1.1 For all profit bearing/Saving Accounts/Certificate of Islamic Investment (COII) (local or foreign currency), the relationship between the Bank and the customer shall be based on the principles of Mudarabah, where the Customer is the Rab ul Maal and the Bank is the Mudarib. The Bank as the Mudarib may invest or disinvest, at its sole discretion, money/funds received by it from the customers in any of the businesses (‘‘The Busines’’) of the Bank as it deems fit with the approval of the Shahriah Advisor/Shariah Supervisory Board of Meezan Bank. Additional features in respect of Saving Account schemes and COIIs as may be applicable from time to time shall be stipulated in product brochures and at the website of the Bank at www.meezanbank.com
1.2 Funds deposited by the Customer with the Bank under the Current Account are on the basis of Qard and therefore shall be payable by the Bank upon demand. The Bank may at its discretion utilize such funds as it deems fit.
2.1 The Bank, as Mudarib, will share in the profits of the savings account/product based on a predetermined percentage of the Business's distributable profit (the "Mudarib Share"). The "Distributable Profit of the Business" is calculated as the profit earned on depositor funds i.e., income of the Business, minus: (i) all direct expenses, write-offs & losses of investments, (ii) allocations to the Profit Equalization Reserve (the "PER"), as and when required; and (iii) Bank's share as an investor. The Customer will receive their share of the profits based on a predetermined percentage and weightage from the Distributable Profit of the Business, after deducting the Investment Risk Reserve (the "IRR"), as and when required. The Mudarib Share applicable to profits may vary periodically in accordance with RSBM guidelines and Clause 2.3. Updated information on the Mudarib Share, weightages, PER, and IRR policies is available at all Bank branches and on the Bank's website.
2.2 The Bank may at its option also participate in the Business as the investor. The Bank’s Share as an investor will be in proportion of Bank’s equity invested in any pool before distribution of profit between Rab-ul-Maal and Mudarib.
2.3 All the Customers/COII Holders shall be assigned weightages (profit distribution ratio for weighted average investment) based in the features of the Account(s) and/or COII held by them, such as tenure, Profit payment options and other applicable features for the purpose of calculation of profit. The weightages applicable to all Account(s)/COIIs shall be announced every month and shall be available at the Bank upon request and at the website of the Bank at www.meezanbank.com. The weightages shall be announced 3 working days before the beginning of the period concerned and shall not be changed during the period.
2.4 In case of Savings Accounts, unless otherwise indicated by Bank, profit would be applied on monthly basis. All accounts are finalized at the end of the month Bank for calculation of profit or loss.
2.5 Profit calculation method, used as per the deposit product specification, are on a daily product basis (daily day end balance maintained in such accounts calculated with the respective weightages applicable). Such method associated with the respective deposit products is mentioned in the product brochure as well as available on the Bank website at www.meezanbank.com
2.6 In the event of loss on either the capital or revenue account in respect of the business, all investor of the investment pool shall share in such loss on a pro rata basis proportionately as per their investments. However, if loss has been incurred by the Business and was caused by the gross negligence or willful default of the Bank, the Customers will not be liable to share in such loss.
2.7 Redemption of any amount subject to COIIs/Saving accounts by the Customer shall mean the transfer of its respective share in the Business along with all related risks and rewards as such redemption shall be on the basis of the principal value of the investment, subject to the provisions in respect of Profit in Clause 2.1 and Loss in Clause 2.6 hereof.
2.8 The COIIs issued by the Bank shall be governed by these conditions as well as the Terms and Conditions for Certificate for Islamic Investment (‘‘COII Terms’’). To the extent that these terms are not inconsistent with the Call Terms, they shall apply to the same extent and effect as if the COII Holder is an Account Holder of the Bank and the funds invested in the COIIs are considered as amounts available in the Accounts of the COII Holders.
2.9 No profit will be paid on Current Accounts (Pak Rupees/Foreign Currency) as these are on the basis of Qard
3.1 The Bank shall issue Account Statements or make them available through Internet Banking or Electronic Mail (Email) to the Account Holder semi-annually or at such other intervals as required by State Bank of Pakistan (SBP). The Customer will inform the Bank within forty five (45) days of the date of the relevant statement of account of any mistake, discrepancy and/or error in the same otherwise the same would be considered correct and accepted by the Customer.
3.2 In case, Account Statement is sent through email, the Bank will not be held responsible for any misuse of the information so relayed, incomplete information, email containing Account Statement going into junk mail or gets bounced back/is not delivered due to any reasons including full inbox, server unavailability, or other such reasons.
