How to open an account at BankIslami

BankIslami is a Pakistani bank based in Karachi and received its license under the Islamic banking policy of 2003 to become the first Islamic Bank in Pakistan. The bank was inaugurated on 7th April 2006 and provides a range of banking services such as Shariah-compliant retail banking, consumer banking and investment banking.

The bank has a total of 317 branches across 80 cities all of which provide the facility of internet banking. This means you can open your account anywhere and make use of internet banking to carry out transactions in any Bank Islami branch.

Some of the features of internet banking are mentioned below:

• Cash Deposit for immediate credit to a remote branch.
• Remote Cheque Encashment from any Online branch.
• Transfer funds instantly between any 2 Online branches.
• Check for a balance inquiry
• Check for Statement of Account from any Online branch.

Since we’re talking on the topic of opening a bank account in BankIslami, let’s look at the 2 types of bank accounts you can apply for:

• Current account
• Savings account

Current account:

To apply for a current account there are 2 types of users i.e:

• Employed individual/Salaried Individual (Age limit: 18 to 70 years old)
• Businessperson (Age limit: 18 to 70 years old)

Employed individual:
If you are an employed individual, you need to collect the following documents:

• CNIC and 2 of its copies
• Proof of employment (through an employment verification letter)
• Copy of your utility bills.

Business owner:
As a business owner you only need to take the following documents to the bank:

• CNIC and 2 of its copies
• Proof of business ownership

After submitting these documents, you will need to pay a minimum fee of 1000 PKR for account opening while no minimum account balance is required for account maintenance.

Features of current account:

• Make unlimited cash withdrawals and deposits every month.
• Locker facility and joint account are available.
• Unlimited funds transfer through ATM.
• No need to stress over maintaining a minimum monthly balance.

Savings account:

To open a savings account is much like opening a current account, there are 2 types of people who can apply for this account:

• Employed individual/Salaried Persons (Age limit: 18 to 70 years old)
• Businessperson (Age limit: 18 to 70 years old)

Employed individual:
If you are an employed individual, you need to collect the following documents:

• CNIC and 2 of its copies
• Proof of employment (through an employment verification letter)
• Copy of your utility bills.

Business owner:
As a business owner you only need to take the following documents to the bank:

• CNIC and 2 of its copies
• Proof of business ownership

After collecting these documents, you can head on your way straight to the bank where you will be required to fill a banking form as part of the application and you will also be required to pay a minimum fee of 100 PKR with no minimum balance required to for account maintenance.

The only difference between a current and a savings account is that a savings account has an annual equivalence rate/interest rate of 8% while the current account has none.

Features of savings account:

• Profit calculation monthly basis
• Joint account facility available
• Interest rate fluctuates from 3.35% to 8% depending on the deposited amount
• Enjoy unlimited withdrawals and deposits of money.
• Higher balances promise higher profit returns.

In all, these are the methods to open a current or savings account at BankIslami.