Free services, complete satisfaction!
Mufeed 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.
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
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
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
* Terms & Conditions are applicable.
Shari’ah Structure
U Islamic Business Plus 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.
