Al Yusr Current Account
Al Yusr Current Account is based on the Shari`a concept of "Qard". Qard is essentially the transfer of ownership in fungible wealth (the subject matter of Qard) to a person on whom it is binding to return the wealth (similar subject matter).
Al Yusr Current Account will be a non-profit bearing transaction accounts whereby Bank will receive the deposit amount from the customers in the form of Qard for an unspecified period of time. The Bank is bound to return the amount to customers any time as and when the customers demand. In this regard, customers can withdraw the amount any time as and when they want through cash withdrawal, cheque payment, fund transfer, remittance services or any other regular Banking services.
Key Product Features
Please refer to the salient product features mentioned below:
Who benefits from Al Yusr Current Account?
Any customer looking for Shari`a compliant banking products and services in Oman. It`s is a transaction account which caters for your everyday banking needs.
Reviewed and approved by the Bank’s Shari’a Supervisory Board comprised of the following three eminent Scholars:
Brief Vitae of Shari`a Board
- No minimum balance fee
- No minimum account opening amount
- No restriction on the number of transactions
- Available in Omani Rial and other major foreign currencies
- Free quarterly statements
- Omani Rial cheque books issued promptly
- Cash withdrawals and deposits over the counter
- Ability to setup standing instructions
- Payment Order facility
- Local and International remittances
- Inward and outward clearing
- Foreign currency cheque collection
No minimum balance fee will be deducted from Al Yusr Current Accounts.
No overdraft is allowed for Al Yusr Current Account as this is not permitted in Shari`a.