ISLAMIC BANKS IN PAKISTAN
Among many notable banks in Pakistan, a few of them operate by following the financial principles explained by the Noble Quran and the teachings of the Holy Prophet (PBUH). Different Islamic banks have been established in the country to let the religious citizens of the country deal with their finances according to what the Holy Quran has taught.The major distinguishing features of these Islamic Banks include share in profit and loss, Murabaha (Islamic sale), Ijrah (Islamic lending), Mudarabah (Islamic partnership for commercial investments), Takaful (Islamic insurance), Sukuk (Islamic saving bonds) and several other features in the light of the Noble Quran and the teachings of the Holy Prophet (PBUH).Meezan Bank Limited
Meezan Bank Limited has been operating since 2002, completing a successful decade in 2012. It was the first bank to be granted the Islamic Banking license by the State Bank of Pakistan. The headquarters of the bank are situated in the port city of Pakistan, Karachi.
For over a period of ten years, Meezan Bank Limted has been offering numerous Islamic Banking services for both personal and business accounts. A special Shari’ah Advisory Board ensures that the Bank strictly follows Islamic laws in all financial dealings.
Al-Baraka Banking Group came into existence in 2002. The main headquarter are in the capital of Bahrain, Manama. Its branches are found in 15 other countries including Pakistan.
Al-Baraka Islamic Bank Pakistan Limited was formed as a merger between Al-Baraka Islamic Bank Bahrain and Emirates Global Islamic Bank. Today, there are ninety-four branches in 42 cities of the country.
The main services offered by the bank are:
Retail BankingCorporate BankingConsumer BankingSME Banking
Bank Islami Pakistan
Bank Islami Pakistan was the first institute to be granted the license for Islamic Banking from the State Bank of Pakistan following the policy of Islamic banking formed in 2003. The headquarters of Bank Islami are located in Sindh’s capital, Karachi. There are 102 other branches in the rest of the country with 49 sub-branches.
Bank Islami Pakistan began its Islamic financial dealing in April 2006. It specializes in the following services:
Retail BankingConsumer BankingTrade & Finance ProductsInvestment Banking
Burj Bank Limited
Burj Bank Limited was formerly operated under the name of Dawood Islamic Bank Limited. It began operating in April 2007 after receiving its license for Islamic Banking from the State Bank of Pakistan a year earlier.
The bank has seventy-five branches at the moment operating in different parts of Pakistan. The bank offers a wide range of services which fall into the following broader categories:
Retail BankingCorporate BankingSME BankingGlobal Marketing and Advisory
Apart from these services, Burj Bank Limited also provides Islamic financial advice through its experienced Shari’ah advisors.
Dubai Islamic Bank Pakistan Limited
The first ever Islamic Bank of the world was established in 1975 in Dubai. Dubai Islamic Bank Pakistan Limited is a branch of this Islamic Banking pioneer.
The following services are offered by the bank following the principles of Shari’ah:
Corporate BankingConsumer FinancingPriority BankingGeneral Banking
Clients can also make use of the electronic banking services and Shari’ah advisory offered by the bank.
UBL and Alfalah Islamic Banks
United Bank Limited and Alfalah Bank both operate as large units with Islamic banking as a part of these larger units. In other words, Islamic Banking services are offered in only a few of the branches across the country, thereby giving option to clients to opt for general or Islamic Banking.
These banks have been operating successfully according to Islamic principles to serve the most religiously conscious individuals in the country.
HOW TO GET ATM CARD FROM A BANK
ATM stands for Automated Teller Machine and getting an ATM card from a bank does not require to follow any hard and fast rules. However, like in the case of all other financial matters, you should be well informed about the procedure. Therefore, you must have some prior know-how related to how to get ATM card from a bank. You will find the following information to be useful.Firstly, in order to get an ATM card, it is compulsory to have an account in a bank. Therefore, the first step, which needs to be followed, is opening an account. Keep in mind that this should be a current or savings account so that you can withdraw your money any time using your ATM card.
You can choose any bank, which suits you best. This could be a bank where your family members or friends have their accounts as well and may have recommended it to you. On the other hand, you can simply choose a back that is located near to your home so that it is convenient for you to visit it whenever you need to.
The bank staff will give you a form to fill in order to open your account. Fill out the form carefully and provide all the important documents, such as your national identity card copies and your photographs. You will then be asked to deposit a certain amount of money in your account. The fee of opening the account is usually very little.
This is the time when you will be asked for the option of getting an ATM card. Fill out the required form and fulfill all of the formalities; the bank staff will guide you. There are additional charges for the ATM card. Do check out the charges of different banks so that you can open your account in a bank which charges you the least since this is a non-refundable fee.
The ATM card is not issued immediately. It usually takes a few days, up to one week or more, depending on the bank. Once your request has been processed, you will receive a letter from the bank or an email informing you about the issuance of the ATM card. It is not sent to you through mail for security purposes. Therefore, you have to collect it from the bank yourself.
Do not forget to take the letter with you to the bank. It is a proof which needs to be shown as a legal process to the bank. Once all the verifications have been completed, the card is handed over to you. Initially, the bank provides you with a code for the ATM card. The first time you use your card, this is the code you use for its activation. This is also when you are asked to change the code. You must change it for security reasons. Never keep the same password given to you by the bank. From this point on, you have the possession of your ATM card which can now be used for withdrawing money any time you want..
