ALIZZ Islamic bank wins ‘best initiative for empowerment of women’ award

Roundup Tuesday 16/November/2021 13:22 PM
By: Times News Service
ALIZZ Islamic bank wins ‘best initiative for empowerment of women’ award

Alizz Islamic Bank added another recognition to its list of accomplishments by winning the award for the “Best Initiative recognising and Empowering Women” at the Al Mar'a Magazine Summit and Annual Awards event which was held at Al Bustan Palace, a Ritz-Carlton Hotel under the patronage H.E Rahma Al-Mahrooqi, Minister of Higher Education, Research, and Innovation.

Alizz Islamic Bank won the honour for its new female banking segement 'Hiyya' which features products and services that are designed exclusively for women. The award highlighted the achievements of Omani women and shed light on their contributions and effective roles in the comprehensive development of the Sultanate. The award was received by Ms. Muna Al Khusaibi, Deputy Senior Manager of Marketing and Corporate Communications on behalf of the Bank.

Mohammed Al Ghassani, Chief Consumer Banking Officer, Alizz Islamic Bank stressed that “Achieving a pioneering role in the banking sector is not an easy matter. We have a clear understanding of women’s banking needs and services and we do not make a product without putting in it the maximum benefits for the customer, whether it is a woman or a man.”

Al Ghassani added, “Alizz Islamic Bank won the award for its continuous provision of exclusive and exceptional services and products that it provides to its customers, all of which are in compliance with the provisions and principles of Shari’a.”

Hiyya, offers women a Shari’a compliant savings account that is based on the shari’a principle of mudaraba whereby the customer is the ‘rab-al-mal’ (investor) and the bank is the ‘mudarib’ (investment manager), wherein the bank invests the funds within a common investment pool, including other Mudaraba accounts. As per the arrangement, profits will be shared between customers and the bank according to the previously agreed distribution ratios.

In addition to that, the instant debit card will offer exclusive benefits, as the main intent is to ensure an open platform for women to enjoy a host of discounts and special offers at spas, beauty salons and beauty products, while availing deals from health clubs, fitness centres and perfume stores. Exclusive stores and branded outlets for clothing and accessories, home décor, restaurants and flower shops are all pegged onto the account, which also includes priority express service at all Alizz Islamic Bank branches.

 ‘Hiyya’ customers will get free Takaful insurance services that is designed specifically for women, as it covers some of the most common cancers that affect women, and will also include insurance cover to obtain a second medical opinion.

Additionally, it will also cover the takaful insurance on hand luggage and travel, the Takaful insurance provision also assures compensation for the loss of hand luggage while traveling anywhere in the world). It will also provide compensation for the loss of personal documents or keys on account of the loss of handbag; the onus will be on the insurance company to reimburse the customer for the expense incurred in obtaining new personal documents/keys.

The only condition for availing the Takaful insurance scheme, which has some of the best offers to meet all health needs of women and add value to their lifestyles, is that the woman must not be less than 18 years old and not more than 65 years old, and that she be of Omani nationality or have a valid Omani residency visa.