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Financial Institution
Faculty: Sir Shakil Anwer Kamal
By : Seema Khan 22181
Bank Al Habib
1. Available Products for saving account:
There are Different categories of saving accounts in bank al habib.
1. Monthly saver account or Islamic Mahana Amdani Saving Account (Based on Islamic principles of
Mudarabah)
2Fixed Deposit Account (Term deposit receipt)
3. Normal Saving Account
4. Islamic Senior Citizen Account (Return is higher than normal saving account)
TDR is for fixed account. Where bank will pay you some return. It is short or long term deposit
account. (1 year to 5 years)
In case of premature encashment, profit is paid at the prevailing PLS Saving rate.
Deposit may be provided as security for allowing limits under Shariah Compliant modes of Finance
Other Benefits:
o Free Internet & Mobile Banking
o Free Banker’s Cheque
o Free Online Banking
o Receive profits every month
o Free ATM/Debit Card
o No restriction on withdrawals
o Mobile Banking & SMS Alerts Facility
4. Loan requirement:
Personal loans are not allowed in bank al habib. For SMES (small medium enterprise) and other self
employed or businesses Bank Al Habib provide loans but against collaterals not mortgage.
If you need 1800000 rupees so you will have to provide bond papers, TDR, or Cash of 20, 00000
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5. Islamic Apni Car Finance (DM-Consumer)
AL Habib Islamic Apni Car is an auto finance facility that lets you buy a car through Shariah-compliant
mode of Diminishing Musharakah (DM). With affordable plans to suit your convenience.
The facility is based on Shirkat ul Milk. Under the facility, Bank and customer jointly own the vehicle.
After assuming the ownership and possession of vehicle, bank rents outs its share of ownership to
customer. Bank share of ownership is divided into units and customer undertakes to purchase the
bank share of ownership, periodically.
o Pakistani nationals
o Account holder of any bank
o Salaried person, business man or self employed
Customer will choose the car from anywhere and will finance for that.
Deposit of down payment is minimum 50% of car price for second hand car as it is more risky to
finance second hand car, and 30% for new one.
If you are non filer then you will have to pay 15% of car price or cost of tax
If you are a filer then you will have to pay 7.5% tax.
Tenure is 1 to 7 years
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