Allied Aitebar Islamic Banking introduces Allied Islamic Express Plus 1 Allied Islamic Investment Certificate (AIIC), a unique Term deposit product that gives you the benefit of earning better profit. The product is offered on the basis of ‘Mudharabah’ Contract.
Open Allied Islamic Express account today from any of Allied Islamic Banking Branch/Islamic Banking Window to receive foreign home remittances and placement in Allied Islamic Express Plus 1 for better profit on Shariah compliance basis.
Allied Islamic Express Plus 1 AIIC Features:
| Product Name | Allied Islamic Express Plus 1 AIIC |
| Eligibility | Allied Islamic Express Account Holders only (fresh and existing) |
| Type | Term Deposit (Certificate) |
| Terms/Tenors offered | · 1 Month · 3 Months · 6 Months · 12 Months / 1 Year |
| Profit payment frequency | Ø At maturity or
Ø At maturity/monthly (only in case of 12 months tenor/term) |
| Minimum Investment Requirement | Minimum: Rs.25,000/-
Maximum: No Limit |
| Roll Over | Not Allowed |
| Zakat Deduction | Zakat will be deducted as per the Zakat & Ushr Ordinance 1980, unless Zakat exemption certificate is submitted. |
| Withholding Tax on Profit | All taxes and levies are applicable as per prevailing Income tax provisions/ Government rules. |
How to Apply
In case, you’re an Allied Islamic Express account holder and want to book an Allied Islamic Express Plus 1 AIIC TDR, following steps are to be performed:
- Request for booking Allied Islamic Express Plus 1 TDR to your ABL’s Islamic Banking Branch/Islamic Banking Window.
- Fulfilling the requisites for a link Islamic Current Account opening, required for due profit payments and can be used for routine purposes.
Important Notes
- Only Allied Islamic Express Account holders are eligible for Allied Islamic Express Plus 1 AIIC (Existing and New).
- No Rollover will be allowed upon maturity of the selected term.
- Pre-mature encashment can be made as per the instructions laid down in latest Islamic Banking Policy for Pool Management۔
- No premature charges or termination fees will be charged on any type of certificate.
- What is Allied Islamic Express Plus 1 TDR?
It’s a term deposit issued exclusively against Allied Islamic Express Account to facilitate the recipients of foreign remittances.
- What is the eligibility/requirement of availing Allied Islamic Express Plus 1 TDR?
Having an Allied Islamic Express Account is the only requirement. However, for profit payment and principal liquidation, a current account is to be opened.
- What type of current account to be opened?
It may be any current account among Allied Islamic Current Account, Allied Islamic Asaan Current Account or any other current accounts (Allied Islamic Basic Banking Account).
- Is roll over allowed in this TDR?
No Roll over is not allowed.
- Can a customer book more than one Allied Islamic Express plus 1 TDR?
Yes, a customer may book multiple Allied Islamic Express plus 1 TDR from its Allied Islamic Express Account against the balance of received remittances.
- What are the offered tenors?
A customer can book Allied Islamic Express plus 1 TDR for 1, 3, 6 or maximum for 12 months.
- What is the rate offered?
Profit rate of Allied Islamic Express plus 1 TDR would be tentatively up to 1% higher than the prevailing declared profit rate for Allied Islamic Investment Certificates for the relevant tenor.
- What is the minimum amount of investment requirement?
Minimum amount for investment requirement is Rs.25,000.
- What would be the treatment of principal on maturity?
Upon Maturity, principal will be credited in link current account.
- What is the frequency of profit payment?
Profit payouts are available both on maturity and maturity/monthly (only in case of 12 months tenor/term).
- What if the customer is already having another account for profit payment?
If the customer is already having an account (necessarily current and not the saving), the customer does not require an additional account. It may be linked with Allied Express plus 1 TDR for profit & principal payouts.
- What documentation would be required to open link current account?
All documentation would be required as per existing policy and KYC/AML requirements.
- Will cheque book be issued in Linked current account?
Yes, the cheque book will be issued as per SOC.
- Will ATM be issued in Linked current account?
There will be no need for the issuance of a new debit card, if the customer is already having any. The existing card of Allied Islamic Express (or any other) account would be linked to access link current account.