National Amanah, the Islamic banking window of National Bank, offers shariah compliant banking to its customers.
The bank first introduced Al-mumin, in 2009 which was rebranded in April 2013 to National Amanah to offer a wider range of banking products and services that are Shariah compliant.
National Amanah adheres to the guidance of Shari’ah Supervisory Board with respect to all matters relating to the interpretation and application of Shari’ah to the Accounts and Investments.
Here is a brief commentary of the Shari’ah Supervisory Board of National Amanah
It is an interest – free call account that is governed by the rules of a loan with respect to the guarantee to repay an equal amount. Credit Balances in the current Account shall, according to the principles of Sharia be deemed as a Qardh Hasan (Loan without return) to the Bank; on demand the Bank undertakes to pay the credit balance in full to the customer.
It is an investment deposit for an unlimited period whereby the depositor (RAB UL MAAL) authorizes the Bank (MUDARIB) to invest the funds on the basis of unrestricted Mudaraba contract in accordance with the Islamic principles of Shari’ah.
It is an investment deposit for a limited period (3,6,9 to 12 months) in which the depositor (RAB UL MAAL) authorizes the bank (MUDARIB) to invest the funds on the basis of un restricted Mudaraba contract in accordance with the agreed terms and conditions.