MCB Islamic Shandaar Accounts

MCB Islamic Shandaar Account is for Individuals & Entities seeking Shari’ah compliant chequing account with value added free facilities.

Benefits / Features
  • Both Individuals & Entities can open MCB Islamic Shandaar Accounts
  • Can be opened in Pak Rupees Only.
  • Available in both Current and Saving variants.
  • A whole host of *FREE services as mentioned in the table below(scroll down for more details).
  • FREE Death and Permanent Total Disability Takaful Coverages (click here for more details).
  • No Initial Deposit Requirement for account opening.
  • Unlimited Deposits & Withdrawals.
  • Monthly average balance based profit, paid on a monthly basis, in the saving variant.
Free Services and Eligibility Criteria:

The following services will be*Free for MCB Islamic Shandaar (Current & Saving) accountholders:

Services Available to Individuals / Entities / Both
Issuance of Cheque Book *Both
First Issuance of Debit Card – All variants of any payment scheme, except UnionPay Platinum (which is not offered to MCB Islamic Shandaar Accountholders) *Individuals Only (Replacement and Annual / Renewal Fees shall be charged)
First Year Annual SMS Alerts Charges (i.e. for the customer subscribed service) *Individuals Only
Issuance of Banker’s Cheque *Both
Cancellation of Banker’s Cheque *Both
Stop Payment of Cheque *Both
Intercity Outward Clearing Charges (except return charges) *Both
Same Day Outward Clearing (except return charges) *Both
Duplicate Account Statement (i.e. Other than half-yearly account statement) *Both
Balance Confirmation Certificate *Both
Hold Mail Facility Both (Already Free)
Internet Banking Subscription Individuals Only (Already Free)
Mobile Banking App. Subscription Individuals Only (Already Free)
Online Banking (i.e. Cross MCB Islamic Branches) Both(Already Free)
E-Statement Both(Already Free)
24/7 Phone Banking (i.e. Calls and Queries Only) Individuals Only
Cash Withdrawal Through MCB Islamic ATM Individuals Only (Already Free)
* Note: Means PKR 1/- plus applicable taxes.

Free Family Takaful Coverage: MCB Islamic has arranged the Free of Charge Family Takaful coverages of Death and Permanent Total Disability for those MCB Islamic Shandaar (Current and Saving) Accountholders for the prevailing month if they have maintained previous month’s average balance of minimum PKR 25,000/-. The same is mentioned in the detailed terms & conditions given in the Customer Information Document concerning the said coverages, 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. If the aforementioned criterion is not met by any MCB Islamic (Current or Saving) Accountholder, then the concerned accountholder will not fall or cease to fall under the aforesaid Family Takaful coverages.
The aforementioned benefits are specific to MCB Islamic Shandaar (current and saving) Accounts only and shall not be available to any other account of the MCB Islamic Shandaar (current and saving) accountholder.

Nature of Product

MCB Islamic Shandaar 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 avenues. This is non-remunerative chequing account where the bank is liable to pay your money back on demand without any additional charges

MCB Islamic Shandaar (Saving) 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 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 for which 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 MCB Islamic Shandaar Accounts

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 are applicable as per Government regulations, and all Bank Charges are applicable as per the prevailing Schedule of Charges (SOC).

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