Albaraka Bank
BREIF BACKGROUND
AlBaraka Islamic Bank (AIB) has the honor of being the pioneer of Islamic banking in Pakistan and has been operating in the country as branches of AlBaraka Islamic Bank Bahrain since 1991. Over the years, the bank has successfully developed and maintained its identity as one of the leading providers of a host of banking products and services in strict compliance with Shari’ah principles.
Currently operating with 18 branches in 10 major cities of the country, AIB offers a wide array of Islamic financing products such as Murabaha, Ijara, Musharaka and Islamic Export Refinance, catering to a diverse cross-section of the economy, including the Corporate, SME and Consumer sectors. Moreover, various Shari’ah compliant deposit schemes are available for customers to invest their funds in, along with a variety of other ancillary services such as online banking, ATM/debit card, safe deposit lockers and utility bill payments etc.
AlBaraka Islamic Bank is a member of Albaraka Banking Group (ABG) which is a Bahraini Joint Stock Company listed on Bahrain and Dubai stock exchanges and one of the well-known leading international Islamic banks. ABG is the biggest Islamic banking group listed on the Bahrain Stock Exchange in terms of capitalization. It has been rated by Standard & Poor's as BBB- with a short-term rating of A-3. ABG offers retail, corporate and investment banking and treasury services strictly in accordance with the principles of the Shariá. The authorized capital of ABG is US$1.5 billion, while the total equity amounts to about US$ 1.5 billion. The Group has a wide geographical presence in the form of subsidiary banking Units in 12 countries, which in turn provide their services through more than 240 branches. These banking Units are Jordan Islamic Bank/ Jordan, Al Baraka Islamic Bank/ Bahrain, Al Baraka Islamic Bank/ Pakistan, Banque Al Baraka D'Algerie/ Algeria, Al Baraka Bank Sudan/Sudan, Al Baraka Bank Ltd/ South Africa, Al Baraka Bank Lebanon/Lebanon, Bank Et-Tamweel Al- Tunisi Al Saudi/ Tunisia, The Egyptian Saudi Finance Bank/Egypt, Al Baraka Turk Participation Bank/Turkey, Albaraka Bank Syria (under establishment), and representative office, Indonesia.
ABG is committed to expanding its presence in Pakistan, which is evident from the rapid growth being undertaken by AlBaraka Islamic Bank in the country. Building on the expertise and experience of its workforce and the growing awareness of Shari’ah compliant banking solutions among the masses, AIB has successfully developed itself as a major unit of ABG operating in the region, capitalizing on the Group’s geographical presence and high quality research and development in Islamic financial products for its business expansion in the country. Faced with growing challenges in this rapidly developing market, AIB strongly relies on its ability to be an effective and efficient market player through renewed focus on superior customer service, development of Islamic alternatives to conventional financing facilities, and strict adherence to Shari’ah rulings and principles.
ALBARAKA’S COMMITMENT TO ISLAMIC BANKING
AlBaraka Islamic Bank and Albaraka Banking Group are fully committed to develop and promote an integrated Islamic Financial System. Compliance with the rules and principles of Islamic Shariah is the core of the banking and financial activities and its philosophy. All its banking activities are very closely regulated by a Board of Shariah Advisors based at the Head Office in Bahrain and a Shariah Advisor based in Pakistan, to ensure strict compliance with the highest standards of Islamic Banking principles.
OUR VISION
To be a leading and a diversified International Islamic Bank, Offering a wide range of Quality Products and Services and Forming strategic alliances for a Competitive Edge.
We strive to be a Premier Regional Islamic Bank, Dedicated to the Economic and Social Development of our target market, Maximizing our Clients and Shareholders Value And focusing on the Human Resource Development In an environment of Creativity and Innovation.
ALBARAKA’S RANGE OF PRODUCTS & SERVICES
AlBaraka Islamic Bank in Pakistan, offers a comprehensive range of banking products and services, to suit and serve customers in individual, retail, corporate, SME and consumer categories, as given on the relevant pages of this website.
