TERM REPORT

OF
ISLAMIC BANKING & FINANCE

(UNITED BANK LIMITED)

(Mashood Amjad, Muzammil Khatri)

BBA (Final Year)
Spring-2023

(Sir Munir )

BENAZIR SCHOOL OF BUSINESS

BENAZIR BHUTTO SHAHEED UNIVERSITY LYARI
KARACHI
 Contents
CHAPTER # 1: INTRODUCTION....................................................................................................3

.1. HISTORY OF ISLAMIC BANKING:.............................................................................................3

.2. GLOBAL PRESENCE OF ISLAMIC BANKING:.................................................................................3
.3. INDUSTRY PROFILE OF ISLAMIC BANKING:............................................................................4
.4. BANK PROFILE OF UBL BANK..................................................................................................4
.5. STRUCTURE OF SHARIAH BOARD:..........................................................................................5
.6. PROFILE OF SHARIAH BOARD MEMBERS:..............................................................................6
.7. DUTIES AND RESPONSIBILITIES MEMBERS OF SHARIAH BOARD:...........................................7
Chapter 2: Product Portfolio:.............................................................................................................8

2.1. UBL Islamic Product Portfolio:................................................................................................8

2.1.1. Ameen Minor Saving Account Local Currency:........................................................8
2.1.2. Ameen Mukammal Saving Account:..........................................................................9
2.1.3. Ameen Business Account (ABA)- Local Currency:.................................................10
2.1.4. Ameen Saving Account (ASA)- Local Currency:.....................................................11
2.1.5. Ameen Current Account Foreign Currency:...........................................................12
2.1.6. Ameen Mukammal Current Account Local Currency............................................12
2.1.7. UBL Ameen Urooj Account:......................................................................................13
2.1.8. UBL AMEEN ASAAN ACCOUNT:..........................................................................14
2.1.9. UBL AMEEN SAVING ACCOUNT FOREIGN CURRENCY:..............................15
2.1.10. Ameen Daily Munafa Account Local Currency:.....................................................16
2.1.11. Ameen Premium Account Local Currency:.............................................................17
2.1.12. AMEEN ZINDAGI ACCOUNT:..............................................................................18
2.1.13. UBL Ameen Good Citizen Account:.........................................................................19
2.1.14. Ameen Tezraftaar Asaan Remittance Account:.......................................................21
2.1.15. Ameen Premium Certificate Local Currency:.........................................................23
2.1.16. Ameen Certificate of Islamic Investment Local Currency:....................................23
2.1.17. Banca Takaful:...........................................................................................................24
2.1.18. BETTER LIFE TAKAFUL PLANS.........................................................................25
2.1.19. Ameen Financial Institution Deposit Account (AFIDA) - Local Currency:.........26
2.1.20. Ameen Cash Management:.......................................................................................27
CHAPTER 3: Product Analysis and Comparison...........................................................................28

3.1 COMPARISON BETWEEN UBL AMEEN ISLAMIC CURRENT ACCOUNT AND UBL
CONVENTIONAL CURRENT ACCOUNT:.............................................................................................28
3.2 COMPARISON BETWEEN UBL AMEEN MUKAMMAL CURRENT ACCOUNT AND UBL
MUKAMMAL CURRENT ACCOUNT:..................................................................................................28

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 3.3 COMPARISON BETWEEN UBL AMEENT FCY CURRENT ACCOUNT AND UBL FCY CURRENT
ACCOUNT:........................................................................................................................................29
3.4 COMPARISON BETWEEN UBL AMEENT ASAAN CURRENT ACCOUNT AND UBL ASAAN
CURRENT ACCOUNT:........................................................................................................................29
3.5 COMPARISON BETWEEN UBL ISLAMIC SAVING ACCOUNT AND UBL CONVENTIONAL SAVING
ACCOUNT:........................................................................................................................................30
3.6 COMPARISON BETWEEN UBL AMEEN BUSINESS ACCOUNT AND UBL SAVING ACCOUNT:...30
3.7 COMPARISON BETWEEN UBL AMEEN ASAAN SAVING ACCOUNT AND UBL ASAAN SAVING
ACCOUNT:........................................................................................................................................31
3.8 COMPARISON BETWEEN UBL AMEEN MONTHLY SAVING ACCOUNT AND UBL MAHANA
AMDANI SAVING ACCOUNT:............................................................................................................31
3.9 COMPARISON BETWEEN UBL AMEEN MINOR SAVING ACCOUNT AND UBL MINOR SAVING
ACCOUNT:........................................................................................................................................32
3.10 COMPARISON BETWEEN UBL AMEEN ZINDAGI ACCOUNT AND UBL ZINDAGI ACCOUNT:. . .33
CHAPTER 4: Conclusion.................................................................................................................34

4. CONCLUSION:..........................................................................................................................34
Chapter 5: References:......................................................................................................................36

5. References:..............................................................................................................................36

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 CHAPTER # 1: INTRODUCTION

.1. HISTORY OF ISLAMIC BANKING:

Islamic banking is a banking system that operates in accordance with Sharia’h, which
prohibits interest and promotes risk-sharing and socially responsible investment. Profit is
earned through equity participation, cost-plus financing, leasing, and partnership
arrangements. The most important feature of Islamic banking is the sharing of risk among the
investors, the bank and the borrowers. Islamic banking focuses on fairness and freedom as a
centrally controlled and individually managed system according to the instructions of Allah
Almighty. The history of Islamic banking dates back to the 17th century, and the modern-day
Islamic banking industry emerged in the mid-20th century. Islamic banking is based on the
principles of Shariah, developed over centuries by Islamic scholars and jurists. Early
proponents include Sheikh Abdullah al-Araby, Muhammad Taqi Usmani, and Sheikh Yusuf
al-Qaradawi. The Islamic Development Bank (IDB) provided a platform for the promotion
and dissemination of Islamic finance and facilitated the establishment of Islamic financial
institutions in many countries.

.2. GLOBAL PRESENCE OF ISLAMIC BANKING:

Islamic banking has been filling quickly lately and has a worldwide presence in different
districts all over the planet. As per the Islamic Monetary Administrations Board (IFSB),
starting around 2020, there were north of 300 Islamic monetary establishments working in
excess of 60 nations. The biggest grouping of Islamic banks and monetary organizations is in
the Center East and North Africa (MENA) locale, where Islamic banking has been laid out
for quite some time. Nations like Saudi Arabia, Kuwait, Bahrain, and the Unified Middle
Easterner Emirates (UAE) have probably the biggest Islamic bank. Islamic banking is now
likely in different region, like Asia and Europe. Malaysia is one of the biggest Islamic
financial business sectors in Asia, with a few homegrown and global Islamic banks working
in the country. Different nations in Southeast Asia, like Indonesia, Brunei, and Pakistan,
additionally have a developing Islamic financial industry.
In Europe, Islamic banking is generally new, however it has been building up some forward
movement in nations like the Unified Realm, Germany, and France, where Islamic banks are

4
offering Shariah-consistent monetary items and administrations to Muslim and non-Muslim
clients the same. Islamic financing emerged 50 years ago, in countries with large Muslim
populations who were keen to ensure their sources of funding were governed by the
requirements of Shariah and the principles of Islam. In 2019, Islamic finance assets amounted
to US$2.88 trillion, the highest recorded growth for the industry since the global financial
crisis. The prospects look positive: by 2024, this is set to rise to US$3.69 trillion. While
Muslim countries have turned to Shariah financing to fund their thirst for capital, another
underlying reason for its popularity is that Shariah financing is beginning to broaden its
appeal among non-Muslim countries too.