3.3 The Bank may, without any further express authorization from the Customer, debit any account of the Customer maintained with the Bank for all expenses, fees, commissions, taxes, duties, Zakat or other charges and claims, damages, actual losses incurred, suffered or sustained by the Bank in connection with the opening/operation/maintenance of the Account including withdrawals/transactions through use of Visa Card and/or providing the Services and/or for any other banking services which the Bank may extend to the Customer unless exempted by SBP/other regulatory bodies.
3.4 Withdrawals shall only be made through Cheque Forms and Debit Cards supplied by the Bank at the written request of the Customer. Cheques and other payment instructions are to be signed as per specimen signature supplied to the Bank and alterations therein are to be authenticated by the Customer's signature. Any stop payment instructions shall be entertained by the Bank if the instrument is not encashed or debit entry is not made for transfer of funds from Customer’s account. All cash withdrawals in a currency/currency other than Rupees shall be subject to the availability at the time of sufficient currency notes with the Bank.
3.5 If the Account is opened in the names of two or more persons, the balance to the credit thereof at any time shall belong to the Customers jointly. Such persons shall be jointly and severally liable for all liabilities incurred on the Account and the Services.
3.6 In case of Joint Account with either or survivor operating instructions, in the event of the death of any of the Customers, the amount of deposit to the credit of such Account at the time of the death in question shall belong to the survivors. In such cases, the survivors may withdraw total available funds from the Account using cheque book, close the Account and open a new Account as per their discretion.
3.7 Any Customer Account such as Current and/or Savings or a similar account opened in any product including Foreign Currency Accounts that remain inoperative for a period of one (1) year shall be designated as Dormant Accounts (the “Dormant Accounts”). Debit/Credit of Bank generated transactions of money in the Dormant Account(s) shall not reactivate the Dormant Account. Similarly, credits received in the Account on account of inward remittances, clearing, cash deposits or other such transactions shall not reactivate the Dormant Account. Withdrawals from the Dormant Accounts shall be subject to the approval of the relevant Branch Manager/ Manager Operations or in accordance with the prevailing policies of the Bank. A Customer may have his/her Account(s) reactivated by making an application in writing to the Bank as per the procedure/form provided by the Bank and fulfilling other formalities required for activation of Dormant Account. In case a Dormant Account remains dormant for ten (10) years, the funds lying to the credit of the Dormant Account shall be surrendered to the State Bank of Pakistan, in accordance with the applicable rules and regulations.
3.8 In case of the Bank receiving notice of the demise of an individual Customer or becoming aware from any reliable source, the Bank shall immediately mark the Account as deceased and also not be obliged to allow any operation or withdrawal except on the production of evidence of title or right to operate the Account, which the Bank considers sufficient.
3.9 The Bank may suspend the Account on the basis of any instructions from the Government authorities or law enforcement agencies.
3.10 The Bank reserves the right, at its sole discretion and with 15 days notice to the Customer, to close the Account, for any reason whatsoever, without disclosing the reason for closure of the said Account to the Customer. The Bank also reserves the right to terminate any other type of relationship(s) e.g. lockers, safe custody, etc.
3.11 On closure of an Account, any unused cheques and ATM Card relating to the Account should be returned forthwith by the Customer to the Bank. Alternatively, it may be confirmed to the satisfaction of the Bank in writing that the unused cheques have been destroyed.
3.12 The Customer agrees and undertakes that any transaction authorized by Customer shall not be from or for benefit of the entities, individuals or organization banned/ restricted by any national or international authorities/agency. The Customer and Bank both will ensure strict compliance of SBP’s rules, regulations and/or circulars for opening, operating and maintaining of Account including but not limited to Anti Money Laundering.
3.13 The Customer declares that all sums deposited, held and/or transferred in Account along with all transactions in Account shall not be in contravention of applicable laws, including but not limited to Benami Transaction (Prohibition) Act, 2017.
3.14 The Bank reserves the right to share any of Customer's information and data that the Bank may be obligated to divulge as per local/international laws, rules, regulations, etc. including but not limited to governmental agencies, CDC, its regulators, or on its behalf any assigned governing body. The Bank shall not be held liable for any loss or damage suffered by the Customer due to disclosure of such information by the Bank.
3.15 No Local credit shall be allowed in Meezan Roshan Digital Account except proceed/returns received against permissible investments defined by State Bank of Pakistan (SBP).
3.16 Account will be fed through foreign inward remittances only and can be opened in multiple curriences, such as (PKR, USD, GBP and EUR).
