Al­izz Is­lamic Bank holds Bushra Prize Sav­ings Ac­count draws

Muscat Daily - - PRESS RELEASES -

Al­izz Is­lamic Bank re­cently or­gan­ised the lat­est quar­terly draw event for Oman’s first Sharia’acom­pli­ant prize sav­ings ac­count, Bushra.

The draw was held at Al­izz Is­lamic Bank, Ibra branch, un­der the pa­tron­age of Ahmed bin Saif al Bar­wani, mem­ber of the Shura Coun­cil Rep­re­sen­ta­tive of Ibra State, in the pres­ence of a num­ber of se­nior staff mem­bers of the bank and cus­tomers.

Three win­ners re­ceived the weekly prize of RO1,000 each. The monthly draw win­ner took home RO25,000 and the quar­terly draw win­ner won RO50,000.

Al­izz Is­lamic Bank launched the Bushra Prize Sav­ings Ac­count early last year as Oman’s first fully Sharia’a-com­pli­ant prize sav­ings ac­count of­fer­ing daily, weekly, monthly, quar­terly and an­nual cash prizes as hiba (gift) from the share­hold­ers’ fund.

Bushra Prize Sav­ings Ac­count is based on the Sharia’a prin­ci­ple of ‘Mu­daraba’ un­der which the bank in­vests cus­tomer sav­ings in Sharia’a-com­pli­ant fi­nanc­ing to gen­er­ate the best pos­si­ble re­turns and profits.

The cus­tomer acts as the cap­i­tal provider while the bank takes up the role of ‘Mu­darib’ or en­tre­pre­neur.

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