If we take Meezan Bank as example, as per term 3.1 of account opening form for Savings and COII account holders, “The relationship between the Bank and the Customer shall be based on the principles of Mudarabah where the Customer is the Rab ul Maal and the Bank is the Mudarib”. However, if we look at the balance sheet of Meezan Bank, deposits of Savings/ COII customers are shown as liabilities of the Bank. As a student of Islamic Finance, my understanding is that in Mudarabah (partnership of fund and skill/ management) arrangements, the fund contributed by Rab ul Maal is never a liability of Mudarib as all the risk of loss in capital lies with Rab ul Maal. The moment it becomes a liability of Mudarib, it becomes a lending arrangement, Mudarib becomes borrower and any profit to depositor become interest. Which statement of Meezan Bank is true? This issue aggravate further when we see the relationship in case of current account stated in tem 3.7 as Qard (loan with bad credit history or bad credit ok) but disclosed similar to Saving/ COII accounts, although both are fundamentally different in nature, risks and uses from each other. How does relationship of a depositor with Meezan Bank differentiate with that of depositor in PLS saving account in a conventional Bank?