3.17 Funds received in Meezan Roshan Digital Account will be treated as repatriable i.e. Outward remittances shall be allowed from the account.
3.18 Subject to applicable laws time being in force, no withholding tax shall be applied on cash withdrawal.
3.19 Subject to applicable laws time being in force, no withholding tax shall be applied on non-cash transfers to Rupee Account to the extent of foreign remittances credited into the account during the tax year (July-June)
4.1 VISA Card (the Card) represents a Shariah Compliant Business entity and shall not be in any way used for purchases of HARAM Products or Services (both locally and internationally). The Bank reserves the right to discontinue the Card Service or/and Business relationship with the Account Holder if non-compliance is encountered.
4.2 The Card shall only be used by the Account Holder and is not transferable. If the Account Holder authorizes anybody else to use his/her Card, despite this prohibition, then he/she will be exclusively responsible for any and all risks and consequences; this includes usage of VISA Card at ATM and POS terminals.
4.3 In the event of loss or theft of the Card, the Account Holder shall immediately notify such loss or theft to Call Center Department of the Bank on such number as provided by the Bank for this purpose. If the Account Holder loses his Card overseas, he/she may either follow the above procedure or report the loss through VISA Global Customer Assistance Service (VGCAS) helplines in the relevant country.
4.4 The Bank is also entitled to market its products and services to its existing Customers via SMS and other channels.
4.5 The Customer acknowledges that SMS facility is dependent on the telecommunications infrastructure, connectivity and services within Pakistan. The Customer accepts that timelines of alerts sent by the Bank will depend on factors affecting the telecommunications industry. Neither the Bank nor its service providers shall be liable for non-delivery or delayed delivery of alerts, error, loss, distortion in transmission of and wrongful transmission of alerts to the Customer.
4.6 The Account Holder shall not reveal Personal Identification Number (PIN) and Telephone Identification Number (TIN) to anyone. The Account Holder’s oral instructions identified by his/her correct Bank Account Number and TIN shall be deemed to be proper. Accordingly, the Bank shall be entitled to rely on any such instructions.
5.1 The Bank may from time to time and at any time revise and/or change any of these Terms and Conditions and/or the features or service pertaining to the Account(s) including without limitation, the charges leviable in respect of the Services in accordance with the Schedule of Charges. Such revisions and/or changes shall be effective from the date specified by the Bank and will either be notified to the Customer(s) who are maintaining such Accounts through mail/email or by affixing a notice to that effect at a conspicuous place within the premises of the Bank's concerned branch(es). The amendments shall also be made available on the website of the Bank at www.meezanbank.com. The amendments in Terms and Conditions will be notified to the Customers within 30 days advance notice.
6.1 All funds deposited in the Account to be opened pursuant to this application and all transactions in relation thereto will be governed by the Terms and Conditions for Accounts and Services, Policies of Meezan Bank Ltd., and all laws, rules, decrees, by-laws applicable to Meezan Bank Ltd. including regulations, directions and circulars, issued by the State Bank of Pakistan and all amendments that may be made from time to time, provided that such laws do not contradict the Islamic Shariah. In case of any contradiction, the rules of Islamic Shariah as per the directives of the Shariah Advisor/Shariah Supervisory Board of the Bank shall prevail.
By signing these Terms and Conditions and attached Account Opening Form. I/We have agreed to enter into the joint pool of all Account Holders, along with Mudarabah arrangement with the Bank to participate in profit and loss of the pool subject to the Terms and Conditions mentioned above.
I/We declare and confirm that I/we have received, read and understood the Bank's Terms and Conditions Governing Account(s) which has been signed by me/us in acceptance thereof. I/We agree to observe and be bound by the said ‘Terms and Conditions’ and any changes, supplements or modifications thereto that may be made by the Bank from time to time. Furthermore, I/we acknowledge having received a copy of this Application Form including these Terms and Conditions, with salient features in Urdu.
I/we hereby solemnly declare that the I/we are Non- Resident individual(s) residing abroad and qualify for exemption/reduced tax rates applicable to Non-Residents within the meaning of “Non-Resident” under Section 82 of the Income Tax Ordinance, 2001. I/We also undertake that in case my/our status of Non- Resident changes, I/we will immediately inform the Bank and update our Resident Status with the Bank accordingly.
I/ we further confirm that the funds being invested/ used through the account are my own funds only and no one besides me is the beneficial owner of the funds.
Furthermore, I/We provide my consent for online account opening and use of information / documents provided in the account opening process for all due diligence and supervisory functions.
