Every month, Pakistani Islamic banks declare what their deposit pools actually earned, and every month the league table changes. This comparison uses declared rates for June 2026 (Meezan's figures are its July 2026 declaration, the closest published month), pulled from each bank's own rate sheets. Read it as a snapshot with a shelf life, not a promise. If you are reading this months later, check the current declarations on HalalWallet's bank accounts page before acting.
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The June 2026 rate table
Standard Islamic savings accounts, declared rates for June 2026 unless noted: Raqami 10.00% to 11.00% depending on balance tier. HabibMetro Sirat 8.48% across nearly all retail variants, with a promotional Islamic Saving Plus at 9.81%. Bank Makramah about 8.14%. Bank AL Habib Islamic 8.00%, or 8.50% on its Woman Islamic Savings account. BankIslami 7.8355% across its general pool savings products. Bank of Khyber Raast 7.41%. HBL Islamic 7.23% across its PLS, Nisa, Rutba and Uraan accounts. NRSP's Islamic division 7.23% to 7.83% by payout frequency. Bank Alfalah Islamic 7.01% on Musharaka Savings and 7.23% on Mahana Amdani. Meezan Bank 7.04% on Rupee Savings (July 2026 declaration). Allied Aitebar 6.69%, rising to 8.00% on its Khanum women's and senior citizen accounts.
Why the top of the table looks the way it does
Raqami's lead is not an accident of pool performance. The bank received its commercial licence in May 2026 and is buying deposits: its launch-period rates in December 2025 were a flat 7.30-7.80%, and by June 2026 they had climbed roughly 300 basis points while most incumbents drifted down. Deposit-acquisition pricing is real money in your pocket while it lasts, but there is no reason to assume it is permanent. Raqami also does not publish its profit-sharing ratio or weightages, which incumbent banks do. You are getting a better number with less visibility into how it is produced.
HabibMetro Sirat's 8.48% is the strongest number among established banks that month, and it beat Bank AL Habib's 8.00% and BOK's 7.41% with full disclosure behind it: the bank publishes its profit-sharing ratios, weightages and product fatwas. If you want a high declared rate from a bank with a long paper trail, that combination matters more than 30 or 40 basis points.
The slab structures that beat the headline rates
Meezan's headline 7.04% undersells its most interesting product. The Meezan Bachat Account has paid slab-based rates since September 2023: 14% on the first Rs 499,999 and 11.5% on the balance above that, applied per slab. The bank's own worked example shows a Rs 700,000 balance earning 14% on the first slab and 11.5% on the remainder. For savers below roughly Rs 500,000, that is double the standard savings declaration at the same bank. Minimum deposit is Rs 50,000, profit is calculated daily and paid monthly.
Segment accounts are the other quiet outperformers. Allied's Khanum (women) and senior citizen accounts paid 8.00% in June 2026 against 6.69% on the standard account, a 131 basis point premium for filling in a different form. Bank AL Habib's women's account carried a 50 basis point premium. BOK's five-year Riba Free Certificate tier for widows and orphans paid 9.00%. If you qualify for a segment account, the standard product is usually the wrong choice.
The honest part: these rates change every month
Islamic savings accounts in Pakistan run on Mudarabah. The bank declares each month what the deposit pool earned after taking its Mudarib share, so the rate follows the pool, and the pool follows Pakistan's monetary environment. Bank AL Habib's own 24-month history shows its women's account paying 18.00-18.25% in July 2024, when the policy rate was far higher, sliding to about 7.25% by early 2026 and recovering to 8.50% by June. BOK's savings rate climbed from 6.43% in January 2026 to 7.41% in June. Nobody who opened an account at the 2024 peak kept that rate.
This is not a defect of Islamic banking; it is the contract working as designed. But it means rate-shopping between Islamic banks on a single month's declaration is a coin flip. Look at the trend across several months, check whether the bank publishes history (BankIslami's archive goes back to 2017, the best in the market), and treat any 'expected rate' that is not a declared actual with suspicion. NBP's Amirah tiers of 7.50-10.00%, for instance, are explicitly labelled tentative and undated by the bank itself.
What we would actually do
For balances under Rs 500,000, Meezan Bachat's 14% first slab is hard to argue with from Pakistan's largest Islamic bank. For larger balances at an established bank, HabibMetro Sirat and Bank AL Habib led the June 2026 declarations with strong disclosure. If you are comfortable with a new digital bank and want the highest declared number, Raqami pays a clear premium, ideally for money you can move if its pricing normalises. And if you are a woman or a senior citizen, check the segment account at your own bank first; the premium is often larger than the gap between banks.
Frequently asked questions
Which Islamic bank paid the highest savings rate in Pakistan in June 2026?
Among banks with published declarations, Raqami Islamic Digital Bank paid the highest standard savings rates in June 2026 at 10.00-11.00% by tier. Among established banks, HabibMetro Sirat's 8.48% led, with a 9.81% promotional variant. Meezan's Bachat account paid 14% on the first Rs 499,999 under its slab structure.
Are these rates guaranteed?
No. They are declared Mudarabah distributions for one month, published after the fact. Next month's rate depends on next month's pool results. Under the contract, losses are borne by depositors in proportion to their investment, though banks use reserves to smooth outcomes.
Why does the same bank pay different rates on different accounts?
Banks assign different weightages to different products and tiers within a pool, and some products sit in separate pools entirely. Longer commitments, larger balances and targeted segments (women, seniors, Hajj savers) typically carry higher weightages, so they receive a larger share of the same pool profit.
Is a higher declared rate ever a warning sign?
It can be a signal to look closer. New banks often pay above the market to gather deposits, which is fine while it lasts but rarely permanent. A high rate paired with weak disclosure, such as no published profit-sharing ratio, weightages or rate history, deserves more caution than a middling rate from a bank that publishes everything.
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Where can I compare current rates?
Bank rate sheets are published monthly on each bank's website, usually under a 'profit rates' or 'rates and weightages' page. HalalWallet's bank accounts comparison tracks declared rates and the disclosure quality behind them.