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.

2. 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

3. 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.

4. 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. 

5. 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.

6. 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.

7. 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.

8. 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.

9. 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.

10. 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.

11. 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.

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

Faysal Islami Manzil Account can be operated Singly only.

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

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

14. What currencies can we open Manzil Account in?

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

15. 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.

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

The minimum investment is Rs.5,000/-

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

Yes, a customer can do that.

18. 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).

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

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

20. 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. 

21. 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.

22. 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. 

23. 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.

24. What happens on encashment before maturity?

There are no charges on early encashment.

25. 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 

26. 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.

27. 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.

28. 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.

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

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

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

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

31. 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.