Introduction
The Pakistan operations of Rupali Bank Limited were acquired by Arif Habib
Securities Limited under the Scheme of Amalgamation approved by the State
Bank of Pakistan. The name of Rupali Bank Ltd was subsequently changed to
Arif Habib Rupali Bank Ltd and then finally to Arif Habib Bank Ltd in October
2007. On 31st March 2010, Suroor Investments Ltd, a company incorporated
in Mauritius, acquired 59.41% stake in Arif Habib Bank Ltd from Arif Habib
Securities Ltd, and on 18th August 2010, Arif Habib Bank Ltd was rebranded
as Summit Bank Ltd.
Suroor Investments Ltd, also entered into share purchase agreements (SPAs)
with majority shareholders of MyBank Ltd and Atlas Bank Ltd, who after
completion of the transactions have merged in Summit Bank Ltd expanding
the Banks geographical outreach with a network of 187 Real Time Online
branches across the country. In line with the managements vision of making
this bank a front runner amongst its peer banks, this merger has brought
synergies and access to a wider range of markets and customers.
By acquiring one of the best IT platforms of the world, offering web and SMS
based banking to the customers besides providing superior MIS to the
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Our Mission
Short
Term
JCR-VIS
A-2
Subordinate
Medium to
d
Debt Outlook
Long Term
Instrument
AA- (SO)
Stable
2. Islamic Banking
Islamic banking (Arabic: ) is banking or banking activity that is
consistent with the principles of sharia and its practical application through
the development of Islamic economics. As such, a more correct term for
Islamic banking is Sharia compliant finance. Sharia prohibits the fixed or
floating payment or acceptance of specific interest or fees (known as riba, or
usury) for loans of money. Investing in businesses that provide goods or
services considered contrary to Islamic principles is also haraam (sinful and
prohibited). Although these principles have been applied in varying degrees
by historical Islamic economies due to lack of Islamic practice, only in the
late 20th century were a number of Islamic banks formed to apply these
principles to private or semi-private commercial institutions within the
Muslim community.
2.1 Islamic Banking Products
2.1.1 Business Account
Businesses tend to enjoy flexibility while remaining cost effective. Business
Account (BA) offers flexibility of a conventional current account including
unlimited transactions option and offers value added services in a Shariah
complaint manner. Additionally customers are entitled to a share of
distributable profit as per assigned weightages.
Salient Features:
Business Account (BA) will be opened in Pakistani Rupees.
The account can be opened with PKR 1,000/-.
The profit payable will be calculated on daily average balance and payment
of profit will be on monthly basis.
The share of profit in this account type will be minimal keeping in view that
its main purpose is to provide low cost banking to the depositor under
exemption allowed by SBP (IBD Circular No 3 of 2012).
Zakat & other levies will be applicable as per governing laws
BA holder will be eligible for 100% waiver of Schedule of Charges for the
following services*
No limit on number of Transactions
Online Transaction Facility
Visa Debit Card Issuance
Cheque Book Issuance
Issuance of Pay Order
Cancellation of Pay Order
SMS Alerts
Duplicate Pay Order Issuance
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(provided that their source of income is not received from any prohibited
source as per the Shariah principles):
Individuals
Sole Proprietorship concerns
Partnership Firms
Limited Companies (Private & Public)
Clubs, Societies and Association
Foreign Missions / Diplomats
Agents Accounts
Trust
NGO / NPOS / Charities
Branch Office / Liaison Office of Foreign Companies
Executors and Administrators
Government / Provincial / Local Government and Armed Forces (Including
Allied Accounts)
Here is What You Further Receive for FREE*
Fund Transfer within Summit Bank Ltd via ATM, Web & Branch Network.
Issuance of Pay Order.
Outward Clearing Charges for Cheques returned unpaid.
Issuance of Islamic Visa Debit Card for 1st Year.
Internet Banking Facility.
E-Statement of Accounts.
Value Added Services.
Special Value Added Services.
Loads of Other Services.
2.1.3 Bachat Savings Account
Bachat Savings Account (BSA) is an investment-cum-transactional account.
The money can be deposited and withdrawn at will with or without notice
either by Cheque / ATM / Debit Card / Electronic means (Net Banking etc.) or
through written instructions.
Salient Features:
Bachat Savings Account (BSA) will be opened in Pakistani Rupees.
The account can be opened with PKR 1,000/-.
Minimum Balance requirement is PKR 1,000/-.
Profit will be calculated on monthly average balance and payment will be Biannually.
