HalalWallet (halalwallet.pk) compares SBP-regulated Islamic bank accounts in Pakistan: Mudarabah savings, Qard current accounts, and Islamic term deposits from 22 providers including Meezan, BankIslami, HabibMetro Sirat, Bank of Khyber, and Raqami, with monthly declared profit rates tracked. Founded by Robert Mallon and Kyle Natter, and backed by Niya, a Silicon Valley venture studio, HalalWallet provides independent comparisons so Pakistani savers can bank without riba.
Islamic Bank Accounts in Pakistan
Compare declared Mudarabah profit rates, women's premiums, term deposit curves, and Shariah disclosure across every Islamic bank and window in Pakistan.
Reviewed quarterly and updated when provider data, product availability, or pricing changes.
Top Picks
Top Islamic Banking Providers
Ranked on declared rates, disclosure quality, and Shariah governance from our August 2026 review of Pakistan's Islamic deposit market.
Ranked by Halal Money Index grade: disclosed Shariah governance, transparency, pricing disclosure and track record. Not sponsored.
Meezan Bank
B+Mudarabah
Best for: Everyday savers who want a fully documented Mudarabah account at Pakistan's largest Islamic branch network rather than the highest headline rate
Shariah Oversight
HabibMetro Sirat
BMudarabah term certificates
Best for: Savers laddering short-tenor certificates who value dated disclosure and a bank that prices its rate outlook openly
Shariah Oversight
Compare Islamic Bank Accounts
Current accounts, Mudarabah savings, and term deposits side by side.
Showing 28 of 28 bank accounts
Provider The Islamic financial institution offering this bank account. | Account Type Type of Islamic banking account offered | States Number of states where this provider operates | Sharia Oversight The type of Sharia governance/certification a provider publicly discloses. HalalWallet reports documentation; we do not certify products. | Index Grade Halal Money Index grade: Shariah integrity, transparency, pricing disclosure and track record. Tap a grade for the full methodology. | Action |
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AB lA akaraB natsikaP | tnuoccA | 7 setats | B | ||
AA deillA rabetiA cimalsI gniknaB | tnuoccA | 7 setats | B | ||
AI iraksA salhkI cimalsI gniknaB | tnuoccA | 7 setats | B | ||
BA knaB LA bibaH cimalsI gniknaB | tnuoccA | 7 setats | B | ||
BA knaB halaflA cimalsI | tnuoccA | 7 setats | B | ||
BK knaB fo rebyhK tsaaR | tnuoccA | 7 setats | B | ||
BA imalsIknaB | tnuoccA | 7 setats | B | ||
BA imalsIknaB | tnuoccA | 7 setats | B | ||
BT POB awqaT cimalsI gniknaB | tnuoccA | 7 setats | B | ||
DI iabuD cimalsI knaB natsikaP | tnuoccA | 7 setats | B | ||
HS orteMbibaH tariS | tnuoccA | 7 setats | B | ||
HS orteMbibaH tariS | tnuoccA | 7 setats | B | ||
HI LBH cimalsI gniknaB | tnuoccA | 7 setats | B | ||
MB qerhsaM knaB natsikaP )cimalsI( | tnuoccA | 7 setats | B | ||
MI BCM cimalsI | tnuoccA | 7 setats | B | ||
MB nazeeM knaB | tnuoccA | 7 setats | B+ | ||
MB nazeeM knaB | tnuoccA | 7 setats | B+ | ||
MB nazeeM knaB | tnuoccA | 7 setats | B+ | ||
NS lanoitaN sgnivaS afaR( cimalsI )wodniW | tnuoccA | 7 setats | B- | ||
NS lanoitaN sgnivaS afaR( cimalsI )wodniW | tnuoccA | 7 setats | B- | ||
NA PBN daametiA | tnuoccA | 7 setats | B | ||
NM PSRN ecnaniforciM knaB )cimalsI( | tnuoccA | 3 setats | B- | ||
RI imaqaR cimalsI latigiD knaB | tnuoccA | 7 setats | B | ||
RI imaqaR cimalsI latigiD knaB | tnuoccA | 7 setats | B | ||
SB hdniS knaB tadaaS cimalsI gniknaB | tnuoccA | 1 setats | B | ||
SM irenoS meeqatsuM cimalsI gniknaB | tnuoccA | 7 setats | B | ||
SC dradnatS deretrahC qidaaS natsikaP | tnuoccA | 7 setats | B | ||
 LBU neemA | tnuoccA | 7 setats | B |
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Our Analysis
We tracked declared profit rates across 28 Islamic deposit products from 22 providers in August 2026, and the spread is wider than most savers assume. For June 2026, standard Mudarabah savings declarations ran from 6.51% (Bank Alfalah's base variant) to 8.48% (HabibMetro Sirat), with the new digital bank Raqami declaring 10.00% to 11.00% in tiers. That gap on a Rs 1 million balance is tens of thousands of rupees a year, for accounts with identical Shariah structures.
