Barakat Account
Looking for a flexible investment option? The Barakat Account allows you to invest your funds for a fixed period of time. At maturity, the distributed profit will be credited to an account designated by you.
Barakat Account is suitable for you when you do not need immediate access to your money and would like to earn a higher rate of profit than a savings account.
What are the rules for profit & loss?
- There is no fixed profit before or at the time of opening a Barakat Account
- Profit from the investment will be shared between the Bank and the depositors based on agreed ratio written in the contract
- Bank announces the result on quarter basis
- There is contract period for this type of account as written in the contract (6 months or 12 months)
Who can open?
- Persons above the age of 18, singly or jointly, Trusts, Societies, companies and other organizations approved & licensed by competent authorities in the country.
Required documents:
- Tazkira (National ID/Passport)
- Latest photograph
- For companies (valid license & article of association), board resolution IDs of the entity owners
What are the benefits of this account?
- Halal/permissible profit
- No transaction in this account
- Monthly account statement
- In compliance with Shari’a principles & regulations
- Interest free (No reba)
What extra services are available for this account?
- Renewable contract
- Customer can request for a new contract (when it is matured)
