Ghazanfar Bank Products
Al-Wadiah Current Accounts:
Al-Wadiah Current Account operates in strict accordance with the Shariah principles. It provides a safe and guaranteed banking facility whereby the customer's deposit is payable on demand. The account agreement with the client is based on the Al-Wadiah Yad Damanah (Guarantee) contract between the depositor and the entrusted party, with the Ghazanfar Bank Islamic Window as the trustee.
Mudarabah fixed Deposits
Based on the Mudarabah principles, the account allows frequent cash deposits and withdrawals at any time. The profits (if any) are calculated on the minimum balances at the end of each three month period. Hibbah is at the discretion of the bank. Customers receive SWIFT, Mobile Banking, E-Statements, and other services.
Mudarabah Deposits Account:
The Mudarabah Deposits are for a fixed time periods of six or twelve months. The account is based on, and strictly adheres to, the Shariah principles where a customer is the investor (Rabb Ul Mall) and the bank is the fund manager (Mudarib).
The customer's funds are used by the bank only in the Halal projects under the Islamic mode of finance. The profits (if any) are distributed among the customers at the maturity of the deposit in accordance with the previously agreed ratio.
These accounts are opened for liquidity and safety of funds and for meeting day to day expenses. Current accounts are opened and maintained primarily by business and commercial organizations.
These accounts are opened for savings, liquidity and safety of funds and are convenient in making day-to-day expenses and also earning some interest income. These accounts inculcate the habit of thrift in account holders.
These accounts are opened for investing funds for fixed terms to earn higher interests. Usually deposit for a longer period of time earns higher Interest Rate. The account holders have option of getting periodic payment of interest at quarterly or half yearly intervals or reinvesting the interest to be paid on maturity with the principal.
The bank, together with the customer, contributes into the pool of funds. The funds in the pool are utilized by the bank for a period of six or twelve months only for the Halal projects under the Islamic mode of finance. Upon the maturity, the profits (if any) are distributed among investors in accordance to the proportion of contribution.
When expenses are high, you may not have adequate funds to make big investments. Ghazanfar Bank Recurring Deposits are an ideal way to invest small amounts of money every month and end up with a large fund on maturity. These accounts generally earn higher interest than savings account.