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DEPOSIT PRODUCTS OFFERED BY UBL- AMEEN. Presented By: Faisal Masood Sheikh – RM Corporate Muhammad Sharjeel Memon – RM Corporate. وَأَحَلَّ ٱللَّهُ ٱلۡبَيۡعَ وَحَرَّمَ ٱلرِّبَوٰا . ۚ . Surah Baqarah (2:285) Allah has permitted Trade and Prohibited RIBA. Riba & Its Prohibition.
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DEPOSIT PRODUCTS OFFERED BY UBL-AMEEN Presented By: Faisal Masood Sheikh – RM Corporate Muhammad Sharjeel Memon – RM Corporate
وَأَحَلَّ ٱللَّهُ ٱلۡبَيۡعَ وَحَرَّمَ ٱلرِّبَوٰا.ۚ.Surah Baqarah (2:285)Allah has permitted Trade and Prohibited RIBA Riba & Its Prohibition “Every loan that draws any premium is Riba”. Hadith is reported by Hazrat Harith ibn Abi Usamah in his Musnad
Business Model of a Conventional Bank • Creditor (Depositor) • Individuals • Corporate • FI’s • SME’s • Public Sector Mode of Credit • Conventional • Bank • Interest based pool managed by bank • Funds Lent • Debtor • PLS Saving Account • Term Deposit • Equity Withdrawal Interest Interest
Business Model of a Islamic Bank • Investment Account Holders (Depositors) • Individuals • Corporate • FI’s • SME’s • Public Sector Mode of Deposit & Funding • Islamic • Banking Institution • Mudaraba (Shariahcompliant) pool managed by bank • Islamic Banking Business (Shariah Compliant) • Murabaha • Ijarah • D. Musharakah • Sukuk • PLS Saving Account • COII • Equity • Income • Profit • Rent • Dividend Withdrawal Profit
Shariah Controls of an Islamic Banking Institution • Shariah Advisors are high ranking Islamic scholars with broad knowledge & experience in various disciplinary fields, from law, economics, banking systems and Sharia law • The Shariah Advisors guide the development of banking products and services, certifies them and assists compliance with Islamic Sharia • The Shariah auditors ensure that all the transactions are carried out in strict compliance to Islamic principles of banking
Ameen Shariah Panel • The products of UBL Ameen are Shariah compliant, and monitored through our panel of Shariah Advisors to ensure that our products are widely acceptable • UBL Ameen has acquired advisory/consultancy services from prominent Shariah Scholars: • DR. NOOR AHMED SHAHTAZas Shariah Advisor. He has over 13 years of experience in FATAWA and holds to his credit LLB and PhD degree in Islamic Studies • MUFTI HASSAN KALEEMas member of our Shariah Advisory panel. His expertise in the Islamic banking and finance industry is exceptional
Presentation Outline • UBL & Islamic banking in UBL • Deposit products • Salient features • Funds deployment & distribution • Wrap-up • Q/A
Interesting Facts About UBL & Islamic Banking In UBL • United Bank Limited is one of the largest commercial bank in Pakistan, established in 1959 and a group company of Abu Dhabi Group and Best Way Group • UBL has an asset base of over PKR 550 billion (Figures till Oct-2008) • UBL has a network of over 1000 branches across Pakistan and has a presence in several overseas locations including U.A.E, Oman, UK & Switzerland • UBL enjoys a credit rating of AA+ and A-1+ for both long term and short term periods • UBL has been awarded Islamic Banking license by the State Bank of Pakistan on December 16, 2006
Interesting Facts About UBL & Islamic Banking In UBL cont’d • The brand name for Islamic Banking is “Ameen” • UBL Ameen has its presence in all major cities of Pakistan including Karachi, Lahore, Faisalabad, Sialkot and Peshawar through 5 stand alone branches • UBL Ameen has also 20 Islamic banking windows in the existing UBL branches • By the end of year 2009 Ameen has projected to open 15 further windows in existing UBL branches across Pakistan
Deposit Products Of UBL Ameen • Ameen Current Account (PKR & FCY) Based on QARZ Funds received, to be repaid on the demand/notice of the depositor • Ameen Investment Accounts Based on Mudarabah A partnership where one partner provides capital (called Rabb-ul-maal) and another contributes efforts (called Mudarib) • Ameen Saving Account Investment accounts that have freedom of withdrawal and deposit in which profit can be received upon periodically • Ameen Certificate of Islamic Investment Term investment in which higher amount of profit can be received upon maturity /periodically
Ameen Current Account (PKR & FCY) • First cheque book free • No Minimum balance • Withdrawal on demand at anytime • PKR 100 Million and above 24 hours notice (working days) • PKR 200 Million and above 48 hours notice (working days) • Collection and clearance of cheques • No hidden charges
AmeenSaving & Certificate of Islamic Investment • Ameen Certificate of Islamic Investment is taken under the Shariah compliant terms of Mudarabah • Investor’s funds are pooled together with other depositors and are invested into Shariah Compliant profitable portfolios • Ameen manages your pooled funds and shares the profit as Mudarib. In case of loss Ameen get nothing and bear the loss of cost spent on managing the pool
* "Non-Muslims snap up Islamic accounts", BBC News, December 18, 2006 Wrapping Up :."Verily Allah will never change the condition of a people until they change themselves." :.(Surah ar-Ra'd Chapter 13, verse 11) • At present Islamic banking has a market share of over 4% of total banking sector of Pakistan • Demand for Islamic banking products is increasing in all sectors consist of Individuals, SMEs & Corporate customer alike • SBP is playing a vital role in regulating and monitoring Islamic compliances • Islamic banking is adopted on a global scale by Muslims and non Muslims • Islamic current accounts in England are becoming more popular with non-Muslims because of growing concern about where their deposits are invested* • On global scale five cities include Kuala Lumpur, Dubai, London, Singapore & Hong Kong are trying to become hub of Islamic banking
Thank you for giving us an opportunity to provide you an overview of Islamic banking deposit productsoffered by UBL Ameen