.3. INDUSTRY PROFILE OF ISLAMIC BANKING:

A banking system conforming to the philosophy, principles and values of Islam is defined as
"Islamic banking" in compliance with Sharia's rules. A small concept that refers to a range of
banking instruments or operations which don't pay interest is Interest Free Banking. A more
general term is Islamic bank, not only for the purposes of avoiding interest bearing
transactions which are forbidden under Islamic sharia but also in order to prevent unethical
and unsocial practices. Islamic banking is distinguished by its divinely sourced, shari'ah-
compliant, wealth of financial concepts, riba free, garar free, prohibition of injustice, and
appreciation of benevolence in transactions. Islamic banking are playing vital role in
economy because they regulate finance in open market and attracts investors because Islamic
banks produce money in a halal and prohibit interest. Islamic banks helps by increasing
productivity in industry. Mudarabah and Musharakah are two main products of Islamic
banking. Sukuk also main product of Islamic bank. Islamic bank can share profit according to
the predetermined profit-sharing ratio.

.4. BANK PROFILE OF UBL BANK

UBL (United Bank Limited) was established in 1959 in Pakistan, making it one of the oldest
and largest commercial banks in the country. UBL is a commercial bank in Pakistan, offering
a wide range of financial products and services to individuals, businesses, and corporate
clients. With a history of over 60 years, UBL has a strong presence in Pakistan and
international markets, supported by a network of over 1,400 branches and subsidiaries.

5
UBL offers a variety of banking services, including personal and business accounts, loans,
credit cards, insurance, investment, and wealth management services, as well as digital
banking solutions like internet banking, mobile banking, and ATMs. UBL offers both
conventional and Islamic banking services. It has a dedicated Islamic banking division known
as UBL Ameen, which offers Shariah-compliant products and services to its customers.
UBL is governed by a Board of Directors, which is responsible for setting the bank's strategy,
policies, and overall direction. The current Board of Directors of UBL includes 11 members,

led by the Chairman, Mr. Sheikh Mohamed Ali Al-Abdullah Al-Mubarak Al-Sabah.

.5. STRUCTURE OF SHARIAH BOARD:

The Shariah Board of United Bank Limited (UBL) consists of a group of Islamic scholars
who provide guidance and supervision on the bank's Islamic financial products and services.
The current structure of the Shariah Board of UBL includes the following members:
1. Dr. Muhammad Imran Ashraf Usmani (Chairman)
2. Mufti Muhammad Hassaan Kaleem
3. Mufti Muhammad Najeeb Khan
4. Mufti Muhammad Zubair Usmani
5. Mufti Shabbir Ahmad Usmani
Dr. Muhammad Imran Ashraf Usmani is a prominent Islamic scholar and serves as the
chairman of the Shariah Board of UBL. He is also a member of the Shariah Board of several
other Islamic financial institutions in Pakistan.
The other members of the Shariah Board are also well-known and respected Islamic scholars
with expertise in Islamic finance and Shariah law.
The Shariah Board of UBL is responsible for ensuring that the bank's products and services
comply with Islamic principles and values. They also provide guidance and supervision to the
bank's management and staff to ensure that the bank's operations are conducted in accordance
with Shariah principles.

6
 .6. PROFILE OF SHARIAH BOARD MEMBERS:

Here's a brief profile of the members of the Shariah Board of United Bank Limited (UBL):
1. Dr. Muhammad Imran Ashraf Usmani (Chairman):
He is a renowned Islamic scholar and has a Ph.D. in Islamic Finance from the University of
Karachi. He is the son of the late Mufti Muhammad Taqi Usmani, who was also a prominent
Islamic scholar and jurist. Dr. Usmani is the author of several books on Islamic finance and
has served on the Shariah Board of several Islamic financial institutions in Pakistan.
2. Mufti Muhammad Hassaan Kaleem:
He is a well-known Islamic scholar and has a Master's degree in Islamic Studies and Arabic
from the University of Punjab. He has also completed a course in Islamic Jurisprudence from
Jamia Darul Uloom Karachi. Mufti Kaleem has served on the Shariah Board of several
Islamic financial institutions in Pakistan.
3. Mufti Najeeb Khan:
He is a respected Shariah scholar who has contributed to the development of Islamic finance
and Shariah law. He has served as a Shariah consultant for several leading Islamic financial
institutions
4. Mufti Shabbir Ahmad Usmani:
He is a graduate of the University of Karachi with a Master's degree in Islamic Studies and
Arabic. Additionally, he has completed a course in Islamic law from Jamia Darul Uloom
Karachi. Mufti Shabbir has been a member of several Islamic financial institutions in
Pakistan's Shariah Board.
5. Mufti Muhammad Zubair Usmani:
He has a Graduate degree in Islamic Examinations and Arabic from the College of Karachi.
Additionally, he has completed a course in Islamic law from Jamia Darul Uloom Karachi.
Mufti Zubair has been a member of several Islamic financial institutions in Pakistan's Shariah
Board.
Overall, the members of the Shariah Board of UBL are highly qualified and experienced
Islamic scholars with expertise in Islamic finance and Shariah law. They provide valuable
guidance and supervision to the bank to ensure that its operations are in compliance with
Islamic principles and values.

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 .7. DUTIES AND RESPONSIBILITIES MEMBERS OF SHARIAH
BOARD:

The duties and responsibilities of Shariah Board individuals fluctuate contingent upon the
particular establishment or association they are serving However, in general, Shariah Board
members are responsible for the following:
 Reviewing and approving all Islamic financial products and services offered by the
bank to ensure that they are in compliance with Islamic principles and values.
 Providing guidance and supervision to the bank's management and staff to ensure that
all operations are conducted in accordance with Shariah principles.
 Reviewing and approving all contracts and agreements to ensure that they are
Shariah-compliant.
 Conducting regular audits and inspections to ensure that the bank is operating in
compliance with Shariah principles and values.
 Issuing Shariah-compliance certificates and opinions for the bank's products and
services.
 Reviewing and providing feedback on the bank's policies and procedures related to
Shariah compliance and Islamic finance.
 Keeping up to date with developments in Islamic finance and Shariah law and
providing guidance to the bank accordingly.
 Resolving any disputes or issues related to Shariah compliance that may arise within
the bank
 Educating the bank's staff and customers about the principles of Islamic finance and
Shariah compliance.
Overall, the Shariah Board members of UBL play a critical role in ensuring that the bank's
operations are in compliance with Shariah principles and values. They provide valuable
guidance and supervision to the bank's management and staff, ensuring that all products and
services are Shariah-compliant and transparent. This helps to build trust and confidence
among the bank's customers and stakeholder.