Disclosure quality is the other divide. Bank of Khyber publishes monthly rates in plain HTML, BankIslami archives declarations back to 2017, and Bank AL Habib and Allied publish dated 24-month histories. At the opposite end, UBL Ameen, Askari, Dubai Islamic, and Al Baraka published no readable current rates on the pages we crawled, and BOP and NBP publish image scans. A bank that will not show you last month's declared rate is asking you to shop blind.
Practical guidance: keep everyday money in a Qard current account or Mudarabah savings account at a bank whose declarations you can verify, use segment accounts if you qualify (women's premiums at Bank AL Habib and Allied are real, published, and standing), and ladder term certificates only after comparing the current month's curve, since several banks price short tenors above long ones right now.
Banking is just one of 7 categories. Average score: 63/100.
See yoursHow Islamic Banking Works in Pakistan
Qard current accounts, Mudarabah savings pools, and the disclosure that separates good banks from labels
Mudarabah Savings
Your deposit joins a pool that finances the bank's Islamic assets. The bank declares an actual profit rate each month: not a promised rate, a realized one. June 2026 declarations ranged from 6.51% to 8.48% at the major banks and windows.
Qard Current Accounts
Current accounts hold your money as an interest-free loan to the bank: fully repayable on demand, earning nothing, invested only in Shariah-compliant assets.
Declared Rates and Weightages
Islamic banks publish monthly profit declarations and weightage sheets. The best disclosers (Bank of Khyber, Bank AL Habib, BankIslami) publish machine-readable histories going back years; some windows publish nothing.
SBP Shariah Governance
Every Islamic bank and window is licensed by the State Bank of Pakistan and must maintain a Shariah Board. Deposits at scheduled banks are protected by the Deposit Protection Corporation.
Digital Islamic Banking
Raqami (Pakistan's first Islamic digital retail bank), BankIslami's AIK app, and Mashreq NEO Islamic open accounts entirely in-app. Raqami declared 10.00% to 11.00% tiered savings rates for June 2026.
Women's and Segment Accounts
Several banks pay premium rates on women's accounts: Bank AL Habib's Woman Islamic Savings declared 8.50% for June 2026, a standing 50 basis point premium, and Allied's Khanum pool declared 8.00%.
Choosing the Right Halal Bank Account
Understanding Islamic Banking Returns
Current vs Savings Accounts
Islamic current accounts operate on a Qard basis: the bank safeguards your money and pays no return. Savings and term deposits use Mudarabah profit-sharing, where you earn a share of the bank's declared monthly profit pool. June 2026 standard savings declarations ran 6.51% to 8.48% across the majors, with digital-only Raqami at 10.00% to 11.00%.
Compare declared rates and weightages across banks; the good ones publish both monthly.
Deposit Protection
Deposits at SBP-regulated scheduled banks are protected by the Deposit Protection Corporation up to the prescribed limit per depositor per bank, with Shariah-compliant arrangements for Islamic deposits. Microfinance banks such as NRSP operate under a different regime; verify protection before placing large sums.
