A short assignment for Islamic Finance students.

1. About Faysal Bank Limited:
Faysal Bank Limited was incorporated in Pakistan on October 3rd,
1994 as a public Limited company under the Companies Ordinance,
1984. Currently, the Bank’s shares are listed on the Karachi, Lahore
and Islamabad Stock exchanges. Faysal Bank is engaged in
Commercial, Retail, Corporate and Islamic banking activities. Faysal
Bank’s footprint now spreads over more than 80 cities with over 275
branches.
Faysal Barkat Islamic Bank.
Bank according to your beliefs – Our Barkat Islamic Banking is purely
dedicated to Shariah compliant banking services. With our well
experienced staff, we ensure that your Islamic Banking needs are
fulfilled. Moreover our Shariah advisor is a qualified mufti who
oversees business of these dedicated branches and ensures its
compatibility and compliance with Shariah principles. We have over
60 branches in 29 cities.
VISION :
Excellence in all that we do, to be the Islamic Bank of choice.
MISSION :
Provide Innovative and Efficient Islamic Banking solutions to exceeds
customers expectations.
CORE VALUES :
Shariah-compliance, Integrity, Professionalism, Innovation, Service,
Excellence, Social Responsibility.

2. INVESTMENTCERTIFICATE :
Barkat Investment Certificate (BIC) is a suitable solution for investors
who are looking for high returns on their investments, with absolute
Shariah compliance. It is a convenient and secure financial solution
for individual account holder as well as a business entity who seeks
to capitalize on an opportunity under a hybrid arrangement of
Musharakah and Mudarabah Islamic modes of financing in Shariah
Principles.
Home Finance Musharkah :
Barkat Home Finance is based on Diminishing Musharkah, where you
participate with Barkat Islamic Banking in the joint ownership of your
property, where the bank provides a certain amount of financing.
You agree to a monthly payment to the bank of which one
component is rent for the use of the property and the other is for
you to increase your ownership in the home. Once you have made
the full payment, which has been agreed upon, you become the sole
owner with a free and clear title to the property.
Features and Benefits.
 Home Buyer – Purchase a readymade home of your choice.
 Home Renovation – Give a new look to your existing home
 Maximum convenience from 1 up to 20 years
 Easy to make partial prepayments
 Quick processing time
 Property takaful coverage

3. Asaan Saving Mudarbah :
Barkat Asaan Saving account, opened on the basis of “Mudarabah”,
where Barkat Islamic Banking is the “Mudarib” (Manager of the
Funds) and you, the customers are the “Rabb-ul-Maal” (owner of
Funds). These deposits are deployed in Shariah compliant modes
such as Murabaha & Musharakah. the profits generated are shared
in a predetermined ratio.
Features and Benefits.
 Initial Deposit requirement of Rs.100/-
 No minimum monthly balance requirement.
 Free E-statements delivered via email to view your banking
transactions.
 Mobit Faysal internet banking facility where you can access your
account and control your finances while on the go.
 Real-time SMS alerts to keep track of the transactions conducted in
your account.
PER (profit equilizationreserve):
A reserve that is created by an Islamic bank by appropriating a
specific amount out of the mudarabah income, before allocating the
share of mudarib.
The monthly contribution into PER is not to exceed 2% of Net
Income.
IRR (investment risk reserve):
The investment risk reserve (IRR) refers to the amount appropriated
by an Islamic bank out of the income of investment account holders
(IAHs), after the mudarib share is allocated. This reserve is used as a
cushion against future losses that IAHs may incur.

4. The monthly or given period contribution into IRR is not to be exceed
1%.
MURABAHA :
‘Murabaha’ is a term of Islamic FIQH and it refers to a particular kind
of sale in which the seller discloses the cost of goods being sold at as
well as the margin of profit. The payment of price in case of
Murabaha may be on the spot or it may be deferred, as agreed upon
by the parties. Murabaha transactions are subject to the following
rules.
 The subjectof sale must exist at the time of sale
 The subjectof sale must be in the ownership of the seller at the time of
sale
 The subjectof sale must be in the physicalor constructivepossession of
the seller when he sells it to another person.
Features and Benefits.
 Barkat Murabaha can be used by individuals, sole-proprietorships,
partnerships and corporateentities.
 Purchase of inventories, raw materials, semi-finished / finished
goods, stores & spares and all kinds of consumables can be made
through Barkat Murabaha.
 Barkat Murabaha is an ideal mode for short term credit (up to 12
months) as it offers flexible credit terms to match the Customers’
cash-flow.
Faysal Barkat Products and Services :
 Union pay Debit Card
 Kamil Business Account
 FaysalIzafa Account

5.  Current/Saving Account
 Foreign Currency Current/Saving Account
 Asaan Current/Saving Account
 Home Finance
 Auto Finance
 Sale Barkat
SHARIAH SUPERVISORYBOARD :
Successful implementation of the Islamic Banking model rests upon
absolute adherence to the principles of Islamic Shariah. The primary
role of this Board is to maintain and further strengthen this
commitment and to ensure strict Shariah-compliance in all areas of
the Bank's operations.
Members.
 Mufti Mohib-ul-HaqSiddique( Shariah Advisor )
 Mufti Muhammad Abu Bakar ( ShariahConsultant)