Table of Contents

Banks Forcing to Shift to Islamic Banking To Avoid Fraud

In an attempt to avoid paying high interest rates to depositors, some banks in Pakistan are coercing customers to convert their conventional savings accounts to Islamic accounts. Branch managers, who previously convinced customers to sign up for investment options, are now pressuring them to switch to Islamic accounts, and some banks are even threatening to close accounts if no action is taken within 30 days. 

Islamic savings accounts have no minimum payout, unlike conventional savings accounts which require a minimum deposit rate (MDR) of 15.5%. Banks are using this as an opportunity to save money and de-risk payments on credit for buyers at home and abroad. 

Standard Chartered Bank has instructed savings account holders to convert to Islamic banking savings accounts within 30 days or face potential account closure. Despite the State Bank of Pakistan’s goal of increasing financial inclusion, these policies have led to record profits for banks while customers lose out on interest income in a highly inflationary environment. 

The forced conversion is also problematic as it may take advantage of unsuspecting senior citizens, including widows and pensioners. Ultimately, this approach is nothing more than a marketing ploy to increase profits, and customers are not required to make the switch.

For more updates, stay tuned to Al Sadat Marketing News.

You can also invest in other famous and most in demand housing societies, such as , Blue World City,  Rudn Enclave7 Wonders City PeshawarTaj ResidenciaKingdom Valley,  New Metro City Gujar KhanForest Town RawalpindiUniversity Town RawalpindiICHS TownPark View City IslamabadMulti Gardens B17 Islamabad and Nova City Islamabad.

Al Sadat Marketing please contact 0331 1110005 or visit https://alsadatmarketing.com/

Few more real estate housing schemes which are trending now a days in Islamabad by including: Faisal Town Phase 2Prism Town Gujar KhanNew City ParadiseEighteen Islamabad7 Wonders City IslamabadCapital Smart City,  Silver City IslamabadThe Life Residencia,  Faisal Town IslamabadIslamabad Golf CityIslamabad Model Town and Marble Arch Enclave.

Al Sadat Marketing is an emerging Real Estate Agency headquartered in Islamabad, Pakistan. With over 10+ Years of experience, Al Sadat Marketing is providing its services and dealing all trending housing societies projects in different cities of Pakistan. Islamabad Projects, Rawalpindi Projects, Gujar Khan Projects, Burhan Projects, and Peshawar Projects etc.

Book Your Plot Now: +92 331 111 0005

Tags :

Share :

About Author
About Author

Syed Sadat Hussain Shah

Talk to Us!

Latest Posts

Categories

Leave a Reply

Your email address will not be published. Required fields are marked *