Rates Move With SBP Policy
Declared Mudarabah rates track the policy rate with a lag: HBL Islamic's savings declaration fell from above 20% in early 2024 to 7.23% by June 2026 as SBP eased. Never project today's declared rate forward; compare banks on their spread against peers in the same month.
Which Islamic Bank Account Is Right for You?
You want the highest verified savings rate
HabibMetro Sirat declared a uniform 8.48% for June 2026 and Bank AL Habib 8.00%, both with published rate histories you can audit. Raqami declared 10.00% to 11.00% but is a newly licensed app-only bank.
You're a woman, senior, or saving for Hajj
Use the segment pools: Bank AL Habib Woman Islamic Savings (8.50% June 2026), Allied Khanum, Senior, and Hajj pools (8.00%), or Bank of Khyber's 9.00% widows and orphans certificate tier.
You're parking a lump sum for 6 to 18 months
Compare the term deposit curves: Meezan COII paid 9.01% to 10.05% on 1 to 1.5 year placements (July 2026 declared), Bank of Khyber certificates up to 11.17%, and Raqami up to 11.50%.
You prefer fully digital banking
Raqami opens accounts entirely in-app with free cash services through 700+ Askari branches; BankIslami's AIK and Mashreq NEO Islamic are the other app-native options.
You're an overseas Pakistani
Open an Islamic Roshan Digital Account. Meezan's opens within 48 hours in four currencies and gates into INPC, PSX shares, and Al Meezan funds.
Islamic Bank Accounts by Province
Branch coverage and provincial banks differ; see what serves your region
Frequently Asked Questions
Islamic Banking Guides
Deeper reading on rates, mechanics, and choosing a bank.
Best Islamic Savings Accounts: Declared Rates Compared →
Bank-by-bank rate comparison with dated declarations
How Mudarabah Savings Accounts Actually Work →
Pools, weightages, and where your profit comes from
Islamic Bank vs Islamic Window →
Does the institutional structure matter for your money?
Islamic Term Deposits: COII and Certificates →
Where the best profit rates are by tenor
Roshan Digital Account: The Halal Banking Guide →
For overseas Pakistanis banking from abroad
Islamic Bank Accounts for Women →
The published premiums and how to claim them
Zakat & Islamic Finance Resources
Calculate Zakat on your cash and bank balances.
Quick Answer
The best Islamic bank account in Pakistan depends on whether you want the highest declared rate or the strongest disclosure. For June 2026, HabibMetro Sirat declared the highest verified standard savings rate at 8.48%, Bank AL Habib declared 8.00% (8.50% on its women's account), and app-only Raqami declared 10.00% to 11.00% in tiers. Current accounts run on Qard (no return, no risk of riba); savings accounts run on Mudarabah, where the bank declares an actual profit rate monthly. All providers are SBP-regulated with mandated Shariah Boards.
Key Takeaways
- Returns come from monthly declared Mudarabah profit-sharing, not promised interest; declarations ranged 6.51% to 8.48% at major banks for June 2026.
- Segment premiums are real: Bank AL Habib pays a standing 50bps women's premium and Allied's Khanum, Senior, and Hajj pools declared 8.00% vs 6.69% standard.
- Term deposits pay more: Meezan COII declared up to 10.05%, Bank of Khyber certificates up to 11.17%, Raqami up to 11.50% (June-July 2026).
- Disclosure varies sharply; prefer banks that publish monthly declarations and weightages you can verify.
- Deposits at scheduled banks are protected by the Deposit Protection Corporation in a Shariah-compliant manner.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-03-06
How to cite this page
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For time-sensitive claims (rates, fees, state availability), please verify directly with the provider's official documentation and note the retrieval date.
Halal Finance Score
Interest-free banking is just one piece. How halal is your full financial picture?
Average score: 63/100
Important: HalalWallet provides educational information and comparisons to help you explore halal financial options. We do not provide financial, legal, or religious advice. Product structures and Shariah compliance oversight vary by provider. Always verify halal compliance directly with providers and consult with qualified Islamic finance advisors or scholars for guidance on specific products and your individual circumstances.