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 Chapter 2: Product Portfolio:

2.1. UBL Islamic Product Portfolio:

2.1.1. Ameen Minor Saving Account Local Currency:
The Ameen Minor Saving Account is a special account for children under 18 years old. It
offers attractive packages based on the principles of Mudarabah, a form of Islamic finance.
The account functions as a checking account, providing flexibility for the account holder,
while also ensuring monthly returns in accordance with Shariah principles. The funds
deposited into the account are received through Mudarabah and are exclusively used for
Shariah-compliant business activities.
Key Benefits & Salient Features
 Free Cheque Book.
 Monthly profit payment.
 Profit is calculated on the basis of daily average balance in a calendar month.
 No limit on number of transactions.
 No minimum balance requirement.
 Account can be opened with Rs 100/-.
Other Benefits
 ATM/VISA Debit Card.
 SMS Alerts.
 Net Banking facility.
 E-statement facility.
 Access to your funds through online network of over 1,200 UBL branches and 4,500
ATMs across Pakistan.
 24/7 Call Center facility.
 Non-stop full service (within bank timing).
 Free Takaful Coverage.
 All service charges will be levied as per prevailing UBL Ameen’s Schedule of
Charges (SOC).

9
  Zakat & WHT will be applicable as per Government rules.

2.1.2. Ameen Mukammal Saving Account:

Ameen Mukammal Saving Account (AMSA) is a checking account that offers flexibility and
competitive returns for both personal and business banking needs on a monthly basis. It
operates on a tier-based system, where higher deposits earn higher rates of return. The
account follows Shariah-compliant principles and the funds are used exclusively for Shariah-
compliant business activities.
Key Benefits & Salient Features
 No minimum balance requirement.
 Tiered profit structure.
 Profit is calculated on the basis of daily average balance in a calendar month.
 Monthly profit payment.
 Unlimited number of transactions.
Following free of cost services are available
 Free Inter Branch Online Transaction - Country wide.
 Free Debit Card (Annual Fee & Issuance).
 Free Issuance of Cashier Cheque/CBC.
 Free Cheque Book.
 Free Cancellation of CC/CBC.
 Free Clean Bill for Collection /Intercity Clearing.
 Free Duplicate Cashier's Cheque/CBC.
 Free Duplicate Account Statement.
Other Benefits:
 SMS Alerts.
 Net Banking facility.
 E-statement facility.
 Access to your funds through online network of over 1,200 UBL branches and 4,500
ATMs across Pakistan.
 Free Takaful Coverage.

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2.1.3. Ameen Business Account (ABA)- Local Currency:
UBL Ameen Business Account is a Shariah-compliant account that operates on the principles
of Mudarabah. It offers individuals and corporate customers a convenient and cost-effective
solution to carry out their business transactions throughout Pakistan. The funds received in
this account are obtained through Mudarabah and are utilized solely for Shariah-compliant
business activities.
Key Benefits & Salient Features:
 No minimum balance requirement.
 Nominal profit calculated on daily average balance and paid half yearly.
 No limit on number of transactions.
Following free services are available:
 Free Inter Branch Online Transaction - Country wide.
 Free Issuance of Cashier Cheque/CBC.
 Free Cheque Book.
 Free Cancellation of CC/CBC.
 Free Clean Bill for Collection /Intercity Clearing.
 Free Duplicate Cashier's Cheque/CBC.
 Free Duplicate Account Statement.
Other Benefits:
 ATM/VISA Debit Card.
 SMS Alerts.
 Net Banking facility.
 Access to your funds through online network of over 1,200 UBL branches and 4,500
ATMs across Pakistan.
 24/7 Call Center facility.
 Free Takaful Coverage.

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2.1.4. Ameen Saving Account (ASA)- Local Currency:
Ameen Saving account is a checking account that offers both flexibility and high returns for
various banking needs, including trade, business, and personal banking. It operates on a tier-
based system, where funds are received through Mudarabah and are strictly used in Shariah-
compliant business activities.
Key Benefits & Salient Features:
 Ideal for customers looking at transactional flexibility.
 Free Cheque Book.
 Profit is calculated on the basis of daily average balance in a calendar month.
 Six-Monthly profit payment.
 No limit on number of transactions.
 No minimum balance requirement.
 Account can be opened with Rs 100/-
Other Benefits:
 ATM/VISA Debit Card.
 SMS Alerts.
 Net Banking facility.
 Access to your funds through online network of over 1,200 UBL branches and 4,500
ATMs across Pakistan.
 24/7 Call Center facility.
 Free Takaful Coverage.

12
2.1.5. Ameen Current Account Foreign Currency:
Ameen Current Account - Foreign Currency is designed for individuals and corporate
customers seeking a secure foreign currency transaction account. It functions as a checking
account, providing the essential tools for banking and personal activities. Funds are obtained
through Qard and are strictly utilized in Shariah-compliant business. The account supports 6
major currencies: US Dollar, British Pound, Euro, Japanese Yen, Saudi Riyal, and UAE
Dirham.
Key Benefits & Salient Features:
 Free Cheque Book.
 Available in leading currencies US Dollar, British Pound, Euro, Chinese, Saudi Riyal
and UAE Dirham.
 Access to your funds through a network of UBL’s branches dealing in Foreign
Currency across Pakistan.
 No restriction on number of transactions.
 24/7 Call Center facility.
 Non-stop full service (within bank timing).
 Free Takaful Coverage.

2.1.6. Ameen Mukammal Current Account Local Currency

Ameen Mukammal Current Account is a comprehensive checking account designed to
facilitate all banking-related activities for both individuals and corporate customers. It offers
the essential tools needed for conducting various financial transactions. Funds received
through Qard are strictly utilized in Shariah-compliant business operations.
Key Benefits & Salient Features:

13
  Account can be opened with Rs 100/-.
 No limit on number of transactions.
 No minimum Balance requirement.
 ATM/VISA Debit Card.
 SMS Alerts.
 Free E-statement facility.
 Net Banking facility.
 Access to your funds through online network of over 1,400 UBL branches and 10,000
ATMs across Pakistan.
 24/7 Call Center facility.

