U Islamic Salary Transfer Account
Free services, complete satisfaction!
U Islamic Salary Transfer Account is a transactional account that is specially tailored to match the daily financial needs of individuals, sole proprietors, partnerships, companies and payroll accounts, while offering them free banking services. This is a Remunerative Current Account, based on the Islamic principle of Mudarabah and is specially designed for customers who wish for exceptional banking services without paying for them.
Additional Benefits & Service Fee Waivers
(Tier 1) Basic Waivers – (PKR 25K – 99.999K)
By opening or maintaining a monthly average balance between Rs. 25,000/-to Rs. 99,999/-, customer will be entitled to the following free services:
- Cheque Book (25 leaves)
- Pay Orders Issuance & Cancellation
- Debit Card (Pay Pak)
- Account Statement & Certificates
(Tier 2) Super Waivers – (PKR 100K & Above)
By opening or maintaining a monthly average balance of Rs. 100,000/- and above, customer will be entitled to the following free services:
- +All Tier 1 Basic Waivers
- Debit Card (MasterCard)
- Same Day Clearing
* Terms & Conditions are applicable.
Shari’ah Structure
U Islamic Salary Transfer Account is a Savings deposit product based on the Islamic principle of “Mudarabah” which is a kind of partnership, whereby customer will deposit funds on the basis of Mudarabah. The Bank will act as a Mudarib (Manager) and Customer will act as a Rab-ul-Maal (Investor). Funds under this Mudarabah arrangement will be invested in the deposit pool maintained by the Bank and the profit will be distributed as per pre-agreed Profit Sharing Ratio and Weightage announced by Pool Management.
Moreover, profit will be distributed as per approved prevailing Ubank Islamic Banking Profit & Loss Distribution and Pool Management Policy after Shari’ah Advisor’s approval.
Salient Features
Minimum Initial Deposit Requirement is of PKR 1,000
No Account Maintenance Charges
Unlimited Deposits & Withdrawal
No Maximum Balance Limit
Profit calculated on Monthly Average Balance (MAB) & paid on Monthly basis
Free SMS Alerts, Internet & Mobile Banking, E-Statements Facility, Discounts on Debit Card
Zakat and Taxes are applicable as per regulations
Required Documents
- Valid CNIC of applicant
- Source of income or salary slip (for housewives’ source of income of the spouse can be considered)
- Account opening form
FAQs
Who can apply?
The U Islamic Salary Transfer Account can be opened by individuals holding Pakistani nationality, including non-resident Pakistanis (NRPs), entrepreneurs, salaried, and self-employed individuals.
What are the unique benefits in U Islamic Salary Transfer Account for the customer?
- Free first Cheque Book
- Free first Debit Card (Pay Pak)
- Free Pay Orders
What is the initial amount required to open U Islamic Salary Transfer Account?
An initial deposit of PKR 25,000 is required to open U Islamic Salary Transfer Account.
What is the mechanism of Profit calculation and payment?
Profit will be calculated based on the Monthly Average Balance (MAB) and credited to the customer’s account on monthly basis.
Is U Islamic Salary Transfer Account a Shari’ah-Compliant Product?
Yes. U Islamic Salary Transfer Account is structured on the concept of Mudarabah, a form of partnership under Islamic Shari’ah, where the customer provides funds to be invested in the Ubank’s Islamic deposit pool. Profits are distributed according to the agreed Profit-Sharing Ratio and Weightage.
Can U Islamic Salary Transfer Account be opened jointly?
Yes. U Islamic Salary Transfer Account can be opened jointly.
Is Zakat and Withholding tax applicable on the U Islamic Salary Transfer Account?
Yes. Zakat and Withholding tax will be applicable as per prevailing laws.
What is the procedure to open this account?
- Visit your nearest Ubank Islamic Banking branch.
- Provide the necessary KYC documents.
- Read & sign the account opening form and submit it for processing.
Is there any limit on the number of transactions?
No. U Islamic Salary Transfer Account allows unlimited transactions.
In case of further queries or clarifications, what should I do?
You may call our 24/7 Phone Banking at UAN: +92 51 111-282-265 or visit your nearest Ubank Islamic Branch for assistance.