fbpx
Menu

Faysal Islami Manzil Account

Faysal Islami Manzil Account is a Shariah Compliant Saving Account that helps customers to save for medium to long term financial goals such as savings for Child’s Marriage, Higher Education, Hajj, Retirement, etc. by depositing periodic payments on an agreed frequency.
Manzil Account offers competitive Halal returns on these savings and also provides free of cost Takaful Coverage throughout the plan to ensure goal fulfillment.

Features of Faysal Islami Manzil Account

  • Effective deposit build-up to achieve long-term financial goals
  • Initial investment starts from as low as Rs.5,000/-
  • Customized plans with multiple tenors starting from 3 years till 15 years
  • Flexible investment options available; monthly/ quarterly/ six-monthly/yearly
  • Free Auto Debit from regular Faysal Islami chequing account into Manzil Account on periodic basis
  • Easy Exit Option i.e. No charges on early termination of plan
  • Competitive Halal Returns with monthly profit reinvestment
  • Free Takaful cover in case of death/ permanent total disability
  • Accidental Death/Disability Benefit of up to Rs. 500,000/-
  • State of the art Digibank App and Digibank Internet Banking to view investments

Free Takaful Coverage

Coverage Type Takaful Coverage Amount Eligible Age
Natural Death/ Total Permanent Disability  

Up to Rs. 13.5 Million

 

18-55 years

(max. 65 years at the time of maturity)

Accidental Death/ Total permanent Disability  

Accidental Death/Disability Benefit
of up to Rs. 500,000/-

 

18-55 years

(max. 65 years at the time of maturity)

Terms and conditions will apply.

NOTE: If investment amount is not paid / received by the Bank, on due date during the investment tenure, the Bank will have the discretion to cease the Takaful coverage for subsequent months. However, the Customer will be able to avail free takaful coverage again up on making payments as per the agreed plans on resubmission of health declaration form by visiting parent branch.

Takaful Claim Process

In case of death/total permanent disability, nominee shall visit Faysal Bank Branch and submit a Takaful Claim form which will be shared with Takaful Company.

  • Faysal Bank is providing Takaful coverage to clients through a third party agreement with EFU – WTO. The Bank does not administer and/or manage the underlying Takaful product and consequently will not be responsible for payment of any claims that may arise thereof.
  • The customer will have to meet the Takaful Company criteria, as mentioned in Product Fact Sheet, for eligibility of Takaful Coverage including the submission of required documents.
  • Providing Takaful Coverage, Takaful claim acceptance, and claim amount payments are the sole responsibility of the Takaful Company and the Bank will not be liable for any grievances the customer may have with this respect whatsoever. However, the Bank will facilitate the customer in claim processing.

Underlying Shariah Principle

Faysal Islami Manzil Account is offered on the basis of ‘Mudarabah’, where Faysal Islami is the ‘Mudarib’ (manager of the funds) and the customer is the ‘Rab-ul-Maal’ (owner of funds). Funds in Faysal Islami Manzil Account are deployed in Shariah-compliant modes such as Ijarah, Murabaha and Musharakah. The rate of profit on the 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. 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 Faysal Islami branches as well as our website www.faysalbank.com/services/islamic-rates/

Note: All Taxes and Zakat are applicable as per Government regulations. Other account maintenance and transactional charges apply as per Faysal Islamic Banking Schedule of Charges (SOC).

Open your account today by visiting your nearest Faysal Islami branch or call us at (021) 111 06 06 06.

  1. What is Faysal Islami Manzil Account?

Faysal Islami Manzil Account is Modaraba-based Saving Account that helps customers fulfill their desired financial goals such as saving for Retirement, Child’s Marriage, Higher Education, Hajj etc by depositing periodic payments monthly/ quarterly/ six-monthly or yearly. The installment plan can be customized as per the customer’s needs and the tenors can range from anywhere between 3 years to 15 years.

Faysal Bank offers competitive halal returns on Manzil Account deposits and an easy exit option where the customers can prematurely encash their deposit any day without any charges.

Moreover, Faysal Bank provides free of cost Takaful Cover to ensure the fulfillment of customer’s goal based financial commitments incase of death/permanent total disability.

  1. What are the Key Features of Faysal Islami Manzil Account?

Key Features of this product are:

  • Initial investment of as low as Rs.5,000/-
  • Customized plans as per client needs with multiple tenors starting from 3 years up to 15 years.
  • Effective deposit build-up to achieve long-term financial goals
  • Competitive Halal Returns with monthly profit reinvestment
  • No charges on early encashment
  • Free Life Takaful in case of death/permanent total disability of up to Rs. 13.5 Million (varies based on the plan selected) and Accidental Death Benefit of up to Rs.500,000/-
  • State of the art Digibank App and Digibank Internet Banking to view and track investment
  1. Is Faysal Islami Manzil account a Shariah compliant account?

Yes. Faysal Islami Manzil account is Shariah compliant and works under the shariah principles of Modaraba.

  1. What is the nature of Faysal Islami Manzil Account?

Faysal Islami Manzil Account is a Non-Checking Savings Account based on the principles of Modaraba. 

  1. What is the underlying Shariah principle on which Manzil Account is based on?

It is based on the concept of Modaraba. It is an arrangement in which a person participates with his/her money called as Rabulmaal (the customer) and the Bank participates with its efforts as Mudarib. The Mudarib allocates these funds into a deposit pool, which are invested in Islamic modes of finance like Murabaha, Istisna, Musharakah etc. the profit from investment of these funds is shared in an agreed manner.

