Q: I want to know that meezan bank saving account is good or not. All the details are included below.
Meezan Bachat Account is a unique saving account that provides high expected monthly returns with the flexibility to withdraw savings if needed. Meezan Bachat Account offers a higher expected rate of return with nearly the same convenience and service of a regular savings account.
Meezan Bachat Account can be opened by Salaried or Self-employed, Housewives and Retired individuals.
On agreeing to become a Meezan Bachat Account holder, the customer enters into a relationship based on Mudarabah with Meezan Bank. Under this relationship, the customer is an Investor (Rab-ul-Maal) and the Bank is the Manager (Mudarib) of the funds deposited by the customers. The Bank allocates the funds received from the customers to a deposit pool; funds from the pool are utilized to provide financing to customers under Islamic modes that include, but are not restricted to Murabaha, Ijarah, Istisna and Diminishing Musharkah.
Minimum investment required to open an account is Rs. 50,000/-
Maximum balance limit (threshold) for getting a higher profit weightage is Rs. 25,000,000/-
Free issuance of Cheque Book
Free issuance of Pay Order
Free Online Banking service at all Meezan Bank branches
Free Internet Banking facility
Profit will be calculated on the Daily Product Basis
A lower weightage will be applicable for profit calculation if the daily
Closing balance of the account exceeds a specified threshold (currently Rs. 25,000,000/-)
Profit payment is made to your Meezan Bank account on a monthly basis.
A: We cannot vouch for any bank whether they are halaal or not. Many a times, their constitutions are corrupt, and if they are right then many of the staff do not understand the concepts or do not apply the concept. Hence we are not in the position of approving.
And Allah Ta’ala (الله تعالى) knows best.
Answered by:
Mufti Ebrahim Salejee (Isipingo Beach)