|Source: Alizz Islamic Bank. The launch ceremony for the Hasalti Children’s Savings Account.|
Alizz Islamic Bank has launched a shari'ah-based product called the Hasalti Children’s Savings Account. The Omani rial account is opened and operated in a child’s name by parents or a court-appointed guardian. It will bear the child’s name along with the parents’ name until the child attains the age of majority, which is 18 years, or 21 years in case of court-appointed guardianship.
The account requires a minimum of OR50 to be deposited on a monthly basis to be eligible for monthly draws with cash prizes. Five winners are selected each month, winning a deposit of OR100 each. Account holders receive a free Hasalti membership card which can be used to deposit cash through the branch. Cash withdrawals from the account may be made through any of the bank’s branches.
The bank will award the official guardian a free life takaful cover that is equal to double the monthly balance available in the account, up to a maximum of OR20,000. For example, the insurance cover is OR10,000 if the monthly balance average is OR5,000. If the monthly balance average is OR20,000, the cover will be OR20,000.
The life takaful cover contribution will be borne by the bank and will not be taken from the account holder. A monthly account statement will be sent to the Takaful Company as per current procedures, which apply to all takaful financial transactions. Once the Hasalti account holder is 18, he or she may also apply for an educational grant at competitive rates.
“We have worked a lot on developing this product before launching it in its new form. Alizz Islamic Bank always strives to entrench the value of saving in children and adults using different ways. When opening the account, the child will get the welcome booklet, and a gift. Our top priority is to forge permanent relationships with child customers and offer them variety of discounts and exclusive offers,” said Moosa Al Jadidi, Chief Operating Officer of Alizz Islamic Bank.