Deposits in Raast Pay Plus Account in BOK Islamic Banking are accepted on Musharaka basis (Profit & Loss) strictly in conformity with the principles of Islamic Shariah. The deposits received in Raast Pay Plus Accounts are invested in Islamic assets like Murabaha, Ijarah, Diminishing Musharaka or Islamic Sukuks etc which are duly approved by Shariah Board. The Raast Pay Plus account opening facility is available in all BOK Islamic Branches as well as Islamic Banking windows at Conventional Branches of BOK.
- No minimum balance requirement
- No initial deposit requirement
- Profit calculated on monthly average balance
- Profit credited on monthly basis
- Free debit card (First time issuance)
- Free cheque book of 50 leaves (First time issuance)
- Free unlimited online transactions
- Free statement of account
- Free SMS alerts
- Free internet & mobile banking
- Pay Continuity for Consecutive 03 - months period Offer to nominee(s) based on the customer’s last take home salary. (In case of Natural Death or Accidental Death of the Raast Pay Plus account holder)
- Shariah Compliant finance facility of “Raast Salary in Advance”. The basic purpose of this finance facility is to fulfill urgent need of cash
All salaried Individuals, currently this product offered to Govt. Salaried Employees of KPK.
a) Pay Con Facility (Free of Cost)
The Bank of Khyber –Islamic Banking Group acquired services of Pay Continuation (Pay Con facility) through Windows Takaful Operator (WTO) of EFU Life Assurance Ltd for “Raast Pay Plus Account holders” who are Government Salaried Employees, regular and full-time service with their employers.
In case of Natural Death or Accidental of the Raast Pay Plus account holder, consecutive 03 - months salary will be paid to nominee(s) based on the last take home salary of Raast Pay Plus account holder. Further, all active account holders are eligible for Group Takaful Coverage of Pay Con facility and the takaful cost will be borne by the BOK-Islamic Banking Group.
- Age between 16 to 60 Years nearest birthday subject to following exceptions
- Age between 18 and 62 years for High Court Employees
- Age between 18 and 65 years for Supreme Court Employees
- Age between 18 and 67 years for High Courts and Supreme Court Judges
- Continuation of monthly basic salary for a period of 3 months up to a maximum sum covered of Rs. 3,000,000
No benefit will be payable if the death of Member results directly or indirectly, wholly or partly, as a result of related to:
- Suicide, intentional self-inflicted injury, failure to seek or follow medical advice, taking of drugs, any mental or psychosomatic disorder which is not caused by a physical disease
- Death Due to any disease exist before date of account opened with BOK-IBG
- Dormant accounts are not included for Pay Con facility
- If RPP account holder is absent/on leave for the purpose of an approved course of study, training up to a maximum of 12 consecutive months, his individual sum covered shall be the amount it was on the last day before such absence commenced
- Takaful claim of Pay Continuation facility is subject to fulfill all terms and conditions of EFU Life Assurance Ltd (Windows Takaful Operator)
b) Raast Salary In Advance (Financing Facility)
- Limit of the finance facility is up to 50% of one (01) month net salary with upper cap limit of Rs. 100,000/-
- Salaried individual who have received at least one-month salary in his/her salary account at any Bank of Khyber Islamic Banking Branches
- Flat Rs. 250/- will be charged from the customer at time of availing financing facility. Minimum service history of 1 year
- Clean ECIB report
- This facility will be available from the 16th day of each month. Disbursement under this facility is allowed from 16th Day of each month
- Repayment frequency is lump-sum
- Due date of repayment between 16th day to 30th (Month end date) of each month
- The availed facility amount will be adjusted fully from his/her salary account maintained with BOK as soon as upon credited of a salary
- Default obligation will be applicable on late payments
For further details, visit any nearest Islamic Branch of BOK or Islamic Banking Windows.
Note: Weightages will be announced before starting of each month and Profit will be declared up to seven days of subsequent month. In case of loss, loss will be bear as per investment according to rules of Musharakah. For historical profit rates please click on link https://www.bok.com.pk/islamic/profit-rates
- Withholding Tax and Zakat applicable as per prevailing laws and regulations of Pakistan