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Muscat: Alizz Islamic Bank recently conducted its quarterly draw for account holders for the Bushra Prize Savings account which is Oman’s first Sharia-compliant prize savings account in their Salalah branch.

The draw was held in Alizz Islamic Bank’s Salalah branch under the auspices of His Excellency Mohamed Abu Bakr Al Ghassani, Deputy Chairman of the Shura Council in the presence of members of the bank’s senior management and several customers.

Total prize money of OMR 120,000 was distributed among 29 Bushra Prize Savings account winners holders from branches located across the Sultanate.

The quarterly draw winner won OMR 50,000 with 5 quarterly draw winners receiving 5,000 OMR each and the monthly draw winner took home OMR 25,000. There were also four winners of OMR 500 each in the weekly draws. In addition to three winners of OMR 1,000 each. The Bank also conducted the monthly women’s draw of 1,000 OMR each for 5 female winners and there were also 10 winners from each branch in the monthly branches draws with each winner earning OMR 1000 each.

Alizz Islamic Bank launched the Bushra Prize Savings Account 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’ funds.

Bushra Prize Savings Account is based on the Sharia principle of ‘Mudaraba’ under which the bank invests customer savings in Sharia-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.

Cash prizes offered under the scheme are gifted from shareholders’ funds. The minimum amount required to be eligible for the draws is only OMR 100, and customers also receive monthly generated profit on their deposited amounts.

The account comes with various benefits and features such as a debit card, online and mobile phone banking services and short text message alerts for any transaction. The Bushra Prize Savings account reflects the bank’s commitment in pioneering innovative Sharia-compliant products and services that cater to customers’ needs.