Alizz Islamic Bank enhances Bushra savings account

Reaffirming its leading role in providing innovative shari'ah-compliant services and products Alizz Islamic Bank has enhanced the incentives of the Bushra savings account and other accounts.

Amongst the benefits are instant issuance of the debit card within minutes of opening the account, and discounts at a number of retail and dining outlets across the Sultanate. Bushra Prize Savings Account customers also receive expected profit on their savings and the chance to enter the draws. The profit is given out on monthly basis while the draws occur regularly - daily, weekly, monthly, quarterly and annually.

Source: Alizz Islamic Bank. Al Jadidi.

The daily draw has a total prize value of RO500 distributed equally among five winners, while the weekly draw has the total value of RO3,000, divided equally among three winners. The monthly draw is worth RO25,000 to one winner and the quarterly draw is for RO50,000, also to one winner. The grand prize is worth RO100,000, for a single winner. All of the cash prizes are hiba (هبة gifts) from the shareholder's funds and all customers with a minimum balance of RO100 in their Bushra accounts are eligible for the draws.

The Bushra savings account is based on the shari'ah principle of mudarabah, whereby the bank invests customer savings in shari'ah-compliant financing in order to generate the best possible returns and profits. The customer acts as a capital provider while the bank takes up the role of mudarib (مضارب) or entrepreneur. All customer funds along with the bank's own capital will be pooled and invested in shari'ah-compliant modes of investment and the resulting profit is shared between the bank and the customer according to predetermined ratios.

Moosa Al Jadidi, COO, Alizz Islamic Bank, said: "The launch of the Bushra prize savings account comes as part of our plans to provide a wide range of carefully-designed financial products that meet all clients' needs. Thanks to the efforts of our team, we have been able to provide more than 24 shari'ah-compliant financial products so far.

"This account gives clients the ability to increase their wealth. We aim to provide our clients with low-risk high-yield investment and savings solutions, and we ensure that meeting all their needs, with utmost transparency, is made priority."