2.1.7. UBL Ameen Urooj Account:

UBL Ameen Urooj Account is a specialized account created specifically for women residents.
It aims to promote financial inclusion and provide Shariah-compliant products. The account
offers women greater control over their earnings and savings, along with access to various
financing options.
Account Category
 UBL Ameen Urooj Current Account.
 UBL Ameen Urooj Saving Account.
Shariah Basis:
UBL Ameen Current accounts operate on the principle of "Qard," while UBL Ameen Saving
accounts follow the Shariah-compliant mode of "Mudarabah." In the Mudarabah structure,
the depositor is the "Rab-ul-Maal" (capital provider), while the bank acts as the"Mudarib"
(entrepreneur). This arrangement ensures compliance with Islamic principles in the allocation
and distribution of funds.
Benefits
 Free Cheque Book.
 Free Debit Card (VISA Classic).
 Free Locker Issuance - 1st Year Rental.
 Free Accidental Takaful Coverage.
 No Minimum Balance Requirement.
 Free SMS Alerts.

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  Free E-Statement.
 Free Access to UBL Net Banking/Digital App.
Additional Benefits
The accountholder will also entitle for additional benefits on maintaining PKR 100,000 or
above monthly average balance in her current or saving account:
 Discount on Islamic Auto Financing (Ameen Drive) up to 2%.
 Discount on Islamic House Financing (Ameen Address) up to 0.5%.
 Free School Fees Continuation Takaful Coverage.
 50% Discount on Front-End-Load (FEL) on investment in Al-Ameen Funds managed
by UBL Fund Managers Limited.

2.1.8. UBL AMEEN ASAAN ACCOUNT:

Anyone can open an account using the innovative and practical UBL Asaan Account service.
Just submit a simple form and make an initial investment of as little as Rs. 100. UBL is
committed to providing every Pakistani with the greatest simplicity and convenience.
Special Features
 Flexibility of Opening Current or Savings Account.
 No minimum balance required.
 No Fee for Debit Card Issuance.
 No Service Charges for account opening or closing.
 Any of the following documents may be used as a proof of Identity for opening of
Asaan Account.
 Computerized/ Smart National Identity Card (CNIC/ SNIC).
 Pakistan Origin Card (POC).
Rules of the Account
UBL Asaan Accounts are meant for resident individuals having Pakistani Nationality only.
One CNIC holder is entitled to One UBL Asaan Account (either as single or jointly operated).
An existing UBL Accountholder cannot open a UBL Asaan account (in either single or joint
account category).
 Transaction Limits/ Turnover
 Total Debit per Month: Rs 1,000,000/-
 Total Credit Balance Limit: Rs 1,000,000/-

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  Exceptions for Transaction Limits/ Turnover
 Inward Remittances.
 Credit of Profit Return on UBL Asaan Saving Account.
 Bank Charges, government taxes or levies from competent authority.
 Restriction on cross border (outward) transactions except for Card based-accounts
subject to above specified Transaction limits/ Turnover.
 Profit on UBL Asaan Saving Account will be disbursed at minimum savings rate;
profit is credited on half-yearly basis and is calculated on monthly average balance.

For women, UBL offers the below benefits on your Asaan Current account
 Exclusive debit card with special alliances.
 Free locker for the first year.
 50% FEL for mutual funds investments.
 T&Cs apply- previous month’s average balance should be PKR 100,000 and above.

2.1.9. UBL AMEEN SAVING ACCOUNT FOREIGN CURRENCY:

For clients and individuals who want to keep a secure foreign currency transaction account,
Ameen Current Account - Foreign Currency is the best option. The Ameen Current Account
(FCY) is a checking account that strives to give individuals and corporate clients the tools
they need to conduct their banking-related business and personal activities. Money is
received based on Qard, and it is exclusively used for Shariah-compliant company. The US
Dollar, British Pound, Euro, Japanese Yen, Saudi Riyal, and UAE Dirham are the six most
popular currencies that it is offered in.
Key Benefits & Salient Features
 Free Cheque Book.
 Available in leading currencies US Dollar, British Pound, Euro, Chinese, Saudi Riyal
and UAE Dirham.
 Access to your funds through a network of UBL’s branches dealing in Foreign
Currency across Pakistan.
 No restriction on number of transactions.
 24/7 Call Center facility.
 Nonstop full service (within bank timing).

16
  Free Takaful Coverage.
Other Information
 All service charges will be levied as per prevailing UBL Ameen’s Schedule of
Charges (SOC). Zakat & WHT will be applicable as per Government rules.

2.1.10. Ameen Daily Munafa Account Local Currency:

Ameen Daily Munafa Account is a checking account that offers the greatest degree of
freedom while also offering the best monthly returns on a daily product basis, regardless of
the needs of trade, business, or personal banking. The Ameen Daily Munafa Account is a tier-
based savings account, meaning that higher deposits go into higher tiers with higher yields.
The predicted rate of return rises in each progressive tier based on day-end balance. Money is
received based on Mudarabah, and it is exclusively used for shariah-compliant company.
Key Benefits & Salient Features:
 No minimum balance requirement.
 Tiered profit structure with the association of daily day end balance.
 Monthly profit payment.
 Profit is calculated on daily product basis.
 No limit on number of transactions.
 Free Cheque Book.
Other Benefits:
 ATM/VISA Debit Card
 SMS Alerts
 Net Banking facility.
 E-statement facility.
 Access to your funds through online network of over 1,200 UBL branches and 4,500
ATMs across Pakistan.
 24/7 Call Center facility.

17
  Non-stop full service (within bank timing).
 Free Takaful Coverage.

2.1.11. Ameen Premium Account Local Currency:

Ameen Premium Account is a checking account that strives to offer High Returns while also
allowing for maximum flexibility, whether for trade, company, or personal banking
requirements. Ameen Premium is a multi-tiered savings account where money is deposited
depending on Mudarabah and exclusively used for Shariah-compliant enterprises.
Key Benefits & Salient Features:
 No minimum balance requirement.
 Ideal for customers looking at transactional flexibility with higher profit.
 Profit is calculated on the basis of daily average balance in a calendar month.
 Monthly profit payment.
 No limit on number of transactions.
Following free services are available:
 Free Inter Branch Online Transaction - Country wide.
 Free Issuance of Cashier Cheque/CBC.
 Free Cheque Book.
 Free Cancellation of CC/CBC.
 Free Clean Bill for Collection /Intercity Clearing.
 Free Duplicate Cashier's Cheque/CBC.
 Free Duplicate Account Statement.
Other Benefits:
 ATM/VISA Debit Card.
 SMS Alerts.

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  Net Banking facility.
 E-statement facility.
 Access to your funds through online network of over 1,200 UBL branches and 4,500
ATMs across Pakistan.
 24/7 Call Center facility.
 Nonstop full service (within bank timing).
 Free Takaful Coverage.

