Parvaan Account – Welcome to MCB Islamic Bank Website

MCB Islamic Parvaan Accounts

MCB Islamic Parvaan Accounts provide a Shariah compliant banking account solution for individuals aging between 18 to 35 years with its amazing features exclusively tailored for this age group.

Benefits / Features

An account for young Individuals aging between 18 to 35 years.
Available in current and saving variants
Free Issuance of First Debit Card (PayPak / UPI Classic).
Free Issuance of First Cheque Book (maximum 50 leaves).
Free Issuance of Banker’s Cheques in favor of educational institutions.
Free Unlimited SMS Alerts.
Profit is calculated on daily end balance basis and paid monthly (for saving variant only).
Unlimited Deposits & withdrawals.
Free e-statements, Internet Banking & Mobile App.
No Minimum Balance Requirement.
No Initial Deposit Requirement.

Other Facilities

Banker’s Cheque
Debit Card (Except Platinum)
Phone Banking (24/7 Call Centre)

Nature of Product

MCB Islamic Parvaan Current Account is based on the concept of “Qard” where the Customer is “lender” and the Bank is “borrower”. The amount deposited by Customer in this account shall remain payable by the Bank to the customer until paid. Bank may at its discretion use or employ such funds as it deems fit in approved Shari’ah Compliant avenues. This is non-remunerative chequing account where the bank is liable to pay your money back on demand without any additional charges.

MCB Islamic Parvaan Saving Account is a profit bearing account based on the principles of Mudarabah, where Customer is “Rabb-ul-Maal” and Bank is “Mudarib”. Bank may, at its discretion, use or employ such funds as it deems fit under the products and avenues approved by Shari’ah Board of the Bank. Bank shall share the profit on the basis of predetermined profit sharing ratio. Return on deposits will be based on predetermined weightages for each month or any interval decided by the bank and announced as per SBP’s instructions. A sheet containing this information shall be available on Customer’s demand and also be placed at the public notice board of branches and on the website of the bank.

Key Fact Sheet

MCB Islamic has taken a proactive approach to promote responsible and transparent banking practices. To help customers make informed decisions about our products, we have created Key Fact Statements (KFS) that provide a comprehensive overview of the affordability, features, pricing, and other important factors of our banking services. We encourage you to review the below KFS sheet carefully to make informed decision.

KFS for MCB Islamic Parvaan Accounts

In the event of loss to the pool, all the investors of the pool shall share such loss proportionate to their investment.

For more information, please call our Contact Centre at 042-111-222-642, or visit your nearest MCB Islamic Bank Branch.

Note:Terms and Conditions apply. All taxes are applicable as per Government regulations, and all Bank Charges are applicable as per the prevailing Schedule of Charges (SOC).