MCB Islamic Asaan Remittance Saving Account

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

Benefits/Features
  • MCB Islamic Asaan Remittance Saving 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.
  • Profit is calculated on monthly average balance basis
  • 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 Saving 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

Profit Payment Frequency

Six-Monthly

Profit Payment Frequency

Monthly

Other Facilities
  • 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 Saving Account 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 on the basis of 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 also 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 Asaan Remittance Saving 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 and Zakat are applicable as per Government regulations, and all Bank Charges are applicable as per the prevailing Schedule of Charges (SOC).

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