MCB Islamic Shandaar Account

MCB Islamic Shandaar Account is for Individuals & entities seeking Shari’ah compliant chequing saving account with value added free facilities subject to meeting below-mentioned criteria.

Benefits/Features

MCB Islamic Shandaar Account can be offered to:

  • Individuals
  • All Forms of Association of Persons (AOPs) such as:
    1. Firms (Sole Proprietor, Partnership).
    2. Companies (Public and Private Limited)
    3. Trust/Clubs/Societies & Associations
  • A host of FREE services subject to meeting the below mentioned Eligibility Criteria
  • No minimum balance requirement
Initial Deposit Requirment

Nil

Transaction Limit

Unlimited Deposits & Withdrawals

Profit Payment Frequency

Profit is calculated on Monthly Average Balance basis and paid on monthly basis.

Acceptable Currency

PKR

Free Services and Eligibility Criteria:
  • Criteria-A: (Month of Account Opening): The following services as per “Criteria (A)” column below will become free for the month of account opening for MCB Islamic Shandaar accountholder if the Initial Deposit Amount equal to or more than PKR 25,000/- is made by the customer in the same month.
  • Criteria-B: (Subsequent Months): The following services as per “Criteria (B)” column below will become free for the prevailing month for MCB Islamic Shandaar accountholder if Monthly Average Balance equal to or more than PKR 25,000/- is maintained by the customer for the previous month.
Services / Benefits Available to Individuals / Other than Individuals Criteria
(A)		 Criteria
(B)
Issuance of Cheque Book Both * Free * Free
Issuance of Banker’s Cheque Both * Free * Free
Cancellation of Banker’s Cheque Both * Free * Free
Stop Payment of Cheque Both * Free * Free
Duplicate Account Statement (i.e. Other than half-yearly account statement) Both * Free * Free
Intercity Clearing Charges (except return charges) Both * Free * Free
Certificate of Account Balance Maintenance Both * Free * Free
Same Day Clearing (except return charges) Both * Free * Free
Issuance of Debit Card (New and Annual / Renewal) – All variants of any payment scheme except Platinum Individuals Only * Free * Free
Annual SMS Alerts Charges (i.e. for the customer subscribed service) Individuals Only * Free * Free
Family Takaful Coverage (Death and Total Permanent Disability) Individuals Only Not Available ** Free
Hold Mail Facility Both Already Free Already Free
Internet Banking Subscription Individuals Only Already Free Already Free
Mobile Banking App. Subscription Individuals Only Already Free Already Free
Online Banking (i.e. Cross MCB Islamic Branches) Both Already Free Already Free
E-Statement Both Already Free Already Free
24/7 Phone Banking (i.e. Calls and Queries Only) Individuals Only Already Free Already Free
Cash Withdrawal Through MCB Islamic ATM Individuals Only Already Free Already Free
Cross Branch Cash Withdrawal and Deposit (Within & Inter City) Both Already Free Already Free
* Note-1: Means PKR 1/- plus applicable taxes.
** Note-2: MCB Islamic has arranged the aforementioned Free of Charge Family Takaful coverages for its MCB Islamic Shandaar Accountholders based on Criteria (B) mentioned above as well as the detailed eligibility criteria and terms & conditions mentioned in the Customer Information Document concerning the same (available on this page for downloading), whereby the sum covered in the prevailing month shall be twice the monthly average balance maintained by the customer for the previous month subject to a per covered person limit of PKR 1 million.

The aforementioned benefits are specific to MCB Islamic Shandaar Account only and shall not be available to non-MCB-Islamic accountholders or any other account of the MCB Islamic Shandaar accountholder. If the above criteria are not met by MCB Islamic Shandaar Accountholder, then standard charges for the aforementioned services shall be applicable as given in MCB Islamic Bank’s Schedule of Banking Charges as prevailing from time to time.

Nature of Product

MCB Islamic Shandaar 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.

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 Islamic Shandaar Account

In the event of loss to the pool, all the investors of the pool shall share such loss proportionate to their investment.

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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