Amongst the advantages are instantaneous issuance of the debit card inside minutes of opening the account, a spread of reductions at quite a lot of retail and eating retailers throughout the sultanate. Bushra Prize Savings Account clients additionally obtain anticipated revenue on their financial savings and the prospect to enter the attracts. The revenue is given out on month-to-month foundation whereas the attracts occur Daily, Weekly, Monthly, Quarterly and Annually.
The Daily draw has a complete prize worth of RO500 distributed amongst 5 individuals with every winner receiving RO100, whereas the weekly draw has the full worth of RO3,000, with three winners receiving RO1,000 every.
The month-to-month draw is value RO25,000 given to at least one winner and the quarterly draw is for RO50,000 given to at least one winner. The grand prize is value RO100,000 for one fortunate winner. All of the money prizes are hiba (present) from the shareholder’s funds and all the client has to do to enter all these attracts is to take care of a minimal steadiness of RO100 in his Bushra account.
Bushra Savings Account relies on the Sharia’a precept of ‘Mudaraba’ whereby the financial institution invests buyer financial savings in Sharia’a-compliant financing with the intention to generate the absolute best returns and income. The buyer acts as a capital supplier whereas the financial institution takes up the position of ‘Mudarib’ or entrepreneur. All buyer funds together with the financial institution’s personal capital shall be pooled and invested in Sharia’a-compliant modes of funding and the ensuing revenue is shared between the financial institution and the client in line with predetermined ratios.
Moosa al Jadidi, chief working officer at Alizz Islamic Bank, stated, “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 Sharia’a-compliant financial products so far.”
He added, “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.”
Information Source: Muscat Daily