Muscat: Alizz Islamic Bank, the Sultanate’s most innovative bank, conducted the second Bushra Prize Savings Account Grand Prize Draw for OMR100,000 at the Walk in Al Mouj Muscat on Friday, January 12, 2018.
As part of the event, the weekly, monthly and quarterly Bushra Prize Savings Account draws was also held, offering weekly prizes worth OMR3,000 with each winner receiving OMR1,000. One winner was selected for the OMR25,000 monthly prize and another for OMR50,000 quarterly prize.
The event also saw a lot of games and activities such as jumping castles, horse riding, stall games and much more for children from 4pm until 10pm.
Earlier, Alizz announced the launch of the first Sharia-based Bushra Savings Account in the Sultanate, approved by the Sharia Supervisory Board. This launch comes in line with the bank’s plans to deliver innovative and high-quality products and exceptional customer experience.
Bushra Savings Account is based on the Sharia principle of ‘Mudaraba’ whereby the bank invests customer savings in Sharia-compliant financing to generate the best possible returns and profits. The customer acts as a capital provider while the bank takes up the role of ‘Mudarib’ or entrepreneur. All customer funds along with the bank’s own capital will be pooled and invested in Sharia-compliant modes of investment, the resulting profit is shared between the bank, and customers according to predetermined ratios. All cash prizes are gifted from shareholders’ funds.
Moosa Al Jadidi, chief operating officer, Alizz Islamic Bank, said, “We have more than 30 products designed to cater to the different needs of all customers. This campaign reiterates our commitment to our customers and our efforts to respond to their enquiries.”
The bank constantly strives to provide customers with efficient products and make such products readily available to them, he said. All banking transactions are transparent and trustworthy, which is what customers expect from any bank, he added.
Alizz employs modern banking technology despite its short history. It provides phone and online banking services and instant payment of bills as well as the swift issuance of ATM and Interactive Teller Machine cards, in addition to other services.
Alizz Islamic bank won the award for Best Savings Product (Oman) at the 12th Islamic Business and Finance Awards. The accolade is for the first Sharia-compliant prize savings account in the Sultanate, the Bushra Prize Savings account. The Islamic Business and Finance Awards is the preeminent regional Islamic finance awards and the bank was presented with the award at the annual awards ceremony.