2.1.12. AMEEN ZINDAGI ACCOUNT:

Seniors' financial needs are met by the UBL Ameen Zindagi Account by providing high
yielding investments at competitive rates that adhere to shariah.
Eligibility:
 Everyone who holds a single or joint account and is at least 60 years old is eligible for
this programmed. However, if there is a joint account, at least one of the account
holders must be 60 years of age or older.
Minimum Denomination
 The account can be opened with minimum initial deposit of PKR 100/-.
Balance Limit
 There is no minimum or maximum balance limit for this account.
Key features
 UBL Ameen
 Free Pay Pak Debit Card (Annual Fee & Issuance)
 Free Cheque Book
Profit Frequency and Calculation
 The benefit will be determined on everyday normal adjusts and paid on month to
month premise. This item will be essential for general pool. The benefit rate will be
assessed from the weightages reported by UBL Ameen before the start of each
schedule month. The pertinent benefit rates will be recalculated in view of the
Weightages and Mudarib Offer pronounced before the start of the month. These rates

19
 will likewise be hinted to the lslamic Banking Branches and Windows on
customary/month to month/premise.
Other Benefits:
 Free Takaful Coverage.
 ATM/Debit Card.
 SMS Alerts.
 Net Banking facility.
 E-statement facility.
 Access to your funds through online network of over1,200 UBL branches and 4,500
ATMs across Pakistan.
 24/7 Call Center facility.
 Nonstop full service (within bank timing).

2.1.13. UBL Ameen Good Citizen Account:

Not a tax filler? You won't need to worry since UBL Ameen will assist you with tax
registration and filing. The first ever specifically created Islamic current remuneration
product aims to provide "Free Tax Facilitation" services to individuals and sole proprietors
through a reputable Independent Tax Consultant "M/s Befiler" to UBL Ameen Good Citizen
accountholders in order to help them understand not only the significance of filing income tax
returns on time but also how to file the tax returns and pay taxes with peace of mind.
UBL Ameen Good Citizen account members who are active tax payers (filers) can take
advantage of the following dual benefits:
Benefits offered by the Bank:
 Tax Facilitation with high tax professional consultant.
 Free General Banking Services (as per prevailing Ameen Schedule of Bank Charges).
 Free Accidental Takaful Coverage up to PKR 1,500,000/- (Terms & Conditions
apply).
 Halal monthly profit payout.
 No Minimum Balance Charges.
More Benefits offered by the Bank:
Services Current and Saving
Customer Status Non Filer Filer

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Balance Requirement No requirement MTD Avg Bal MTD Avg Bal >=500K
<500K
Primary Debit Card Issuance & As per SOC Free Free
Annual Fee
Inter branch Online Transactions - As per SOC Free Free
Country wide
Cheque Book As per SOC Free Free
Cashier Cheque Issuance As per SOC Free Free
Cancellation of cashier Cheque As per SOC Free Free
Duplicate Cashier cheque As per SOC Free Free
Clean Bill for collection/ Intercity As per SOC Free Free
Duplicate Account statement As per SOC Free Free
Inter Bank Fund Transfer (via As per SOC 50% Discount 100% Discount
Digital)
ATM Off-us Transaction As per SOC As per SOC 100% Discount
Auto Financing As per actual As per actual Up to 4.6% Discount
House Financing As per actual As per actual Up to 1.10% Discount
SE Financing (Self Employed) As per actual As per actual Up to 2.00% Discount

The accountholders are classified in two categories based on active filer status of the
customer:
 UBL Ameen Citizen Accountholder: This category includes Non-Filer customers with
No Balance Requirement.
 UBL Ameen Good Citizen Accountholder: This category includes Active Tax Payer/
Filer customers with No Balance Requirement.
 UBL Ameen Good Citizen Accountholder will also entitle for following additional
benefits on maintaining PKR 500,000 or above monthly average balance.
Additional benefits:
 Free Tax Registration & Filling.
 Free Takaful Coverage for Accidental, Natural Death (including COVID-19) and
Hospitalization.
 Initial Deposit:
 This account can be opened with minimum deposit of PKR 1,000.

21
Tax Facilitation, Registration & Return Filing Services:
 In order to assist UBL Ameen Good Citizen Accountholders, UBL has hired M/s.
Befiler. UBL Ameen Good Citizen Accountholders will be able to get tax facilitation
services from a highly qualified tax adviser.
 The following is a succinct introduction of "M/s Befiler Private Limited":
 Befiler is a partnership amongst well-known tax professionals. They want to make it
easier for people to file their taxes in order to encourage Pakistan's culture of
documentation. Befiler makes tax filing simple for the average person who has little
to no financial literacy, eliminating the need to hire pricey tax advisers.
Terms & Condition:
 All service charges will be levied and waived as per prevailing Ameen Schedule of
Bank Charges (SOC)
 All applicable taxes including WHT & FED will be levied as per the prevailing rules
and regulations.
 UBL Ameen Good Citizen Account is based on the underlying Shariah mode of
“Mudarabah”
 Zakat will be applicable and deducted as per Zakat & Usher Ordinance 1980,
Pakistan.
 The Bank’s role will be limited to Tax facilitation only. In case, any notice is received
from Federal Board of Revenue (FBR) by the customer, the customer will be liable.

2.1.14. Ameen Tezraftaar Asaan Remittance Account:

Receive your international remittances from anywhere in the world right now with total
security, convenience, and peace of mind. Simply provide your foreign remitters your
account number or IBAN so they may send money immediately to your UBL Ameen
Tezraftaar Asaan Remittance account.
Account Category:
 You have a choice to open account in current or saving category.
 UBL Ameen Tezraftaar Asaan Remittance Current Account.
 UBL Ameen Tezraftaar Asaan Remittance Saving Account.
 UBL Ameen Islamic Current accounts are based on the concept of “Qard”. However,
UBL Ameen Saving accounts are based on the underlying Shariah mode of
“Mudarabah.”
Key Features:

22
  Account activation and opening instantly using biometrics.
 Free SMS alert indicating the account number for future remittances to this account is
sent to the sender and recipient at the time of account opening.
 At the time of account opening, there is an option to convert the current Cash Over
Counter payment in full or in part to the account.
 No initial deposit, minimum amount, account setup or maintenance fees are necessary.
 Beneficiaries can get free SMS notifications after a home remittance transaction has
been received.
 If a CNIC number is included in the COC instructions, the Cash Over Counter
transaction will be automatically routed to the account.
 Cash withdrawals are tax-free as the account will only be topped up with domestic
transfers from abroad. No further debt of any kind from any channel will be allowed
in this account.

