UNIVERSITY OF CENTRAL PUNJAB

Spring 2023
Course Title: Banking Laws & Practices

Assignment no. 2
Name of Course Instructor: MUHAMMAD KHALID IDREES

Section: A Program: BSAF Date: 3/22/2023

Submission Date: 3/29/2023 Maximum Marks:

Submitted by: Abdullah Kashif Roll no. L1F20BSAF0042

Instructions:
Open Bank account through two different means.
1. At branch.
2. Online.
Table of Contents
At Branch Opening Process......................................................................................................................4
Bank:..........................................................................................................................................................4
Meezan Bank...............................................................................................................................................4
Process:...................................................................................................................................................4
Online Process...........................................................................................................................................5
Bank:..........................................................................................................................................................5
Allied Bank Limited....................................................................................................................................5
Process:...................................................................................................................................................5
Conclusion:................................................................................................................................................6
 At Branch Opening Process

Bank:

Meezan Bank
Meezan bank is Pakistan’s first premium Islamic bank which means that the bank strictly follows
Islamic teaching and fundamentals laid out in “Shariat Law” for its banking modus operandi.
Meezan offers all sorts of services that a conventional bank offers from commercial banking to
investment and more. The bank mission is to make Islamic banking the first choice and is
adamant on compliance with “Shariah Laws and practices” therefore all of the services the bank
offer is “Riba free” and are based on profit and loss sharing (Modaraba).

Account Type: Assan Account (Current)

This account is mainly for individuals who have limited proof for their source of income mainly
students. The Assan account offers the following services: online banking, withdrawals of up to
Rs.1,000,000/- a month and the balance of this account cannot exceed Rs.1,000,000/-

Process:
In order to open an Assan account in Meezan Bank the necessary document required for the
process involves the person CNIC (Computerized National Identity Card). The rest of the
process entails three documents out of which the 1 st one is the account opening form that holds
the persons personal information such as name, address, contact information and signature. The
account opening from is a document that pertains to the pertinent information that the bank
requires to open the user’s account. The other half of the documents encompasses terms and
conditions that come with the account and a signature at the bottom to solidify the user oblige
and will uphold the terms and conditions of the bank. The next document was Key Fact
Statement that held information regarding other services the Meezan Bank is offering along with
that the document had all the fees and profits associated to each account type. The last piece of
information is the Cheque book requisition which requires users’ signatures.
The account opening process for Meezan Bank Assan account was simple that could be easily
understood. Some of the main features of the account were that the user is allowed to make
withdrawals of up to Rs.50,000 a day and the bank can have a maximum balance of
Rs.1,000,000/- The account can be open for up to Rs.5000 which include debit card and SMS
alert charges per annum.
The last procedure to open the account is bio-metric of the persons thumb that is done through a
machine and that information is directly saved in Meezan’s Bank software. Subsequent to this
the account number is sent to the users registered contact number after the initial deposit that
bank notifies the user within 2-3 business days to collect a free cheque book and debit card (only
if the user has subscribed for a debit card).
Furthermore, to access Meezan banking app the user must activate their debit card which can be
done through 2 ways either a call to the bank’s helpline or ATM machine.
or the activation of my debit card, I dialed Meezan bank help line (021-111 331 331) which
linked me to the banks helpline associate who then asked verification questions relating to my
CNIC and account number after that the help line associate directed me to add a PIN of 4 digit
after the beep and immediately after that my debit card was active and I was able to access the
mobile banking app.
Similar to the name of the account Assan the process of opening the account from start to finish
was easy, and relatively quick the entire process took 3 business days to complete.

Online Process

Bank:

Allied Bank Limited

Allied bank is one of the oldest banks in Pakistan and has been rebranded in the past. The bank
offer all sorts of products and services and it does offer the users the option for Islamic banking
aside from that Allied bank operates in the same fashion as a conventional bank. One of the
strategic objectives of the bank is of financial inclusion of unbanked areas in Pakistan which they
aim to achieve through innovative technology and advanced services.

Account Type: My Pakistan Digital Account

This account is Assan digital account (ADA) which any Pakistani resident can open from
anywhere in the country without the need to visiting any branch. This account gives users the
same benefits of day-to-day banking that any Assan current account holder have.

Process:
To open a “My Pakistan digital account” entails having an access to the bank website
https://www.abl.com/ from their the upper most task bar have the option for “Open Account”
from where the second option is “myPakistan Digital account” after selecting that option the
website will direct to an interface that mentions the documents necessary to open an account
which includes a CNIC and a picture of signature that matches the signature on the CNIC.

This is what the Allied bank website looks like and the option mentioned above is encircled.
After selecting this option, the procedure is as follow:
The very first interphase for this process is “Identity Information” which requires an email ID
and a CNIC number after filling this portion to proceed further the website will ask for an OTP
(On-time password) that would be sent on the email ID registered in the identity information
section after filling the 6-digit OTP code the website will allow for the continuation of the
account opening process. The next screen pertains to the basic user information that is full name,
nature of account, contact information and address after filling this part the next step is
“customer profile” which requires the marital status if any and information of a kin their full
name and contact information. After saving and clicking the next option the following step is for
current address and a permanent address the following step is regarding the bank account; for the
purpose of account I selected current but there are other options like savings the very next step
required submission of all the pictures of documents mentioned before the very last step displays
all the information input to open the account to finish the opening process a pop up window
appears that mentions terms and conditions and asks for approval. Subsequent to agreeing the
terms and conditions and hitting the submit button the account opening application will be
submitted to the bank and a conformation email will be sent on the registered ID
After this process the Allied Bank contacted me within in a day for variation and after that the
account was made active. The account opening process was fast and didn’t require too much
information and offers the same benefits as an Assan account.

Conclusion:
This document demonstrates the account opening process for two different banks in two different
ways one shows the process and steps required to open a bank account through a Meezan Bank
branch and the other is Allied Bank online account opening procedure. The purpose of this
assignment was to familiarize students with account opening process and to obtain a bank
account. After going through the procedure of opening an account it made me realize how easy
the whole process was not only that now I can track all of my spending and make a budget that
will help me save some funds by the end of the month and with the mobile app I can access my
bank statement at any time which is a nifty tool along with that having a debit card is much safer
than carrying cash.
Moreover, the document also shows the process of online account opening which can be good
for individuals that don’t have access to a bank near them. Albeit I live in Lahore the reason I
choose this account because its procedure is completely online it dose not require to visit the
bank branch even for biometric. This type of account can also be useful for individuals that are
paraplegic and are unable to visit a bank.