Allied bank has now introduced investment certificates that are Shariah compliant and can give a decent amount of return to investors. These certificates were introduced specially for those people who wanted to earn money in a religiously acceptable way.
These investment certificates are just like normal certificates offered by any conventional bank but the difference is that with this investment there is no guaranteed fixed profit percentage. You may earn 4%, 10% or even 2% in a given month. All profits and loss are distributed equally among investors.
The investor can invest in this certificate for 1,3,6 months or for 1,2,3,4 and 5 years. It is a requirement that the investor must have an Allied savings/current account in order deposit the amount and receive profits. Now if we talk about the profit earning, all investors have the option to earn profits every month, after every 3 months, after 6 months or at the maturity of investment.
This means that if you're looking for a regular inflow of income, you can choose the shortest time period and earn a decent amount every month. This decision is to be made by the investor before making the deposit. It will then become a part of the agreement that will be signed between the bank and the investor.
One thing to be noted is that if you're interested in investing in Allied Islamic certificates, you will have to deposit a minimum 25000 rupees in order to become eligible for this offer. No amounts less than the amount mentioned above are acceptable. You can invest more than 25000 but the amount should be a multiple of it. For example you can invest 25k, 50k, 75k and so on.
After you have invested in the certificate, the bank will utilize your investment in a way that is according to the Shariah law and after the end of every period your account will be credited with the profit or debited with loss that occurred during that period. In my experience, I haven't heard of anyone with a loss on bank investments but having said that, you must not confuse probability with possibility.
In case your agreement gets terminated by you or the bank, no extra charges will be charged on any type of investment certificates. However, there are some rules for early encashment. If you decide to withdraw your investment before the maturity date, the TDR of your certificate will then be decided according to the most recent tenor. For example, it is mentioned on Allied Bank's website that if you encash a certificate after 1 year that had a maturity date of 5 years then the TDR will be set as if you had invested in 1 year certificate.
This is not all, there are some other terms and conditions for premature encashment that you must read on the official website before investing in this certificate.
Allied Islamic investment certificate is actually offering you a win-win situation. You can safely invest some amount of money in the bank for a given time period and you will be given a profit for that. You are not even bound keep your investment in the bank forever, you can withdraw whenever you want by following a few simple steps and rules.
This way your money is safe and you know that your risk % is low. You must keep in mind one thing, the profit rates are not fixed and so profit may vary every month. You can check the historical data of the profit percentages by visiting Allied Bank's official website. You also must keep in mind that, however, it's very rare but losses can occur too.
The profit/loss rule is not something that should drag you back because when investing in such investments, you're actually becoming part of a business and if that's the case, it's very realistic to expect a profit or loss in a given month.
This was all about Allied's investment certificates. For more details I recommend you to visit your nearest Allied Bank Branch and also, don't forget to tell us about your experience in the comments section below.
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Detailed Review
Allied Islamic investment certificate is designed keeping in mind the rules and laws of Shariah. The investment certificates follow the Mudaraba rules and it is issued to the investor after an agreement has been signed which states all features of the certificate along with the terms and conditions.The investor can invest in this certificate for 1,3,6 months or for 1,2,3,4 and 5 years. It is a requirement that the investor must have an Allied savings/current account in order deposit the amount and receive profits. Now if we talk about the profit earning, all investors have the option to earn profits every month, after every 3 months, after 6 months or at the maturity of investment.
This means that if you're looking for a regular inflow of income, you can choose the shortest time period and earn a decent amount every month. This decision is to be made by the investor before making the deposit. It will then become a part of the agreement that will be signed between the bank and the investor.
One thing to be noted is that if you're interested in investing in Allied Islamic certificates, you will have to deposit a minimum 25000 rupees in order to become eligible for this offer. No amounts less than the amount mentioned above are acceptable. You can invest more than 25000 but the amount should be a multiple of it. For example you can invest 25k, 50k, 75k and so on.
After you have invested in the certificate, the bank will utilize your investment in a way that is according to the Shariah law and after the end of every period your account will be credited with the profit or debited with loss that occurred during that period. In my experience, I haven't heard of anyone with a loss on bank investments but having said that, you must not confuse probability with possibility.
In case your agreement gets terminated by you or the bank, no extra charges will be charged on any type of investment certificates. However, there are some rules for early encashment. If you decide to withdraw your investment before the maturity date, the TDR of your certificate will then be decided according to the most recent tenor. For example, it is mentioned on Allied Bank's website that if you encash a certificate after 1 year that had a maturity date of 5 years then the TDR will be set as if you had invested in 1 year certificate.
This is not all, there are some other terms and conditions for premature encashment that you must read on the official website before investing in this certificate.
My Opinion
Finding a legitimate way to earn money online or offline is not an easy job at all. There are thousands of frauds around and many people lose money every day. What Allied Bank offers is very much legitimate and legal. In my opinion, if you're looking for a regular inflow of income and you can afford to invest 25000 rupees then you should go for this offer.Allied Islamic investment certificate is actually offering you a win-win situation. You can safely invest some amount of money in the bank for a given time period and you will be given a profit for that. You are not even bound keep your investment in the bank forever, you can withdraw whenever you want by following a few simple steps and rules.
This way your money is safe and you know that your risk % is low. You must keep in mind one thing, the profit rates are not fixed and so profit may vary every month. You can check the historical data of the profit percentages by visiting Allied Bank's official website. You also must keep in mind that, however, it's very rare but losses can occur too.
The profit/loss rule is not something that should drag you back because when investing in such investments, you're actually becoming part of a business and if that's the case, it's very realistic to expect a profit or loss in a given month.
This was all about Allied's investment certificates. For more details I recommend you to visit your nearest Allied Bank Branch and also, don't forget to tell us about your experience in the comments section below.