MCB Islamic Asaan Remittance Current Account

MCB Islamic Asaan Remittance Current Account is for Individuals who are receivers / beneficiary(ies) of home remittance and want to open and maintain Shari’ah compliant current account with limited transaction limit. Click Here to open account now.

Benefits/Features
  • MCB Islamic Asaan Remittance Current Account can be offered to Individuals.
  • No minimum balance requirement
  • Local Credit Limit – Rs.1 Million (per month), apart from which only home remittances are allowed.
  • Apart from the aforementioned Local Credit Limit per Month, the account can only be fed through home remittance received from abroad. No local credit beyond the aforementioned Local Credit Limit per Month and no commercial remittances are allowed in the account from any other mode. Therefore, credits in the account (only full credit and no partial credit) shall ONLY be allowed through the inward channels of Swift, Real Time Gross Settlement, Money Transfer Operators on the Bank’s panel, Inter Bank Funds Transfer provided that such fund transfers being received by the Bank specifically mention home remittance as the purpose and subject to availability of cushion in the aforementioned credit balance limit, whereas all other credit transactions shall be rejected
  • This account shall be restricted for cross border (outward) transactions.
  • ONLY PayPak-Domestic payment scheme (i.e. PayPak only for local transactions) enabled Debit Cards shall be issued against MCB Islamic Asaan Remittance Current Account.
Initial Deposit

Nil

Transaction Limit

Max. Credit Balance Limit Rs. 3,000,000/- at any point in time

Cash withdrawal limit Rs. 500,000/- per day (inclusive of counter
and digital / alternate delivery channels).

Fund Transfer limit to any other account Rs. 500,000/- per day (inclusive of counter and digital / alternate delivery channels). Local Credit Limit – Rs.1 Million (per month), apart from which only home remittances are allowed.

Online Banking

Free

Acceptable Currency

PKR

Other Facilitiies
  • Cheque Books
  • Banker’s Cheque
  • ATM/Debit Card (PayPak Debit Card only)
  • SMS Alerts
  • Internet Banking
  • Mobile App
  • Phone Banking (24/7 Call Centre)

Nature of Product

MCB Islamic Asaan Remittance Current Account is based on the concept of “Qard” where the Customer is “lender” and the Bank is “borrower”. The amount deposited by Customer in this account shall remain payable by the Bank to the customer until paid. Bank may at its discretion use or employ such funds as it deems fit in approved Shari’ah Compliant products/avenues. This is non-remunerative chequing account where the bank is liable to pay your money back on demand without any additional charges.

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 Asaan Remittance Current 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).

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