ATM SKIMMERS – THE NEW WAVE OF CYBER CRIMES
For all those accountholders who have lost their money from the fraudsters through ATM points, it is yet another chance of skimmer found in a local ATM machine in capital city of Islamabad. A skimmer is a tiny device that gets fixed in ATM card slot and copies all the stored data to steal the money. Mr. Saqib Ahmed who by profession is an electrical engineer and computer software developer brought the news to us when he went to an ATM in Islamabad to withdraw cash in the evening of October 13. He explained that he was astonished to see a skimmer device attached with the ATM.As Mr. Saqib was quite familiar with skimmers but still the time when he found the skimmer on ATM, it was looking totally different to what he perceived and it was merely a real skimmer. The engineer held his breath and put one of his old ATM cards to see what happens. Mr. Saqib told that it was not easily going through at all but the ejection was relatively planed. He then took a few pictures of the small skimmer and kept it for further investigation.
As Mr. Saqib settled, he called the respective bank and elaborated the matter. While he took the pictures, he was able to sketch the design of device. According to him it had a serial interface, a magnetic card reader, a tiny 8-bit flash disk of storing up to 2MB data plus there was a mini-USB port for stealing, retrieving or transforming data across different devices. He also told us that there was 30mAh lithium ion battery that he supposed to keep the device in running for many days. While he was describing its components he estimated that the skimmer will not cost more than RS. 1,000.
Mr. Saqib Ahmed was later on contacted by bank representative who asked him to handover the skimmer to the bank which was given after completing necessary procedure by bank. The bank also told in their conversation with us that in CCTV footage, it was an unknown young guy wearing a cap who actually installed the skimmer before 45 minutes of Mr. Saqib entry. The bank manager said that skimmer has been sent to concerned department for taking investigation and ensuring safety of future transaction.
Experts say that it is very critical for ATM users to make sure the safety of their data and transaction. Before inserting your ATM card, be certain that there is no suspicious material around the card slot if you see any, don’t use that ATM. It is also important fact that there were more than 20 cases of skimmers where users lost their money in last week of August. M. Younas is one of the sufferers who lost RS. 30,000 said that after a waiting two months, I was finally repaid by bank with half of amount.
The director of FIA Mr. Inam told that the national response center for cyber crimes is carefully watching these issues. He further explained that banks are also responsible for such issues because without the help of bank’s employees these offenses are almost impossible to be successful..
Wateen USB Internet Review
In this modern day and age staying connected with the world, while remaining on the go are both necessary; hence the internet is one way to keep both things in accordance. However, it isn’t physically impossible to travel with a wired internet, just like it’s foolish to expect that every place will have a Wi-Fi that will keep you connected to the internet. Therefore, a solution to this is the Wateen USB internet that provides high speed, good quality internet while remaining wireless, easy to use and always accessible.
Wateen USB internet is a USB device that can be plugged into your laptop or PC and will instantly provide you internet. Simple to use and easy to carry around, it is small enough to fit anywhere being the size of a standard USB device. Wateen offers various internet packages tariff that make this internet device even more desirable. These packages and their tariffs vary based on the internet speed required and the amount of data download required. Hence, people with different needs from the internet can find a suitable internet package for themselves, while remaining in their budget and having their internet needs fulfilled.
Even though different in prices, buying these packages works in the same way. The first time the user/buyer has to pay a larger amount that includes the price of the Wateen USB internet as well as the monthly charge; but from the next month onwards only the monthly charge needs to be paid. The first package for the Wateen USB internet is a 512 kbps package. For this package the first time charge for this package is Rs. 2,195 and the monthly charge is Rs. 698; this package offers a 7 GB download limit. For people who need the internet for basic uses and don’t have much downloading to do, this package is an ideal one.
The second package offers a speed of 1 Mbps; this package comes in a 7GB download limit as well as an unlimited download package. Since the 1 Mbps package is the most widely availed one, it comes in more than one variation of data limit. The 1 Mbps package with 7GB download comes at a first time charge of Rs. 2,397 and a monthly charge of Rs. 898; the 1 Mbps unlimited download package has a first time charge of Rs. 2,997 and monthly charge of Rs. 1,498. Students and youngster are the one who use this package the most for its affordable price and good deal, especially with the unlimited downloading option.
Other packages include the 1.5 Mbps internet speed and a download limit of 12 GB; this package has a first time charge of Rs. 2,895 and a monthly charge of Rs. 1,398. The 2 Mbps package offers unlimited downloading and comes with a first time charge of Rs. 4,595 and a monthly charge of Rs. 3,098. These two packages with higher speed and more data downloading limit are better for people who download heavy amounts of data and need faster internet for various purposes. All in all, the Wateen USB internet packages tariff are ideal for people with all sorts of internet needs given their flexible prices and features.
Iron Bar Review
Irons rods are the most desiring product most oftenly used in construction works and armed concrete. It’s a type of non-ornamental wrought iron that is quite heavy and solid. There are so many companies in Pakistan that are manufacturing iron steel and rods for this purpose. You can compare Iron rods price in Pakistan with other high and low categories available. Basically, there are different types of iron rods meant accordingly with desire demand in various thicknesses. You can purchase wrought iron from any construction shop that is working in this field. The price depends on the quality and quantity. It is measured per Kg. For example, in Pakistan you might get iron rods 70 to 72 rupees per kg. This product is exclusively designed and shaped in Pakistan in Karachi, and then from there it is transferred and supplied in various parts of the country. They are so tightly bonded that they can’t be break off and handle. IT requires cutter to cut it in different pieces. Certainly, the uses of Iron rods have become so wide that almost every construction requires this. You will find these rods in bridges, homes, buildings, foundations, roofs and many more. It provides strength and rigidness in the building and makes the entire construction bold and strong. It is always mixed with cement and small rock stones to make pillars with it..