Deposits in Umrah Accounts in BOK Islamic Banking are accepted on Musharaka basis strictly in conformity with the principles of Islamic Shariah. The deposits received in Umrah Accounts are invested in Islamic assets like Murabaha, Ijarah, Diminishing Musharaka or Islamic Sukuks etc which are duly approved by Shariah Board. The profit is calculated on average daily balance and disbursed to customers’ account on monthly basis. The Umrah Account opening facility is available in all BOK Islamic Branches as well as Islamic Banking Windows at Conventional Branches of BOK.
Key Features of Umrah Account:
- A Non-Checking account, used for deposit amount to be withdrawn through any instrument for performing Umrah.
- Profit share will be higher than PLS share
- Profit Payment on monthly Basis.
- Profit Calculation on average Daily Balance.
- Free On-Line deposit.
- No charges for Closing of Account.
- No minimum Balance requirement.