If you are looking for Riba free returns on your investments based on Islamic Financing principles then Falah Classic Savings Account is best-suited for you.
Note: Withholding Tax and Zakat is applicable as per existing policy of Government.
* No initial deposit would be required for opening of account by Mustahiqqeen of Zakat, Students and Employees of Govt. Semi-Govt institutions for salary and pension purposes (including widows/children of deceased employees eligible for family pension/benevolent fund grant, etc) and other similar types of accounts.)
** All the free services are subject to the terms and conditions as per prevailing Schedule of Charges
Whether you are an individual or a business entity looking for competitive returns on savings, this account is designed on the foundation of ‘Mudarabah’, where Bank is the ‘Mudarib’ (manager of the funds) and you, the customer is the ‘Rabb-ul-Maal’ (owner of funds). Bank at its discretion, use or employ your deposited funds in Shari’ah compliant modes such as Ijarah, Murabaha and Musharakah.
Bank Alfalah Islamic Banking will share profit on the basis of predetermined profit sharing ratio. The rate of return on your deposit will be determined through a Shari’ah approved mechanism called weightages, which are announced before the beginning of each calendar month and shall remain applicable for upcoming month. In the event of loss, all depositors will share such loss proportionate to their investment.