Alizz Islamic Bank adds more winners for Hasalti scheme over Ramadhan

Source: Alizz Islamic Bank. Graphic for the Ramadhan Hasalti campaign.

As part of Alizz Islamic Bank's ongoing Sharing the Blessings of Ramadan campaign, the bank has increased the number of monthly winners in the Hasalti Children's Savings Account.

There are typically five cash prize draws a month; for Ramadhan, there will be 25 winners instead. The cash prizes are hiba (هيبة, gifts) from the shareholders' funds.

The Hasalti Children's Savings Account is based on the shari'ah principle of mudarabah, and the bank aims to educate children about the value of saving and planning ahead for the future in ways that are shari'ah-compliant. Accordingly, Alizz Islamic Bank invests the funds deposited in the Hasalti Children's Savings Account in shari'ah-compliant investment activities to create the best possible returns.

The minimum Hasalti deposit is OMR50 per month to make the account eligible for various benefits. The Hasalti Children's Savings Account is opened in the name of the child along with his/her guardian's name until the child reaches puberty, 18 years of age or 21 years of age for a child who has a legal guardian. Hasalti Children's Savings Account customers are eligible for a preferential rate on education financing when the account holder turns 18.

By maintaining a monthly balance of OMR50, all Hasalti Children's account holders are eligible to enter monthly draws, and get a chance to win cash prizes of OMR100 every month. The account holder receives a free Hasalti membership card when opening the account. The card provides access to special offers and discounts across Oman.

The principal account holder (guardian) receives free life takaful equal to twice the monthly balance available in the account, up to a maximum of OMR20,000.