MCB Islamic Shandaar Accounts

MCB Islamic Shandaar Account is for Individuals & Entities seeking Shari’ah compliant chequing account with value added free facilities subject to meeting below-mentioned criteria.

Benefits / Features
  • Individuals & Entities both can open MCB Islamic Shandaar Accounts.
  • Can be opened in Pak Rupees Only.
  • Available in both Current and Saving variants.
  • A whole host of *FREE services on meeting the below-given criteria (scroll down for more details).
  • FREE Death and Permanent Total Disability Takaful Coverages (click here for more details).
  • No Initial Deposit Requirement for account opening.
  • Unlimited Deposits & Withdrawals.
  • Monthly average balance based profit, paid on a monthly basis, in the saving variant.
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 month of account opening for MCB Islamic Shandaar accountholder if a minimum Initial Deposit Amount of PKR 25,000/- is made by the customer 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 Shandaar accountholder if a minimum Monthly Average Deposit Balance of PKR 25,000/- is maintained by the customer for the previous month.

Criteria-C (Debit Card Annual / Renewal Fee for All Variants of Any Payment Scheme Except UnionPay Platinum and Subsequent Years Annual SMS Alerts Fee): These fee items will become free (i.e. PKR 1/- plus applicable tax / FED) for the prevailing 12 months for MCB Islamic Shandaar accountholder if a minimum Monthly Average Deposit Balance of PKR 25,000/- is maintained by the customer in each of any 9 months out of the previous 12 months.

Services Available to Individuals / Entities Criteria (A) Criteria (B)
Issuance of Cheque Book Both * Free * Free
First Issuance of Debit Card – All variants of any payment scheme, except UnionPay Platinum Individuals Only * Free * Free
First Year Annual SMS Alerts Charges (i.e. for the customer subscribed service) Individuals Only * Free * Free
Issuance of Banker’s Cheque Both * Free * Free
Cancellation of Banker’s Cheque Both * Free * Free
Stop Payment of Cheque Both * Free * Free
Intercity Outward Clearing Charges (except return charges) Both * Free * Free
Same Day Outward Clearing (except return charges) Both * Free * Free
Duplicate Account Statement (i.e. Other than half-yearly account statement) Both * Free * Free
Balance Confirmation Certificate Both * Free * Free
Family Takaful Coverages (click here) Individuals Only Not Available Free
Internet Banking Subscription Individuals Only Already Free Already Free
Mobile Banking App. Subscription Individuals Only Already Free Already Free
Online Banking (i.e. Cross MCB Islamic Branches) Both Already Free Already Free
E-Statement Both Already Free Already Free
24/7 Phone Banking (i.e. Calls and Queries Only) Individuals Only Already Free Already Free
Cash Withdrawal Through MCB Islamic ATM Individuals Only Already Free Already Free
* Note: Means PKR 1/- plus applicable taxes.

The aforementioned benefits are specific to MCB Islamic Shandaar Accounts only and shall not be available to any other account of the MCB Islamic Shandaar accountholder. If the above criteria are not met by MCB Islamic Shandaar 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 (whereas the accountholder will not fall or cease to fall under the aforesaid Family Takaful coverages).

Nature of Product

MCB Islamic Shandaar 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 Shandaar (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 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 for which 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. In the event of loss to the pool, all the investors of the pool shall share such loss proportionate to their investment.

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 Shandaar 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).

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