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Barkat PayCheq Plus Savings Account


Faysal Bank Barkat Islamic Banking aims to provide Shariah complaint solution for companies / employees by offering customized Islamic Banking products and services. that meets the financial needs, across their financial lifecycle.  In this regard Barkat PayCheq Plus is a valuable proposition that provides services that not only strengthen organization’s benefits but also give numerous benefits that enhances their employee’s experience.

Barkat PayCheq Plus are opened on the basis of “Mudarabah”, where Barkat Islamic Bank is the “Mudarib” (manager of the funds) and you, the customers are the “Rabb-ul-Maal” (owner of funds/ depositor). These deposits are deployed in Shariah compliant modes such as Ijarah, Murabaha, Musharakah, Istisna, Musawamah etc. The return on your investment /deposit will be determined through a Shariah approved mechanism for calculation of weightages which will be announced at the beginning of each calendar month and shall be applicable for that month only. Barkat PayCheq Plus saving deposits will share in the profit earned through different Islamic modes of financing. Losses, if any, will be shared in the proportion of investment by each depositor.

Monthly weightages for profit distribution shall be calculated and displayed at all Barkat Islamic Banking branches as well as our website. Click here

Barkat PayCheq Plus Saving Account Product Features

With a Barkat PayCheq Plus Savings Account, the employer and employees, can both, benefit with the following privileges and services:

Employer Benefits

  • Payroll Software at Employer’s Premises
    • Get access to Cash Link – our online banking portal to make a real-time disbursement to employees from your premises at your convenience.
    • Option to upload bulk payroll files and extract reports
  • Reduced Payroll Administration Cost
    • Administration cost for payroll is reduced to a great extent.
    • Disbursement of salaries in a single click
  • Dedicated Relationship Managers
    • Dedicated relationship managers for fast resolution of queries and service-related issues
  • Relaxed Risk Parameters
    • Comprehensive control options via multiple levels of checks (Inputter, Verifier and Authorizer available in Cash Link).

Cash Link

Cash Link is a secured channel to process bulk employee’s payroll / allowances monthly. Cash Link can also be used to process your institution’s regular vendor payments, utility bills and transfer funds to accounts within Faysal Bank or with other banks through IBFT (Inter-Bank Funds Transfer) facility.

Employee Benefits

  • Convenience:
    • Onsite Account Opening
    • Onsite Cheque Book and Barkat Debit Card Delivery
  • Free Banking Services:

    • No Minimum Balance Requirement
    • Free First Cheque Book
    • Free Barkat Debit Card Issuance
    • Barkat Debit Card Annual Fee Waiver*
    • Free Pay Order Issuance
    • Free Duplicate Statements
    • Online Transaction Facility
    • Free Mobit Mobile & Internet Banking
    • Free SMS Alert on Salary Transfers
    • Free E-Statement
  • Self-Service Channels:

    • MOBIT Internet Banking
    • Inter-Bank Funds Transfer ( 1 link member banks)
    • Utility Bill Payment
    • Stop Payment
    • E-Statement
    • Account Balance Enquiry
    • Barkat Debit Cards
  • Faysal Bank – Barkat Islamic Banking Alliances
  • Privileges:

    • A host of Islamic Wealth Management and Bancatakaful products available, covering ones’ needs for savings, retirement, child education, health and marriage.
    • Dedicated Relationship Manager
    • Barkat Debit Card allows discounts at over 180 retail outlets along with CIP lounge access.
    • Barkat Solitaire Banking for Senior Management.
    • Lower rental rates for Barkat Auto Financing, for new as well as used cars.**
    • Barkat Home Financing facility available for house purchase, construction, and / or renovations with repayment period ranging from 1 to 20 years**

*Barkat Debit card Annual fee waiver is subject to spending of PKR 100,000 per annum.
**Approval and disbursement of all Islamic consumer finance products are subject to the applicant’s eligibility.

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Tel: 111-06-06-06

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ATM - Bahria Town (Pvt) Ltd, Head Office, Customer Support Center, Super Highway, Karachi

Branch - Bahria Town (Pvt) Ltd, Head Office, Customer Support Center, Super Highway, Karachi