UBL Ameen Saving Account – FCY

UBL Ameen Foreign Currency Saving Account is a Mudarabah based deposit product which offers Shariah Compliant profit to its depositors which is paid on monthly basis. It is a single tiered account with no transaction limits and convenience of fund accessibility in line with the rulings of Foreign Exchange Manual.

"Mudarabah" is a special kind of partnership where one partner gives funds to another partner for investment purposes. The investor/first partner is called "Rab-Ul-Maal", while another partner is called "Mudarib", who is responsible for management of investment. The profits generated from investment is shared between "Rab-ul-Maal" and "Mudarib" in a pre-determined ratio.

The deposits in UBL Ameen Foreign Currency Saving Account are received under the contract of Mudarabah and on the condition that the depositor agrees and authorizes the Bank to invest the deposited fund at its discretion in Shariah Compliant businesses.

The profit in Mudarabah based accounts will be calculated on the basis of weightages and profit sharing ratio as announced by Bank before the beginning of each calendar month.

Terms & Conditions:

• All service charges will be applicable as per prevailing Ameen Schedule of Bank Charges (SOC).
• Resident Pakistani having foreign currency account can only deposit cash foreign currency in foreign currency account if the accountholder’s status is 'Filer' and appears in Active Taxpayer's list of FBR. This restriction is not applicable on non-resident Pakistanis.
• The foreign currency account shall be operated in line with Foreign Exchange (FE) Manual and SBP circulars & regulations. All guidelines, foreign exchange rules and regulations and circulars of SBP issued and amended from time to time will be applicable.