Zakat & other Levies will be applicable as per governing laws.
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Fund Transfer within Summit Bank Ltd via ATM, Web & Branch Network.
Issuance of Pay Order
Outward Clearing Charges for Cheques returned unpaid.
Issuance of Islamic Visa Debit Card for 1st Year.
Internet Banking Facility.
E-Statement of Accounts.
Value Added Services.
Special Value Added Services.
Loads of Other Services.
2.1.4 Islamic Certificates
Islamic Savings Certificate (ISC) is a range of Investment for profit Halal
products with fixed maturities. Investments can be made with wide range
options from 1 month to 5 years term with various profit payout frequencies.
Profit payout may be made:
At the time of maturity (Profit at Maturity), or
Periodically i.e.Monthly, Quarterly, Biannually or Annually.
Salient Features:
Islamic Savings Certificate (ISC) will be opened in Pakistani Rupees.
Investment can be made with wide range of options from 1 month to 5 years.
Minimum Investment required for Maturity Option is PKR 10,000/- and for
Periodic Profit Payment Option is PKR 25,000/-.
Pre-mature encashment option is available
Zakat and other Levies will be applicable as per governing Laws
Contract & Mechanism:
ISC will be accepted on the basis of Mudarabah. The Bank will be the Mudarib
and the Investment Account Holders (IAHs) / Depositors will provide funds for
investment to earn Halal profit / benefit, identified as Rab-ul-Maal. The funds
so deposited will be invested in an Investment Pool which will be managed
by
the
Bank
in
capacity
as
Mudarib
(Managing
Partner).
The IAH is eligible to share Profit from the respective investment pool
according to his / her deposit in a predetermined ratio adjusted by
weightages assigned to each category of remunerative deposits. This is
calculated on calendar month basis. The Profit or Loss declared by the Bank,
as stipulated herein, shall be considered as final and binding on all the
account holders. The Bank in this capacity as Mudarib will also be entitled to
a
share
of
the
distributable
profit.
The Bank may also choose to invest its own Funds. In this case the Bank will
share profit in addition to its share as Mudarib. Accordingly, in case of loss in
the respective pool, it (Loss) will be shared between the IAHs and the Bank
as per ratio of their investments in that pool.
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Payment
Investment
Monthly Quarterly
Half
yearly
Annually Maturity
25,000 25,000
25,000
25,000
10,000
Tenors
1 month
2 months
3 months
6 months
1 year
3 years
5 years
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3. Deposit Products
v
3.1 Summit Classic Current Account
Reward yourself with enhanced privileges through Summit Classic Current
Account. Exclusively designed to meet your diverse financial needs, this
classic account offers you benefits that are beyond your imagination.
Bank account exceeding expectations
Key Features:
One account with a bundle of product
Minimum monthly average balance as low as Rs. 50,000/Up to 3 Visa Debit Cards free.
Special Retirement Or Investment Insurance Plan at only Rs. 2000/month
(bancassurance)
Loan Facility (secured) with special rates
Standard Features
Collection Cheque (Local), Retained Mail, Stop Payment, Cheque book
Issuance (25 leaves), Debit Card Issuance, Debit Card Annual Fee Waiver,
Statement Issuance, Balance Certificate, Lockers (small waiver of rent
only), Standing Instruction Fee, Inward Remittances Local & Foreign,
Collection of Local & Foreign Currency Cheques, Statement of Accounts,
Returned Cheques, Online Statements, Online Banking, Mobile Banking,
Personal /Accidental Insurance, Cash Withdrawal Insurance.
*Minimum deposit required is Rs. 50,000/- & subject to Insurers Terms &
Conditions
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Special Benefits
Free VISA debit card
Monthly profit will be credited in the depositors account and can be
withdrawn through cheque or ATM, free of charge
Deposit will be rolled over on maturity for the same period at the rates
prevailing on the date of maturity, unless otherwise requested by the
customer.
Free Internet Banking
Free issuance of pay orders and demand drafts
Free SMS updates for the first three months (applicable from the date of
account opening)
Conditions
Profit is subject to Zakat, withholding tax and other taxes are imposed from
time to time, unless exempted.
Regular declared TDR profit rates [for the last completed period of deposit]
will be paid on premature encashment.
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Fun at McDonalds
Now there will be more fun at McDonalds with your Young Bee Debit Card.
Shop with your card and earn McDonalds Meal Points. Use your points at
McDonalds
and
enjoy
amazing
deals.
