U Islamic Asaan Saving Account
Minimum requirements with attractive returns!
U Bank Islamic Banking offers a Shari’ah-compliant saving account based on the Islamic principle of Mudarabah. U Islamic Asaan Saving Account has been specially designed for customers who may face challenges in providing extensive documentation for opening a bank account.
This is the perfect Shari’ah-compliant banking solution for daily wage earners, skilled/unskilled workers, self-employed individuals, farmers, housewives, students, etc. to benefit from our bank account services, while increasing their savings with lucrative returns.
This account can be opened singly or jointly by Pakistani resident individuals.
Salient Features
Account opening with a minimum balance of PKR 100 only
Maximum credit balance limit of PKR 1,000,000
Maximum debit balance limit of PKR 1,000,000 per month
Free Internet and online branch banking facility
Account can be opened simply with a valid CNIC
Debit card and cheque book facility
Profit is calculated on the monthly average balance and paid on a monthly basis
Zakat and Taxes are applicable as per government laws
Islamic Concept
U Islamic Asaan Saving Account is based on the Islamic principle of Mudarabah, where the customer is “Rabb-ul-Maal” and the bank is “Mudarib”. The bank may, at its discretion, use or employ such funds as it deems fit under the products and avenues approved by the Shari’ah Advisor of the bank.
The bank shall share the profit on the basis of a predetermined profit-sharing ratio. The return on deposits will be based on predetermined weightages for each month or for any interval decided by the bank.
In the event of loss to the pool, all the investors of the pool shall share such loss proportionate to their investment.
Terms and conditions apply.
Required Documents
- Valid CNIC of the applicant
- Single-pager account opening form
FAQs
How can a customer open a U Islamic Asaan Saving Account?
U Islamic Asaan Saving Account can be opened with a simplified single-page account opening form along with just PKR 100 and a valid CNIC or NICOP.
Who is eligible to open the U Islamic Asaan Saving Account?
The following resident Pakistanis with a valid CNIC or NICOP are eligible to open a U Islamic Asaan Saving Account:
- Skilled Workers (Electricians, Plumbers, Mechanics)
- Unskilled Workers (Cleaners, Guards, Clerks)
- Self-employed (Shopkeepers, Hawkers)
- Daily wage earners
- Farmers
- Housewives
- Students
- Pensioners, etc.
What is the minimum amount required to open a U Islamic Asaan Saving Account?
The minimum amount required to open a U Islamic Asaan Saving Account is PKR 100.
What is the Shari’ah structure of U Islamic Asaan Saving Account?
U Islamic Asaan Saving Account is based on the Islamic principle of Mudarabah, where the customer is “Rabb-ul-Maal” and the bank is the “Mudarib”. The bank may, at its discretion, use or employ such funds as it deems fit under the products and avenues approved by the Shari’ah Advisor of the bank.
Is there any account maintenance fee associated with U Islamic Asaan Saving Account?
There is no account maintenance fee in U Islamic Asaan Saving Account.
What are the deposit (credits) and withdrawal (debits) limits?
The limits to deposits and withdrawals are as follows:
- Total debit per month: PKR 1,000,000
- Total credit balance limit: PKR 1,000,000
Can U Islamic Asaan Saving Account be opened jointly?
Yes, the U Islamic Asaan Saving Account can be opened jointly as well.
Is there any limit on the number of transactions for U Islamic Asaan Saving Account?
No, this account provides the facility of unlimited transactions.
What are the value-added services to be offered on this account?
- Free Online Banking Services
- Free Internet Banking
- Free Mobile App
- Free SMS Alerts
- Phone Banking (24/7 Call Centre)
- All other facilities can be availed, such as Debit Cards, Cheque Books, Pay Orders and etc. as per the prevailing bank’s Schedule of Charges.
Free services are provided to all Current & Saving account customers across the board.
Will I be allowed to open regular accounts in the bank in addition to the U Islamic Asaan Saving Account?
No, you will not be able to open any other regular account, if you already have a U Islamic Asaan Saving Account at U Bank.
Can I book Term Deposit Receipt (TDR) through my U Islamic Asaan Saving Account?
Yes, you can book TDR through your U Islamic Asaan Saving Account.
In case of further queries or ambiguities, what should I do?
You may call our 24/7 helpline at +92 51-111-282-265 or visit your nearest Islamic banking branch for more details.
