum balance requirement
Profit is calculated on daily average balance basis

Initial Deposit

Rs.10,000,000/-

Transaction Limit

Unlimited Deposits & Withdrawals

Online Banking

Free

Acceptable Currency

PKR

Profit Payment Frequency

Monthly

Nature of Product

MCB Islamic Financial Instituion Account is a profit bearing account based on the principles of Mudarabah, where Customer is “Rabb-ul-Maal” and Bank is “Mudarib”. Bank may, at its discretion, use or employ such funds as it deems fit under the products and avenues approved by Shari’ah Board of the Bank. Bank shall share the profit based on predetermined profit sharing ratio. Return on deposits will be based on predetermined weightages for each month or any interval decided by the bank and announced as per SBP’s instructions. A sheet containing this information shall be available on Customer’s demand and be placed at the public notice board of branches and on the website of the bank.
In the event of loss to the pool, all the investors of the pool shall share such loss proportionate to their investment.

Key Fact Sheet

MCB Islamic has taken a proactive approach to promote responsible and transparent banking practices. To help customers make informed decisions about our products, we have created Key Fact Statements (KFS) that provide a comprehensive overview of the affordability, features, pricing, and other important factors of our banking services. We encourage you to review the below KFS sheet carefully to make informed decision.

KFS For Financial Institution Account

For more information, please call our Contact Centre at 042-111-222-642, or visit your nearest MCB Islamic Bank Branch.

Note: Terms and Conditions apply. All taxes are applicable as per Government regulations, and all Bank Charges are applicable as per the prevailing Schedule of Charges (SOC).