Apart from Meal Points, you will have special DEALS at McDonalds for Young
Bee Debit Card Holders.
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and can be issued to individual PKR account holders of Summit Bank. You can
encash your Traveller Cheques through any Summit Bank branch across
Pakistan.
Running Finance, Short Term & Long Term Finance, Financing against
Imported Merchandise (FIM), Cash finance and Export Re-finance.
Pre and Post Shipment Export Financing (PKR and USD based)
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Bonds
o Structured Finance
o Leveraged Buyouts
o Privatization
o Equity Underwriting & Placement
o Mergers
o Corporate Restructuring
o Syndicated Loans
o Project Finance
o Private Equity
o Equity De-Listing
o Acquisitions
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Cash Management
Cash management is the Department where we not only provide the total
reconciliation of the customers transaction but also provide the support in
any level required to maintain or increase the liquidity in our Bank. Cash
management is the process of PayIn and PayOut from the account.
Procurement of Inventory
Receivables financing
Procurement of Machinery
BMR
Import / Exports
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Guarantees
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7 Consumer Banking
Understanding trends in consumer product markets, and the financial needs
of consumers, SMBL is now designing Consumer Banking services through a
dedicated division. SMBL aims to aggressively grow its existing product
portfolio by introducing products in phases. We provide services for deposits,
consumer loans, credit cards, insurance and asset management through a
customer-focused and competitive approach while closely following
technological developments.With a clearly defined market segment and a
solid strategic intent supported by a modern and reliable infrastructure,
Summit Bank is ready to reach new heights in Consumer Banking services.
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makes it the right choice for you. At Summit Bank, we believe in simplicity &
convenience.
Summit Bank Home Finance can be sought to fulfill any of the following
needs:
Home Renovation
Maximum: Rs.50,000,000/Collateral
Rs.1,000,000/Minimum: 03 years
Maximum: 20 years
Loan Tenor
Mark-up Rate*
Type of Mortgage
Self Employed
(K+4.5)
Professional
Self Employed
(K+5)
Businessman
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property
through
Mortgage Charge
Plus Token
Mortgage
100%
Registered
&
Life
from Banks authorized insurance
company
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convenient and secure way to meet your personal and family financial needs
through Personal Finance.
The salient features of this plan are appended here-under:
Type of Loan
Minimum: Rs.25,000/-Maximum:
Rs.1,000,000/Minimum: 1 yearMaximum: 5
years
Term Loan
Type of Facility
Un-Secured
Type of Markup
Premature
Payment
Facility
Loan
Enhancement
Facility
Loan Top-up Facility
Loan Amount
Loan Tenor
Available
Available (History
Based)
Available
Income
7.3 Bancassurance
Bancassurance is the distribution of insurance products by banks, through
their own distribution channels.
We are proud to offer Bancassurance products to our valued clients through
affiliations with leading Insurance companies. The unique products are
designed to address a variety of our customers needs.
Our clients can choose from the following products, which the insurance
companies are offering:
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8. Electronic Banking
Summit Bank is one of the leading banks in Pakistan in terms of electronic
banking. We offer our customers a diverse range of electronic services and
convenient banking options through various channels, such as ATMs, mobile
phones and Internet.
Our Mobile Banking allows customers to avail a variety of banking services of
pure SMS-based technology, including mobile balance recharge and utility
bill payments, as well as account information.
Internet Banking is another channel on which we offer extensive banking
services. Customers can view account information, pay bills, transfer funds,
and conduct many other transactions through their account(s). Hence
providing a fast, secure and convenient way to banking.
Summit Bank is a member of 1LINK Guarantee Limited.
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You can also check your transactions and account balance. Customers who
are already subscribed for SMS alerts are automatically eligible for this
service.
Just go to your write message option and type:
BI for Balance Inquiry
MS for Mini Statement
LTC for Last Three Credit transactions
LTD for Last Three Debit transactions
And send SMS to 24365
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Bill Payments
How to Register
Dial 0800-24365 or
Balance Inquiry
Complaint Registration
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Statement Requests
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8.4 UPayments
With the Ufone connection and Summit Bank account, you can avail
convenience like no other
Summit Bank & Ufone brings you the convenience of banking now on your
mobile phone. Activate Upayments on your mobile phone and access your
Summits bank account anytime you want.