Corporate Banking
AlBaraka Islamic Bank offers a wide range of banking products and services, fully complying with Shariah principles, as mentioned below, to meet the needs of Sole Proprietorship concerns, Partnership firms, Public/Private Limited Companies and other business entities, falling in the SME, Consumer or Corporate categories:
- Current, Savings & Time Deposits
- Joint Pool Investment Accounts
- Import Financing
- Export Financing
- Working Capital Financing
- Infrastructure Financing
- Project Financing
- Financing of other Business needs
All financing/investment facilities comply with Shariah-compliant modes of financing, such as:
- Murabahah (Sale/Purchase/Trading)
- Musharaka (Partnership)
- Ijarah (similar to Leasing)
- Istasna & Salaam (Sale of goods at a future date)
- Investment in Sukuks (Islamic Bonds)
ALBARAKA BASIC BANKING ACCOUNT
Available to any individual, as a Current Account in Pak Rupees Minimum initial deposit: only Rs. 1,000/-. No minimum balance requirement. No fee/charges applicable for maintaining the account. No restriction on the frequency of transactions in the account. Statement of account to be sent to the customers once in a year as at 31 December. Eligibility: any individual (new or existing customer) who fulfils our Bank's standard criteria for opening of an account, particularly fulfilling the KYC and AML requirements. Where account balance remains 'nil' for a continuous period of six months, the account to be closed. Cheque Book facility available (charges as per Bank's current schedule of charges) Automatic entitlement to AIB's 'BaraKash' Card for ATM/POS transactions (charges as per Bank's current schedule of charges) Entitlement to AlBaraka Online Banking services (charges as per Bank's current schedule of charges)
AMI ACCOUNTS
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RUPEE SAVINGS AND CURRENT ACCOUNT
Absolutely No Minimum Balance Requirement Every customers is our Valued Customer And No Customer is Small in our Eyes! No Service Charges, even if Your balance goes down No limitations on number of Deposits or Withdrawals
At AlBaraka, we are committed to develop and promote an integrated Islamic Financial system. Compliance with the rules and principles of Islamic Shariah is the core of banking and financial activities of the Bank.
PLS SAVING
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FOREIGN CURRENCY SAVINGS ACCOUNTS
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FOREIGN CURRENCY EXCHANGE RATES
(June 20, 2008)
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| CURRENCY | SELLING | BUYING8 |
| USD | 67.2000 | 67.0000 |
| EURO | 104.4000 | 103.4000 |
| GBP | 132.5000 | 131.5000 |
| JPY | 0.6260 | 0.6210 |
| CHF | 64.9000 | 64.5000 |
| UAE | 18.5000 | 18.2000 |
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Indicative KIBOR
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| CURRENCY PKR | RATES |
| 1 Week | 12.35% |
| 2 Week | 12.88% |
| 1 Month | 12.87% |
| 3 Months | 13.04% |
| 6 Months | 13.22% |
| 9 Months | 13.34% |
| 1 Year | 13.51% |
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KHAZANA ACCOUNT
Khazana Account is a PLS Checking Account with Minimum Balance requirement of Rs. 250,000. The calculation of profit is on a daily product basis.
QUARTERLY PROFIT PAYMENT ON
KHAZANA ACCOUNT
FREE OF COST BANKING SERVICES FOR ALL KHAZANA ACCOUNT HOLDERS
It's a PLS Checking Account Minimum Balance of Rs.250,000 Profit calculated on daily product basis Quarterly Profit Payments No Restriction on number of Deposits and Withdrawals No Service Charges Free of Cost Banking Services
- Inter-branch Funds Transfers (within AlBaraka branches)
- Stop Payments
- Hold Mail convenience
- Balance Confirmation Certificate
KHAZANA ACCOUNTS
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INCENTIVE ACCOUNT
Incentive Account is a PLS Checking Account with a Minimum Balance of RS 100,000. The calculation of profit is on a daily product basis.
INCENTIVE ACCOUNTS
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SIX MONTHLY PROFIT PAYMENT ON INCENTIVE ACCOUNT (last declared rates)
Another PLS Checking Account Minimum Balance of Rs.100,000 Profit calculated on daily product basis Six-Monthly Profit Payments No Restriction on number of Deposits and Withdrawals No Service Charges Free of Cost Banking Services
- Inter-branch Funds Transfers (within AlBaraka branches)
- Stop Payments
- Hold Mail convenience
- Balance Confirmation Certificate
AMI TERM DEPOSITS
Combine the Security of Investment through a Bank and Earning of Halal Profit according to Islamic Shariah.
