MCB Islamic Prime Accounts

We are cognizant of the fact that our High Net-Worth Customers have higher expectations from us. In order to provide an overall superior banking experience and service excellence, MCB Islamic Prime Current Account and MCB Islamic Prime Saving Account are tailor-made to meet the requirements of our High Net-Worth Individuals. MCB Islamic Prime Accounts are packed with *free benefits and value added services as well as attractive lifestyle discounts on our Platinum Debit Card.

Benefits / Features
  • For high net-worth individuals (including but not limited to sole proprietors and minors).
  • Available in both Current and Saving variants.
  • Can be opened in Pak Rupees Only.
  • A whole bundle of *FREE services (scroll down below for more details).
  • Platinum Debit Card with amazing discounts (click here for more details).
  • A One-Time Welcome Gift (subject to availability) if the MCB Islamic Prime Accountholder’s monthly average deposit balance for the previous
    month for the first time reaches a minimum of PKR 3 million.
  • FREE Death and Permanent Total Disability Takaful Coverages (click here for more details).
  • No initial deposit requirement.
  • Unlimited Deposits & Withdrawals.
  • Monthly average balance based profit paid on a monthly basis.
Free Services and Eligibility Criteria:

Criteria-A (Month of Account Opening): The following services as per “Criteria (A)” column below will become free for the remainder of MCB Islamic Prime Account’s opening month from the day after the one in which its day end closing balance reaches a minimum of PKR 1.50 million for the first time in the same month.

Criteria-B (Subsequent Months): The following services as per “Criteria (B)” column below will become free for the prevailing month for MCB Islamic Prime accountholder if a minimum monthly average deposit balance of PKR 3 million is maintained by the customer for the previous month.

Criteria-C (Platinum Debit Card Annual / Renewal Fee): Platinum Debit Card Annual / Renewal Fee will become free (i.e. PKR 1/- and applicable tax / FED) for the prevailing 12 months for MCB Islamic Prime accountholder if a minimum monthly average deposit balance of PKR 3 million is maintained by the customer in each of any 6 months out of the previous 12 months.

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Services Criteria (A) Criteria (B)
Issuance of Cheque Book * Free * Free
First Issuance of Platinum Debit Card (for waiver of Annual / Renewal Fee, please see Criteria-C above) * Free * Free
Cash Withdrawal Through Other Bank’s ATMs * Free first 6 withdrawals in relevant month * Free first 6 withdrawals in relevant month
Annual SMS Alerts Charges (i.e. for the customer subscribed service) * Free * Free
Issuance of Banker’s Cheque * Free * Free
Cancellation of Banker’s Cheque * Free * Free
Stop Payment of Cheque * Free * Free
Intercity Outward Clearing Charges (except return charges) * Free * Free
Same Day Outward Clearing (except return charges) * Free * Free
Lockers of any size (subject to availability) * Free * Free
Duplicate Account Statement (i.e. Other than half-yearly account statement) * Free * Free
Personal / Domestic Needs Financing, i.e:
Car Finance
Housing Finance
Solar Energy Solution Financing (except for financing extended under SBP’s Islamic Finance Scheme for Renewable Energy) 		i. * No processing fee.
ii. 1.00% discount in financing rate.
iii. No early buyout profit in partial and/or full settlements.
Family Takaful Coverages Click here for more details
Hold Mail Facility Already Free Already Free
Internet Banking Subscription Already Free Already Free
Mobile Banking App. Subscription Already Free Already Free
Online Banking (i.e. Cross MCB Islamic Branches) Already Free Already Free
E-Statement Already Free Already Free
24/7 Phone Banking (i.e. Calls and Queries Only) Already Free Already Free
Cash Withdrawal Through MCB Islamic ATM Already Free Already Free
* Note: Means PKR 1/- plus applicable taxes.

The aforementioned benefits are specific to the abovementioned MCB Islamic Prime Accounts only and shall not be available on any other account of the MCB Islamic Prime Accountholder. If the above criteria are not met by MCB Islamic Prime Accountholder, then standard charges for the aforementioned services shall be applicable as given in MCB Islamic Bank’s Schedule of Banking Charges as prevailing from time to time.

Nature of Product

MCB Islamic Prime 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 Prime Saving Account 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 Prime 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 and Zakat are applicable as per Government regulations, and all Bank Charges are applicable as per the prevailing

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