To use Upayments, all you need to have:
1. A Ufone GSM subscribed connection
2. A bank account in Summit Bank
Upayments gives your mobile phone power to do:
Balance Enquiry
Transfer money
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Short Code
Available Denominations
Mobilink
mk
Ufone
ue
Warid
wd
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Zong
zg
Telenor
tr
Vfone
ve
PTCL
pl
Wateen
wn
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manner! You can pay your bills over SMS, Internet Banking, at any Summit
Bank ATM, or by calling our Contact Center at 0800-24365.
SMS
For Utility Bill Inquiry:
here to view the SMS Guide
S.NO
Merchant Name
Category
BWASA
FESCO
GEPCO
HESCO
IESCO
KESC
KWSB
LESCO
LWASA
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MEPCO
11
MWASA
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Pakistan Telecommunications
PTCL
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PESCP
14
QESCO
15
RWASA
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SNGPL
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SSGC
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TESCO
Internet Banking
You can pay your bills anytime by logging in to Internet Banking at
www.summitbank.com.pk
ATM
Pay utility bills with your ATM/VISA Debit Card at any Summit Bank ATM. 24
hours a day, 7 days a week, year round.
Contact
Call 0800-24365 to pay your bills round the clock.
Center
Convenience
Instant transfer
Bank of Punjab
Burj Bank
JS Bank
Silk Bank
Sind Bank
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You can transfer funds instantly from your nearest branch, ATM or through
Internet Banking
Transfer Funds Through ATM
In the From Account option, select your account type for transfer of
funds
Confirm
the
transaction
Log in at www.summitbank.com.pk
Select the account you want to transfer funds from, and enter the
amount
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For Other Account, enter the Account Number and click Fetch Title.
Verify account details and click Submit to complete transfer
For Beneficiary List Account, select a beneficiary from the list and click
Submit to complete transfer
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8.8 eStatement
e-Statement is a convenient facility, through which you can choose to
receive your account statements over email, so you can access your
statement whenever you choose, wherever you go. The paperless service
allows you to save account records without any paperwork.
You can choose from a list of customized statement periods.
Statement Periods:
Daily
Weekly
Fortnightly
Monthly
Quarterly
Half-yearly*
Yearly*
*Default periods
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Visa Debit Card. Offering you the highest value for the lowest prices, this
Card empowers you with world class purchasing convenience.
It is as simple as Shop Swipe Sign
Benefits
Worldwide acceptability
Flexibility of usage
Insurance
24 Hr emergency helpline
Competitive rates
E Alerts
For details, visit your nearest Summit bank branch, and feel the spending
power in your hands.
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5% CASH BACK* applicable wherever you shop (Only valid for Current
Account Holders)
The cash back amount will be credited to your account at the start of
the following month (if criteria met)
No hidden conditions
Added Benefits
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These offers are only available with Summit Bank Visa Debit Card.
Summit Bank reserves the right to change the Terms and Conditions at
any time without assigning any reason thereof.
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Information desk
Just show your Summit Bank Debit Card and enjoy these wide array of
services.
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Reward Points: For every Rs. 50 you spend, you can earn one (1)
reward point which is redeemable at all selected merchants.
Visit Summit Banks Sales & Service Center at Dolmen Mall Clifton,
Hyderi & Tariq road
Fill up & submit the account opening form at any of our branch.
Call our Call Center anytime at 0800-24365 and get all the details.
Make purchase from selected merchants and present your card to the
cashier at the check-out counter.
Cashier will swipe your card on the POS terminal and enter the payable
amount after discount.
Carefully check the amount on receipts before signing the receipt and
return it to the cashier.
Please ensure that you take your card and receipts before leave the
counter.
Please note this card cannot be used on any ATM machine or any other
place(s) except at authorized merchants of Dolmen Mall Karachi.
Points Redemption
The merchant will swipe your card and enter the point redemption
amount in the POS Machine.
Carefully check the amount on receipts before signing the receipt and
return it to the cashier.
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Transaction Alerts
SMS alerts will be sent for every transaction to the customers registered
mobile number
The facility of redemption of units using the co-branded card is applicable to
NIT electronic units of the individual unit holders only.
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To find more details about Benazir Income Support Program and to search for
beneficiary details. kindly visit www.BISP.gov.pk
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9. Remittance
Summit Bank has designed and developed its own electronic interface by the
name of Amanat Cash to facilitate various exchange companies and banks
to send home remittance to Pakistan on real time basis. This has made
possible, for all Pakistanis, to receive remittances by their loved ones for
FREE, in a fast and fully secured manner. The service we offer is readily
available to every one regardless of having account in Summit Bank.
Salient Features Of Summit Bank Home Remittance includes:
Free
Quick Processing
Real Time
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