AlBaraka Murabaha Islamic Account (AMI) is a joint pool investment / deposit account, which is free from Interest / Riba, where you can invest as little as Rs. 50,000 or as much as you want to, for an investment period of three months, six months, one year or more at your convenience. The bank will invest these funds in Murabaha or Ijarah transactions. Some of the highlighted features of the scheme are as follows:
Joint pool investment account Approved as Shariah compliant and returns on it as 'Halal' by Darul Ifta Centre for Islamic Economics and Darul Uloom Karachi Funds invested only in Murabaha or Ijarah transactions, strictly complying with principles of Islamic Shariah Under strict supervision of Bank's Shariah advisor Minimum investment: Rs. 50,000 only No maximum ceiling Profit to be paid after every six months or on maturity Investor / Rab-ul Maal and Bank / Mudarib share profits on 50/50 basis Zakat and withholding tax deductible as per rules For periods from Three Months to 5 Years, to suit Your Requirement Presently available in Pak Rupees Choice of Monthly provisional Profit Payments on longer term Investments Low Minimum Investment Requirement Facility for Encashment before maturity, if you need it Financing Facilities against your Savings on easy terms
TERM DEPOSITS
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ATM Facility
- Cash when you need it, 24 hours a day, 7 days a week
- Available at thousands of ATM's on the 1-LINK & M-NET networks throughout Pakistan
- Very competitive charges
AlBaraka Islamic Bank is pleased to reaffirm its commitment to continue in its tradition of providing class service to its valued clientele. Our ambition is to be customer focused in all our efforts and our ultimate goal is to provide you seamless and trouble free banking solutions. Your BARAKASH is being accepted on all the ATM Machine across Pakistan.
By the grace of God, AlBaraka Islamic Bank has started its ATM Card Services from February 12, 2004.
Charges of ATM Services:
Issuance Charges Rs. 200/-
Duplicate Card Issuance Rs. 200/-
Financial Transaction Rs. 15/-
These charges are being introduced to provide you a consistent, problem free and timely service experience, every time you use BARAKASH.
We thank you once again for choosing BARAKASH and look forward to a mutually beneficial and long-term relationship.
Debit Card
- Your BaraKash card doubles up to serve as your Debit Card also
- Just shop at any of the member outlets and pay by direct debit to your AlBaraka account - you don't have to carry cash on shopping!
Online Banking
- Connecting all branches on-line in real-time
- Deposit into, Withdraw from or Check Balances in, your account at any AlBaraka Branch in any city, from any AlBaraka branch in any city, as you wait!
- Convenient for both: Individuals and Business People
SAFE DEPOSIT LOCKERS (only at Lahore and Islamabad Branches)
PREFERENCE CRITERIA FOR ALLOTMENT
Working Ladies Housewives Professionals
ADDED ADVANTAGE
Maximum security with "Dual Lock System" Each Locker with a separate Box and your private lock for added protection
PRODUCT HIGHLIGHTS
Maximum amount Rs. 1,000,000 Swift approval within 2-3 days Strict compliance to Islamic Sharia'h 3 year and 5 year term ijara at competitive rates Available against any brand new unregistered car Car to be registered in the name of the bank Client to be provided with authenticated duplicate registration of the car and duplicate key, along with an authorization certificate from AIB permitting the client to drive the vehicle Spouse, children or parents can be co-applicants, subject to the age criteria The facility has an early adjustment option in which asset can be purchased by making payments at the pre determined amount given in the undertaking to purchase the leased asset Provisional rental schedule to be provided to the customer at the time of booking of the asset and the payment will be made on the basis of this schedule. Any revision in the payment schedule during the intervening period from the date of booking to the date of delivery will result in the adjustment to the rental schedule.
FEE & PAYMENTS
10% of the value of the car to be provided as security deposit Payments through equal monthly rental to the Bank in the form of post dated cheques one time processing and documentation charges Rs. 3,000
ELIGIBILITY
All Pakistani nationals holding computerized NIC. Old NIC acceptable against evidence of having applied for new Minimum 21 years of age at the start of financing and maximum 60 years at the time of maturity Salaried, Business or Self-employed
House financing
Your dream, your peace of mind, a house or Maskan of your own, is now a reality with AlBaraka's 'Maskan' home finance scheme on the Shariah compliant concept of Diminishing Musharaka.
We Respond to Your Needs
Purchase of House / FlatConstruction of HousePurchase of Plot & ConstructionRenovation of House / FlatAsset Transfer Facility
Eligibility
Minimum age 25, Maximum 60 years (at the time of maturity of Musharaka) Available for salaried and self-employed Minimum income* as low as Rs. 20,000 per month
Why Albaraka's Maskan? Strictly Shariah Compliant Minimum processing charges Quick approval process Up to 80% of Bank's participation Low rental rates Fixed and floating rate options Repayment tenure from 3-to 20 years Financing up to Rs. 20,000,000 Bank shares in Insurance and property tax Co-applicant option
The Bank provides finance on the basis of Murabaha (cost plus profit margin).
