Current Account | Summit Bank

Current Account

Current Account (CA) is a checking (transactional) account based on Qard (Loan); hence Principal (Deposit) received in the account is guaranteed. The money can be deposited and withdrawn at will to and from this account with or without notice either by Cheque / ATM / Debit Card / electronic means (Net banking etc.) or through written instructions.

Salient Features:

Current Account (CA) is a checking account which aims to provide necessary tools to Individuals and Corporate customers to transact their entire bank related business and personal activities. Funds received are on the basis of Qard (Loan) hence are guaranteed.

  • Account can be opened with PKR 1,000/-
  • No limit on number of transactions
  • Minimum Balance requirement is PKR 1,000/-
  • ATM / VISA Debit Card facility
  • SMS Alerts facility
  • Free E-statement facility
  • Free 1st Cheque Book
  • Net Banking facility

Who Can Participate?

Account may be opened in the name of persons and bodies mentioned below upon being properly introduced in a manner prescribed by the Bank (provided that their source of income is not received from any prohibited source as per the Shariah principles):

  • Individuals
  • Sole Proprietorship concerns
  • Partnership Firms
  • Limited Companies (Private & Public)
  • Clubs, Societies and Association
  • Foreign Missions / Diplomats
  • Agents Accounts
  • Trust
  • NGO / NPO’S / Charities
  • Branch Office / Liaison Office of Foreign Companies
  • Executors and Administrators
  • Government / Provincial / Local Government and Armed Forces (Including Allied Accounts)

Shariah Rulings:

Shariah rulings for the use of Qard by an Islamic Bank / Islamic banking branch on the deposits / liability side are as follows:

“AAOIFI Shariah standards for Shirkah have allowed an Islamic bank / Islamic banking branch to use money received in the current deposits accounts for investment purpose / to generate assets”.

  • Islamic bank / Islamic banking branch is fully responsible for the profit or loss that occurs during the use of current accounts deposits by the Islamic bank/ Islamic banking branch, whereas the current deposits accounts holders will not be entitled to any profit or reward or benefit to abide by the following Hadith of Prophet Muhammad Sallallahu Alaihi Wassalam:
    “Every Qard which attracts any kind of benefit is regarded as Riba”. 

  • The current deposits holders are not responsible for any loss occurred by Islamic bank / Islamic banking branch while investing current accounts deposits.
  • It is not permitted to the institution to give any benefit to the owners of current account, (exclusively) in lieu of such accounts, material gift, financial incentives, services or benefits that are not related to deposits and withdrawals and exemption from charges in whole or in part.

Value Added Services

  • Fund Transfer within Summit Bank Ltd via ATM, Web & Branch Network.
  • Issuance of Pay Order
  • Outward Clearing Charges for Cheques returned unpaid.
  • Issuance of Islamic Visa Debit Card for 1st Year.

Terms & Conditions apply

 

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Last Updated 2017-03-27


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