Transactional Limits:
Description Limits
Total Credit Limit (Any time) PKR 3,000,000
Cash Withdrawal Limit (Per day) PKR 500,000
Funds Transfer Limit (Per day) PKR 500,000
Local Credit Allowed (Per month) PKR 1,000,000
Eligibility Criteria:
All individuals who are beneficiary of foreign inward Home Remittance can open this
account in single or joint capacity. However, One (1) CNIC holder can open only one UBL
Ameen Tezraftaar Asaan Remittance Account (single or jointly).
Source of Deposit:
 The account will only be fed through Home Remittance from abroad only, and other
credits are not allowed. Also, Commercial remittances shall not be allowed in this
account.
Key Benefits:
 No minimum balance requirement
 Free Cheque Book
 Free Ameen PayPak Debit Card

23
  Free Accidental Takaful Coverage (Terms and conditions apply)
 No profit is paid on Ameen Tezraftaar Asaan Remittance Current account
 Profit on Ameen Tezraftaar Asaan Remittance Saving account is calculated on
monthly average balance and paid on half yearly basis.
 UBL Go Green Digital SMS Alerts

Visit your nearest UBL Islamic Banking Branch or Islamic Banking Window with just your
original CNIC to open UBL Ameen Tezraftaar Asaan Remittance account in easy and hassle-
free account opening procedure.

2.1.15. Ameen Premium Certificate Local Currency:

Ameen Premium Certificates are especially created for investors who want to receive
excellent returns on their investments along with several advantages. Money is received
based on Mudarabah, and it is exclusively utilised for shariah-compliant company.
Key Benefits & Salient Features
 Minimum amount to purchase a Certificate: Rs. 5,000,000/-.
 Available in 1 month, 3 months, 6 months, 1year and 1 year with monthly profit
payout.
 Expected high rate of return with the flexibility of a wide range of tenures and profit
payment options.
 Premature encashment facility available.
 Profit is calculated on fixed amount placed at the time of booking.
 Renewal option available.
Other Benefits
 Invested amount and Profit credited to checking account on Maturity and is available
through ATM and Net banking
 For other profit frequencies, profit amount credited to checking account is available
through ATM and Net banking

24
Other Information
 In the event of losses, the investment accountholder and the bank will bear the same
according to the ratio of their respective investments.

2.1.16. Ameen Certificate of Islamic Investment Local Currency:

The Ameen Certificate of Islamic Investment is a special investment product with several
advantages that strives to give consumers an adequate return. Money is received based on
Mudarabah, and it is exclusively utilised for shariah-compliant company. This fixed deposit
certificate offers three ways to get profits:
Profit at Maturity Payout
 Minimum amount to purchase a certificate: Rs. 10,000/=.
 Available in certificates ranging from 1 month to 8 years.
Profit on Bi-annual Payout (July and January)
 Minimum amount to purchase a certificate: Rs. 50,000/=
 Available in certificates ranging in 1, 3, 5 & 6 years

Profit on Monthly Payout (1st working day of the month)

 Minimum amount to purchase a certificate: Rs. 50,000/=
 Available in certificates ranging in 1, 2, 3 & 5 years
Key Benefits
 Appropriate rate of return with the flexibility of a wide range of tenures and profit
payment options.
 Premature encashment facility available.
 Profit is calculated on fixed amount placed at the time of booking.
 Renewal option available.
Other Benefits
 Invested amount and Profit credited to checking account on Maturity and is available
through ATM and Net banking.
 For other profit frequencies, profit amount credited to checking account is available
through ATM and Net banking.
Other Information

25
  In the event of losses, the Depositor and the Bank will bear the same according to the
ratio of their respective investments.

2.1.17. Banca Takaful:

The significant life stages and milestones in your life rarely go as planned since life is full of
uncertainty. You desire to have a second source of income during this all to be able to pay for
these wonderful life experiences. Therefore, whether you are intending to provide your
children the greatest school possible, safely finance their marriage, arrange for a cosy house,
give your loved one’s financial stability, or prepare your own retirement. Now you may
safeguard the future of your family with Better Life Takaful plans that adhere to your
religious values and the Shariah.
In order to satisfy your unique needs, United Bank Limited offers you the fantastic chance to
invest in Better Life Takaful Plans in partnership with EFU.

2.1.18. BETTER LIFE TAKAFUL PLANS

What is Takaful?
The term "takaful" derives from the Arabic root "kafalah," which means "to watch over or
guarantee." Takaful is Arabic for shared guarantee and protection. The foundation of takaful
is the idea of brotherhood and shared solidarity. It is a unit-linked fund that only invests in
Shariah-compliant securities.
Product Offering:
Better Life Takaful plans provide you with all the freedom you want since we recognize that
every person has different need .each plan is created with the consumer in mind, giving your
family and loved ones a better and more secure future.
Following plans are being offered to our valued customers:
Plan options Description
Better Life This plan is ideal for those who wish to save up for their child’s education and marriage
Takaful Child expenses without any disruption. This is a unit linked & waqf based Shariah compliant takaful
Savings Plan plan.

For more details you may click any of the following:

26
 EFU Better Life Takaful Child Savings Plan.
Jubilee Better Life Takaful Child Savings Plan.
Better Life The plan enables to save regular amounts of money and offers them the much needed financial
Takaful Savings comforts in year to come. This is a unit linked & waqf based Shariah compliant takaful plan.
Plan
For more details you may click any of the following:
EFU Better Life Takaful Savings Plan.
Jubilee Better Life Takaful Savings Plan.
You Protect This Plan is a comprehensive and affordable protection based benefit plan ensures that the
Takaful Plan family of member covered remains financially protected in the event of hospitalization, or in
case of an unfortunate event of natural and accidental death.

For more details you may click any of the following:

EFU You Protect Takaful Plan.
Jubilee You Protect Takaful Plan.
IGI Better Life This is a smart investment plan designed for high-net-worth individuals having smart phone,
Takaful Vitality based on the shared value Takaful model, linked to the Vitality wellness programme that
Plan encourages you to lead a healthier and active lifestyle and offers you attractive rewards for
doing so while availing of Takaful coverage.

For more details you may click any of the following:

IGI Better Life Takaful Vitality Plan.

2.1.19. Ameen Financial Institution Deposit Account (AFIDA) - Local

Currency:
A checking account with the highest level of flexibility, the Ameen Financial Institution
Deposit Account offers Financial Institutions substantial returns through Shariah-compliant
channels.
Ameen FI Deposit is a multi-tiered savings account where money is deposited based on
Mudarabah and solely used for Shariah-compliant enterprises.
Key Benefits & Salient Features:
 No minimum balance requirement

27
  Expected high rate of return with a wide range of tiers.
 Profit is calculated on the basis of daily average balance in a calendar month
 Monthly profit payment
 No limit on number of transactions
Following free services are available:
 Free Inter Branch Online Transaction - Country wide.
 Free Issuance of Cashier Cheque/CBC.
 Free Cheque Book.
 Free Cancellation of CC/CBC.
 Free Clean Bill for Collection /Intercity Clearing.
 Free Duplicate Cashier's Cheque/CBC.
 Free Duplicate Account Statement.
Other Benefits:
 24/7 Call Center facility.
 Non-stop full service (within bank timing).
 Free Takaful Coverage.

