Adding a new set of monthly profits on customer deposits, Alizz Islamic Bank recently announced the restructuring of its Bushra Savings Account. This move comes in compliance with Central Bank of Oman’s decision to withdraw the 'prize scheme linked saving deposit schemes' with effect from January 2022 in all banks operating in the Sultanate.
Currently, Alizz Islamic Bank offers Bushra Savings Account based on the Shari’a principle of unrestricted ‘Mudarabah’, where the customer is the owner of the money, and the bank manages the ‘Mudarabah’ by investing the pool of customer funds in joint ‘Mudarabah’ transactions. All profits are divided between the customer and the bank, based on a profit-sharing ratio determined by the bank. Profit rates based on each category will be applied to the deposit balances kept in the Bushra Account. Based on each customer’s account balance, the bank will deposit their profit shares on a monthly basis. Customers can get more details on profit rates by visiting the bank’s official website at (https://alizzislamic.com) or walking into their nearest bank branch across Oman.
For 2022, Bushra has been restructured to keep up with the changes in customer lifestyles, making the account bigger to secure the best possible profits for the customer. Alizz Islamic Bank continues to tailor-make products and services to suit the expectations and requirements of customers.
Bushra customers, whether Omanis or expats, will enjoy many advantages and benefits including monthly profit payment, same-day debit card issuance and collection, and free online and mobile banking, and SMS alerts, to name a few.
Mohammed Al Ghassani, Acting Chief Consumer Banking Officer at Alizz Islamic Bank said, “The benefits and incentives offered by the restructured ‘Bushra’ account comes in line with our plans to provide customers with tailor-made products and services to meet all their needs and requirements in today’s ever-changing world.”
“The new Bushra account gives customers the opportunity to grow their funds as we help them to save and invest and eventually get to their desired financial goals. We are always keen to offer the products and services needed by our valued customers, and it is always our priority to offer banking with transparency,” Al Ghassani added.