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SIRAT Savings Account

HABIBMETRO SIRAT Savings Account offers you the ease of earning halal profits on your savings as per the principles of Shariah.

The Islamic savings account is based on the principle of Mudaraba, in which the bank is the Mudarib, the manager, and the depositor/customer the Rab-ul-Maal, the depositor. The profits are shared among Rabb-ul-Maal and the Mudarib as per a pre-agreed profit-sharing ratio (PSR).

The Mudarib invests the deposited funds in Shariah-compliant businesses and earns and distributes interest-free, halal profits. Unlike interest-based profits in conventional savings accounts, the profits in an Islamic savings account are earned through different Islamic modes including Murabaha, Istisna, Salam, Diminishing Musharakah, Ijarah, etc. The profit in business is shared by the depositors according to a pre-agreed profit-sharing ratio and loss is shared by the investors as per the investments.

The deposited funds are invested in Shariah-compliant, and never used in concerns whose operations are incompatible with the principles of Shariah. Investment avenues such as gambling, selling of debts, short-selling, manufacturing of alcohol products or any illegal businesses are not deemed appropriate for Islamic savings accounts.

Islamic saving accounts create the opportunity of active trade and commerce making depositors participants in halal business operations. The principles of Mudarabah promote a positive business environment and offer depositors a road map towards earning halal profits, thus paving the way for a prosperous and empowered society.

You can open a HABIBMETRO SIRAT Savings Account with complete peace of mind, earn halal profits, and enjoy an array of freebies that make your banking experience a satisfying one.

Features

  • Profit is calculated on an average monthly balance and paid on a half-yearly basis
  • Can also be opened in PKR/FCY currency

Free Services

Web Banking

Mobile App

First Cheque Book

Life Takaful Cover*

Pay Orders

Account Statements/E statements
*Takaful coverage up to a maximum of Rs. 1,000,000/- (age up to 60 years) is available on maintaining an average of six-month account balance of Rs. 100,000/- and above.

Notes:

  • Rent Free Lockers are also available.
  • If an average balance of Rs. 100K is not maintained, charges will apply as per SOC.

How To Apply

To apply or get more details, visit your nearest HABIBMETRO Bank or SIRAT branch or call our 24/7 customer care center at 111 1-HABIB (42242).

FAQs

  • What is an Islamic savings account?

An Islamic savings account is a financial product offered by Islamic banks, complying with shariah principles. It provides a secure and halal way for individuals to save their money while offering profit-sharing instead of interest.

  • Are there specific Shariah guidelines for saving accounts?

Yes, Islamic finance principles provide guidelines for savings accounts. These guidelines ensure that the accounts adhere to shariah principles, such as the prohibition of interest (riba) and investment in permissible (halal) assets.

  • What is the base for Islamic saving account?

The Islamic savings account is based on the principle of Mudaraba, in which the bank is the Mudarib, the manager, and the depositor/customer the Rab-ul-Maal, the depositor. The profits are shared among Rabb-ul-Maal and the Mudarib as per a pre-agreed profit-sharing ratio (PSR).