Import Letters of Credit
Sight, Usance, Standby etc. Export Financing, Negotiation
Export Refinance Forex Sale & Purchase
Major currencies Letters of Guarantee
Financial, Bid, Performance, etc.
Easiest and safest ways to remit funds. Fastest means of remittance in Pak Rupee and foreign currency.
Registered NIT units are issued by the bank on submission of the prescribed application form along with payment.
AlBaraka offers you an opportunity to buy or sell Prize bonds without any service charges.
Management
The Management team of AlBaraka
Islamic Bank in Bahrain.
BOARD OF DIRECTORSMr. Khalid Rashid Al Zayani, ChairmanMr. Adnan Ahmed Yousif, Dy. ChairmanMr. Yousif Ali Fadhil bin Fadhil, MemberMr. Maqbool Habib Khalfan, MemberMr. Adel Saud Dahlawi, MemberMr. Othman Ahmed Sulaiman, Member
Mr. Ashraf Alghamrawi, MemberMr. Abdul Latif Janahi, MemberMr. Mousa Abdul Aziz Shehada, MemberMr. Mohamed Isa Al Mutaweh, Member
Othman Ahmed Sulieman - ChairmanAdnan Ahmed Yousif - MemberAbdul Latif Adul Rahim Janahi - MemberMohamed Isa Al Mutaweh - Member
THE SHARIA BOARD
Shaikh Dr. Abdul Sattar Abu-Guddah - ChairmanShaikh Esam Mohamed Ishaq - MemberShaikh Waleed A. Al Mahmoud - MemberMr. Sayed Mohamed Mohyeldin - Secretary to Sharia'a Board
AUDIT COMMITTEE
Mousa A. Shihadeh - ChairmanAbdul Latif A. Janahi - MemberAbdul Hameed Nazer - MemberMr. Hani Nayem - Secretary Audit Committee, Manager Internal Audit
BAHRAIN
Muhammad Al Mutaweh
General ManagerYousuf Ahmed Ali
Deputy General Manager
Tariq Mahmood Kazim
Deputy General ManagerAdel Abdullah Al Baluchi
Assistant General ManagerMusa Abdul Latif Muhammad
Assistant General Manager
PAKISTAN - Country Office
Shafqaat Ahmed
Country Head PakistanS. Anwer Jalal
Head of HR Div.Ayyaz Ahmed
Chief Financial OfficerNaseer Ahmad
Head of Internal Audit Div.Arif Mahmood Chaudhry
Head of Credit Div.
Basit Tansir
Head of Information Technology
Muhammad Ismail Khan
Head of Operations Dept.
Syed Salman Ali
Head of Treasury
Vaqas Bin Khalid
Head of Compliance Dept.
Muhammad Younas
Head of Credit Admin. Dept.
Sohail Siddiqi
Head of Consumer Banking
M. Hassan Kaleem
Shariah Advisor
Muhammad Shakeel
Head Risk Management
PAKISTAN - Region: NorthKaleem Iqbal
Regional Manager- North
M. Junaid Younis Ghori
Branch Manager - Islamabad
Shakir Mahmood
Branch Manager - Mall Branch
Rawalpindi
Khawaja Jamal Rafiq
Branch Manager - Chandni Chowk, Rawalpindi
Tariq Mehmood
Branch Manager - Abbottabad
M. Raja Afsar Khan
Branch Manager - Mirpur AJK
Naeem Bangash
Branch Manager - Peshawar
PAKISTAN - Region: South
Ahmed Shuja Kidwai
Regional Manager - South
Ebad Ahmed Khan
Branch Manager - Karachi Main Branch
Ashraf Niaz
Branch Manager - Korangi, Karachi
Shakir Sultan
Branch Manager - Gulshan, Karachi
Adnan Moosani
Branch Manager - Clifton, Karachi
PAKISTAN - Region: Central Amjad Ali
Regional Manager - CentralHaroon Nazir
Branch Manager - Lahore Main
M. Akram Daudi
Branch Manager - Circ. Road, LahoreSyed Ali Haider
Branch Manager - DHA, Lahore
Sakhawat Ali
Branch Manager - Faisalabad
Muhammad Arshad
Branch Manager - Gujranwala
Mohsin Raza
Branch Manager – Multan
