U Bank Islamic Banking offers Ba-Aitmaad Current Account which is a non-remunerative current account. This account fulfils everyone’s daily banking needs at their convenience whether they are individuals or entities and are seeking to maintain Shari’ah compliant current account.
Salient Features:
- No minimum balance requirement
- Account can be opened with minimum Rs. 1000/-
- Debit card
- Cheque book
- Pay Order
- FREE Internet Banking
- FREE SMS Alert and Email
- FREE Online Banking
- Unlimited transactions
Current Account at U Bank
Current account is based on the Islamic concept of “Al-Qard”, whereby the Bank is a ‘debtor’ and the Depositor is the ‘creditor’. This is a non-remunerative account where the bank is liable to pay the depositor’s money back to the customer on demand without any additional charges. Bank may at its discretion use or employ such funds as it deems fit in Shari’ah Compliant products and avenues. In case of a loss, the Bank will bear the same from its own equity and no losses will be borne by the current account holders.