2.1.20. Ameen Cash Management:

The profits of large-scale corporate, retail, and SME client collections and payments are all
referred to together as "cash management" in this context. The objective is to manage an
organization's finances in a way that maximize the amount of money that is available for its
ongoing operations.
 UBL Ameen will provide the following Cash Management Services to their Islamic
Banking customers:
 Cash Collection Services.
 Payment/Disbursement Services.
 These services will be based on Services Ijarah making them completely Shariah
Compliant.
Key Benefits of Collection Services:
 24/7 online access to account information.
 Single account maintenance and no need to establish or reconcile collection accounts
in various designated branches.
 Customized deposit slip (CDS) is used for collection of funds.

28
  Quick and enhanced reconciliation process.
 Provision of comprehensive and customized MIS through UBL Online.
 End to End automation.
 Customer can view any deposits made during the day on a real-time basis.
Key Benefits of Payment Services:
 Reduce paperwork
 Reduce the turnaround time.
 Saves costs.
 Receiver/Creditor/employee receives instant credit
 Quick and enhanced reconciliation process.
 Provision of comprehensive and customized MIS.

CHAPTER 3: Product Analysis and Comparison

3.1COMPARISON BETWEEN UBL AMEEN ISLAMIC CURRENT

ACCOUNT AND UBL CONVENTIONAL CURRENT ACCOUNT:

UBL AMEEN ISLAMIC CURRENT UBL CONVENTIONAL CURRENT

ACCOUNT ACCCOUNT

Islamic Current Account is based on Qard Conventional Current Account is based on Debtor
and Creditor.
Funds are only invested in Shariah Compliant Funds are invested in profitable avenues without
avenues. any Shariah considerations
No Minimum balance requirement Bank can charge as per discretion on maintenance
of Minimum Balance in the account.

29
3.2COMPARISON BETWEEN UBL AMEEN MUKAMMAL CURRENT
ACCOUNT AND UBL MUKAMMAL CURRENT ACCOUNT:

UBL AMEEN MUKAMMAL CURRENT UBL MUKAMMAL CURRENT ACCOUNT

ACCOUNT
Funds received are on the basis of Qardh and are Not applicable.
used only in Shariah compliant business.
Minimum balance required is 0. Minimum balance required is 0.

Target individuals, traders, businessmen, and all Target individuals, traders, businessmen, and all
commercial entities. commercial entities.
Only deal in PKR. Only deal in PKR.

In summary, the UBL Ameen Mukammal Current Account is offered by Islamic Banking and
follows Shariah-compliant principles. It offers various free services such as online
transactions, debit card, cheque-related services, and more. The UBL Mukammal Current
Account is offered by conventional banking and provides similar services but includes
additional features like RTC issuance and free accidental death & disability insurance.

3.3COMPARISON BETWEEN UBL AMEENT FCY CURRENT

ACCOUNT AND UBL FCY CURRENT ACCOUNT:

UBL AMEEN FCY CURRENT ACCOUNT UBL FCY CURRENT ACCOUNT

Islamic Banking follows the Qard mode, which Not applicable.
means it is based on the concept of interest-free
loans.
Offer account in multiple currencies. Offer account in multiple currencies.
such as USD, GBP, Euro, SAR, AED, and CNY. such as USD, GBP, Euro, SAR, AED, and CNY.
Zakat (Islamic alms-giving) is exempted. Zakat is not mentioned as exempted.

30
3.4COMPARISON BETWEEN UBL AMEENT ASAAN CURRENT
ACCOUNT AND UBL ASAAN CURRENT ACCOUNT:

UBL AMEEN ASAAN CURRENT ACCOUNT UBL ASAAN CURRENT ACCOUNT

Account open only on minimum deposit of PKR Account open only on minimum deposit of PKR
100/= 100/=
Total Debit per Month: Rs 1,000,000/- Total Debit per Month: Rs 1,000,000/-
Total Credit Balance Limit: Rs 1,000,000/- Total Credit Balance Limit: Rs 1,000,000/-

Flexibility of Opening Current or Savings Account. Flexibility of Opening Current or Savings

Account.

3.5COMPARISON BETWEEN UBL ISLAMIC SAVING ACCOUNT

AND UBL CONVENTIONAL SAVING ACCOUNT:

UBL ISLAMIC SAVING ACCOUNT UBL CONVENTIONAL SAVING ACCOUNT

Operates on the principles of Mudarabah. Not applicable, as it doesn't follow Islamic
principles.
Profit is calculated based on the daily average Profit is calculated based on the monthly average
balance. balance.
Profit from Mudarabah is distributed on pre-agreed Interest Rates are predetermined.
ratio of weightages.
Loss is borne by the Depositor “Rab-ul-Maal” as Bank is bound to pay interest amount to
per the ratio of their investment, in case no accountholders even in case of loss.
“Mudarib” negligence found.

31
 3.6COMPARISON BETWEEN UBL AMEEN BUSINESS ACCOUNT
AND UBL SAVING ACCOUNT:

UBL AMEEN BUSINESS ACCOUNT UBL SAVING ACCOUNT:

Funds received in this account are received on the Not Applicable.

basis of Mudarabah and are used only in Shariah
compliant business.
Distribute profits on a half-yearly basis. Distribute profits on a half-yearly basis.

Profit is calculated based on the daily average Share of profit is not applicable as it is a
balance conventional account.

3.7COMPARISON BETWEEN UBL AMEEN ASAAN SAVING

ACCOUNT AND UBL ASAAN SAVING ACCOUNT:

UBL AMEEN ASAAN SAVING ACCOUNT UBL ASAAN SAVING ACCOUNT

The UBL Ameen Asaan Saving Account follows the UBL Asaan Saving Account is not Shariah-
the Mudarabah mode, which is a form of Islamic compliant and does not follow any specific
banking where the bank acts as the capital provider Islamic banking principles.
and the customer as the entrepreneur.
Free services and benefits free duplicate account statements, and free UBL
(issuance of a Visa Classic Debit Card (with no Go Green Digital SMS Alerts.
annual fee) and many more.
Profit distribution on half yearly basic, but Profit distribution on half yearly basic, but
calculated on daily daily balance. calculated on daily monthly balance.

32
In summary, both the UBL Ameen Asaan Saving Account and UBL Asaan Saving Account
are savings accounts offered by UBL. The UBL Ameen Asaan Saving Account follows
Shariah-compliant principles, while the UBL Asaan Saving Account is not Shariah-
compliant. Both accounts have no minimum balance requirements and offer various free
services and benefits to customers. The profit calculation and distribution differ slightly
between the two accounts.

