Alizz organises Bushra Prize Savings monthly draws

MUSCAT: Alizz Islamic Bank conducted the monthly draw of OMR25,000 for one winner for the Bushra Prize Savings account, Oman’s first Sharia-compliant prize savings account.

In addition to the monthly draw, the special monthly draw for women was conducted with OMR1,000 each for five women. The special monthly branches draw was also held with OMR1,000 each for one winner from each of the 10 Alizz Islamic Bank branches across Oman.

The monthly draw was held in Alizz Islamic Bank’s Nizwa branch in the Al Dakhiliyah Governate under the auspices of Ahmed bin Saeed Al Hadhrami, Majlis Al Shura member representative of Wilayat Nizwa in the presence of members of the bank’s senior management and several customers. Alizz Islamic Bank launched the Bushra Prize Savings Account early last year as Oman’s first fully Sharia-compliant prize savings account offering daily, weekly, monthly, quarterly and annual cash prizes as hiba (gift) from the shareholders’ fund. The account, which comes with the approval of the Sharia Supervisory Board, reflects the bank’s efforts to deliver innovative and high-quality products and ensure a premium customer experience.

Bushra Prize Savings Account is based on the Sharia principle of ‘Mudaraba’ under which the bank invests customer savings in Shariacompliant 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. All customer funds along with the bank’s own capital are pooled and invested in Sharia-compliant investment options and the profit generated is shared between the bank and the customer on predetermined ratios. Cash prizes offered under the scheme are gifted from shareholders’ funds. The minimum amount required to be eligible for the draws is only OMR100, and customers receive a monthly-generated profit on their deposited amounts.