The Bank Alfalah Islamic Women Account is a profit-bearing deposit account designed specifically for women. It operates on the principles of Mudarabah, allowing women to earn halal profits on their savings while providing them with financial security and accessibility.
FAQ’s – Bank Alfalah Islamic Women Account
Mudarabah is a special kind of partnership, where the Customer is the Rab-ul-Maal (owner of funds) and the Bank is the Mudarib (manager of the funds). The Bank as Mudarib may invest or disinvest, at its sole discretion, amounts/deposits received by it from the Customers in any of the businesses (businesses, transactions and products) of the Bank as it deems appropriate under the products and avenues approved by the Shari’ah Board of the Bank. Profit is shared according to profit sharing ratio and weightages. Loss, if any, is shared in proportion to the investment/deposit of each depositor.
The account is available to all women, including salaried individuals, housewives, entrepreneurs, and self-employed professionals. Both resident and non-resident women can open this account.
Customers can open account through RAPID for branches or Self-Service Rapid Portal. Customers can also visit any Bank Alfalah Islamic branch for account opening.
To open a Bank Alfalah Islamic Women Account, you will need to provide the following documents:
- National Identity Card (CNIC) for Pakistani residents
- Utility bill (electricity, gas, or water) in your name or Rental agreement or any official document that confirms your address
- Fill out the Bank Alfalah Islamic Women Account application form, available at the branch or online
- If opening a joint account, both account holders must provide their identification and proof of residence
- For self-employed individuals or business owners, additional documentation such as business registration or proof of income may be required.
Saving Account and this Account is offered in PKR only.
Minors can open the account with a female guardian, ensuring that the account remains accessible to young women.
The initial deposit required to open a Bank Alfalah Islamic Women Account is only Rs. 100.
There are no monthly maintenance fees or minimum balance requirements for profit eligibility.
Profit is calculated on a daily balance basis and is disbursed monthly.
Return on deposits will be based on predetermined weightages for each month. Customer shall be offered rack rates as per the prevailing rack rate sheet and profit will be calculated as per existing pool management system.
Customers receive various benefits, including:
- Free Takaful coverage upon maintaining a specific average balance
- Customized debit cards with exclusive discounts on lifestyle, fashion, and travel
- Free first cheque book and SMS alerts
- Access to free online transactions
Customized Debit Card
- Gold Women Card: A stylish debit card designed exclusively for women, offering a range of features and benefits tailored to enhance your banking experience.
- PowerPack Signature Women Card: This premium card comes with additional privileges, including access to exclusive discounts and offers.
Yes, joint accounts can be opened, but both account holders must be women. In the case of a minor female, a guardian woman can open the account on her behalf.
No, there are no restrictions on the number of withdrawals or deposits you can make each month.
If you choose to close your account, you will receive any accrued profits up to the date of closure.
You can manage your Bank Alfalah Islamic Women Account through various channels, including:
- Free Internet Banking and mobile banking services
- SMS alerts for transactions
- The option to visit any IBG branch for assistance
You can perform a wide range of transactions, including deposits, withdrawals, fund transfers, and bill payments. There are no limits on the number of transactions per month.
There are no charges for account opening. All charges are applicable as per prevailing Islamic SOBC.
Will be deducted as per prevailing rules & regulations.
Yes, you can close your account at any time by visiting a branch and following the account closure process.
Yes, existing customers can only enroll in one Islamic Women Account. If you have multiple accounts, you may choose to convert one to this account type.
Yes, you can register through the Bank Alfalah website or mobile app by providing your account details and completing the registration form.
For more information, please visit your nearest Bank Alfalah Islamic Branch, our website Islamic Banking – Bank Alfalah or call at 021-111-225-111. Our representatives are happy to assist you.