3.8COMPARISON BETWEEN UBL AMEEN MONTHLY SAVING

ACCOUNT AND UBL MAHANA AMDANI SAVING ACCOUNT:

UBL AMEEN MONTHLY SAVING ACCOUNT UBL MAHANA AMDANI SAVING

ACCOUNT
UBL Ameen Monthly Saving Account follows the Not Applicable (since conventional banking does
Mudarabah mode. not adhere to Shariah principles).
Accounts operate in Pakistani Rupees (PKR). Accounts operate in Pakistani Rupees (PKR).

Free Inter-Branch Online Transactions Nationwide Tier Based Account

Free Visa Classic Debit Card with no annual fee High Rate of Return
Free Issuance of Cashier Cheque/Cross-Border
Cheque (CBC)

3.9COMPARISON BETWEEN UBL AMEEN MINOR SAVING

ACCOUNT AND UBL MINOR SAVING ACCOUNT:

UBL AMEEN MINOR SAVING ACCOUNT UBL MINOR SAVING ACCOUNT

Accounts are designed for guardians who manage Accounts are designed for guardians who

33
the account on behalf of minors. manage the account on behalf of minors.
Free Cheque Return Unpaid from Payee's Account Welcome pack for every account holder.
in Outward Clearing. Two ATM Debit Cards provided: UBL First
Free Clean Bill for Collection/Intercity Clearing. Pocket Money Card (Complimentary) for
Free Duplicate Cashier's Cheque/Cross-Border withdrawal of profit and a standard ATM Debit
Cheque. Card (Optional) for withdrawing money from the
Free Duplicate Account Statement. principal account.
Free UBL Go Green Digital SMS Alerts. Birthday and Account Anniversary surprises.
Free E-statement.
Internet Banking.
No minimum balance penalty levied on the
account.

3.10 COMPARISON BETWEEN UBL AMEEN ZINDAGI ACCOUNT

AND UBL ZINDAGI ACCOUNT:

UBL AMEEN ZINDAGI ACCOUNT UBL ZINDAGI ACCOUNT:

Fulfills the financial needs of senior citizens by Offering competing high yield saving rates for
offering high yield competitive rates under shariah Senior Citizen segment aged 60 years or above.
compliant investment mode.
Free Takaful Coverage. Higher Rate of Return.
Access to your funds through online network of Monthly profit payout.
over1,200 UBL branches and 4,500 ATMs across Complete Transactional Flexibility.
Pakistan.

The applicable profit rates will be recalculated Profit calculation mechanism is based on
based on the Weightages and Mudarib Share monthly average balance and profit will be
declared before the beginning of the month. automatically credited to the account every
month.
All rates are indicative and subject to change

34
 without any prior notice.

CHAPTER 4: Conclusion

4. CONCLUSION:

Islamic banking is a rapidly growing sector in the global financial industry, driven by the
principles and teachings of Islam. This system of banking operates in accordance with
Shariah law, which prohibits the charging or payment of interest (riba) and promotes ethical
and socially responsible financial practices. Islamic banks engage in various financial
arrangements such as profit-sharing partnerships (Mudarabah), joint ventures (Musharakah),
leasing (Ijarah), and cost-plus financing (Murabaha). These arrangements ensure that both
parties share the profits and risks associated with an investment or business transaction.
Islamic banking has gained significant popularity in Muslim-majority countries and has also
expanded its presence in non-Muslim countries. It has proven to be resilient and stable, even
during periods of global financial crises. The emphasis on asset-backed transactions and risk-
sharing mechanisms has contributed to the stability of Islamic banks.
UBL Islamic banking, is a system of banking that operates in accordance with the principles
of Islamic law (Sharia). It aims to provide financial services in a manner that is ethical,
transparent, and compliant with Islamic principles. UBL Islamic banking, specifically
referring to the Islamic banking services offered by United Bank Limited (UBL), is designed
to cater to the needs of individuals and businesses who wish to conduct their financial affairs
in accordance with Islamic principles. UBL Islamic banking offers a range of products and

35
services, such as Sharia-compliant financing, investment accounts, and other financial
solutions. The key principles underlying UBL Islamic banking, and Islamic banking in
general, include the prohibition of interest (riba), the avoidance of uncertainty or speculation
(gharar), the prohibition of investments in prohibited activities (haram), and the promotion of
risk-sharing and asset-backed transactions. These principles are intended to ensure fairness,
ethical conduct, and a focus on real economic activities within the Islamic financial system.
UBL Islamic banking, like other Islamic banking institutions, operates under a unique
framework that involves various contracts and structures to comply with Islamic principles.
These include profit and loss sharing (Mudarabah), cost-plus financing (Murabaha), leasing
(Ijarah), partnership (Musharakah), and diminishing partnership (Mudarabah). These
structures enable the bank to provide financing and investment solutions to customers while
adhering to Islamic principles.

The growth of UBL Islamic banking and Islamic banking as a whole has been significant in
recent years, with an increasing number of financial institutions offering Islamic banking
services worldwide. This growth is driven by the demand for Sharia-compliant financial
products and services from Muslim customers and individuals who seek ethical alternatives
to conventional banking. In conclusion, UBL Islamic banking is a system of banking that
aligns with Islamic principles and provides a range of financial products and services. It
operates based on the principles of fairness, transparency, and adherence to Sharia. As with
any banking system, it is important for individuals and businesses to carefully evaluate the
offerings and terms of UBL Islamic banking or any other Islamic banking institution to
ensure they meet their specific financial needs and requirements.

36
 Chapter 5: References:

5. References:

UBL (UNITED BANK LIMITED) AMEEN ISLAMIC BANK, Report

https://www.ubldigital.com/

UBL (UNITED BANK LIMITED) AMEEN ISLAMIC BANK, Report

https://www.ubldigital.com/Banking/UBL-Ameen/Retail-Banking-Products

UBL (UNITED BANK LIMITED) AMEEN ISLAMIC BANK, Report

https://www.ubldigital.com/Banking/UBL-Ameen/Retail-Banking-Products/UBL-Ameen-
Urooj-Account

UBL (UNITED BANK LIMITED) AMEEN ISLAMIC BANK, Report

https://www.ubldigital.com/Banking/UBL-Ameen/Corporate-Banking/Murabaha

UBL (UNITED BANK LIMITED) AMEEN ISLAMIC BANK, Report

https://www.ubldigital.com/Portals/0/Banking/UBLAmeen/Knowledge%20Center/Diff.-of-
Islamic-vs-Conventional-Product.pdf

UBL (UNITED BANK LIMITED) AMEEN ISLAMIC BANK, Report

https://www.ubldigital.com/Banking/UBL-Ameen/Retail-Banking-Products/Ameen-Zindagi-
Account

37
38