  1. Who can open Faysal Islami Manzil Account?

Faysal Islami Manzil Account can be opened by all types of customers except for Partnerships, Corporations/Entities etc.

  1. How will the periodic payments into the Manzil Account be made?

A customer’s Manzil Account will be linked to his/her regular checking account (Current/Saving). Regular payments will be deducted automatically every period as per customer’s chosen plan from his/her regular checking account and into his/her Manzil Account by the due date. However, the customer can deposit money into his/her Manzil Account through cash/IBFT as well.

  1. What is a Linked-account?

A linked account is an account which is linked to a regular Current/Savings Account in such a way that regular payments can be moved from one account to another automatically via Free Standing Instructions.  Manzil Account is a linked account; it will be linked to a customer’s regular Current/Saving account.

  1. Which types of accounts can my Manzil Account be linked to?

Manzil Account can be linked to all types of regular Current/Savings accounts except for Asaan Accounts, Pensioner’s Accounts, Tez Tareen Accounts and Foreign Currency accounts.

  1. Is having a regular checking account mandatory for Faysal Islami Manzil Account?

Yes, having a checking account (Current/Savings) is mandatory for every customer who is willing to open Faysal Islami Manzil account.

  1. How many tenors are available for Faysal Islami Manzil Account?

Plans starting from 3 years and up to 15 years are available in Faysal Islami Manzil account.

  1. Can Faysal Islami Manzil Account be operated singly and jointly?

Faysal Islami Manzil Account can be operated Singly only.

  1. What is the frequency of profit calculation and payment?

Profit will be calculated and paid monthly. Profit will be reinvested into the Manzil Account.

  1. What currencies can we open Manzil Account in?

Currently, you can only open Faysal Islami Manzil account in PKR.

  1. What periodic payment options do you offer?

Customers can choose to make payments from among Monthly, Quarterly, Semi-annual or Annual payments as best fits their situation.

  1. What is the minimum investment in Faysal Islami Manzil Account?

The minimum investment is Rs.5,000/-

  1. Can a customer book more than one Manzil Account at a time?

Yes, a customer can do that.

  1. Is Zakat applicable on Manzil Account?

Yes, zakat will be deducted as per Zakat and Ushr Ordinance, unless customer has submitted a Zakat exemption declaration (CZ-50).

  1. What is the treatment of Withholding tax on Manzil Account?

Withholding tax will be automatically deducted from profit as per Income Tax rules.

  1. What is Takaful?

Takaful is an Islamic system of Insurance. Takaful is based on the principle of “Ta’awun (cooperation)” and “Tabarru (gift, give away, donation)”, where the group voluntarily shares the risk collectively. 

  1. What does the Takaful Cover include?

Takaful Cover includes Life Takaful in case of death/permanent total disability of Up to Rs. 13.5 Million (varies based on the plan selected). Moreover, in case the customer’s death/permanent total disability is due to an accident, up to Rs.500,000/- will be paid additionally as Accidental Death/Disability benefit.

  1. Who will pay for the Takaful cover premium?

The Bank will pay for the Takaful Cover premiums. Takaful coverage is free for customers subject to their regular payments as per their plans. 

  1. What happens to the free Takaful Cover if a customer misses an installment payment?

If investment amount is not paid / received by the Bank, on due date during the investment tenure, the Bank will have the discretion to cease the Takaful coverage for subsequent months. However, the Customer will be able to avail free takaful coverage again up on making payments as per the agreed plans on resubmission of health declaration form by visiting parent branch.

  1. What happens on encashment before maturity?

There are no charges on early encashment.

  1. What profit rates will be applicable?

Profit rates are decided by the Bank’s Pool Management team and are available on the website here: www.faysalbank.com 

  1. What happens if the Manzil account holder passes away?

In case of an untimely demise of account holder, his/her account will be marked deceased and the nominee will get full amount of the deposited principal amount and accumulated profit immediately. Additionally, nominee will also receive complete Takaful Claim amount from Takaful company.

  1. In case of Death/Permanent Total Disability, how to make the Takaful Claim?

In case of death/permanent disability, nominee shall visit Faysal Bank Branch and submit a Takaful claim form. The Bank will forward the request to Takaful company and the Takaful company will disburse Takaful claim amount likewise.

  1. What does auto-debit mean?

With auto debit, your instalment payments are deducted automatically from your regular checking account (Current/Savings) into your Manzil Account based on your payment details.

  1. Will the standing instructions for auto-debit have any charges?

No, the standing instructions for auto-debit will be free of cost. 

  1. Will customers get debit cards/cheque books etc for their Manzil Accounts?

No, customers will not get Debit cards and Cheque books.

  1. Will customers get Internet Banking/Mobile Banking facility?

Yes, Manzil Account holders will get Digibank App and Digibank Internet Banking facilities where they will be able to view their investment growth status.

phone

Call Us or Text Us

Our hotline is available 24X7

Tel: 111-06-06-06

Text 9181

map Karachi

Nearest ATM & Branch

ATM - Engro Polymer & Chemicals Ltd. Plant Site EZ/I/P-II-I Eastern Zone, Bin Qasim

Branch - Engro Polymer & Chemicals Ltd. Plant Site EZ/I/P-II-I Eastern Zone, Bin Qasim