ALIZZ ISLAMIC BANK LAUNCHES LOYALTY POINTS FOR BUSHRA PRIZE SAVINGS ACCOUNT HOLDERS
Alizz Islamic Bank has launched a loyalty points program for its customers who hold Bushra Prize Savings Account which reflects the bank’s commitment in pioneering innovative Shari’a-compliant products and services that cater to customers’ needs and instil the habit of saving in the community.
Bushra Prize Saving account holders will be eligible for a loyalty bonus point that will be added to their number of chances to enter the draw. It is rewarded when a customer maintains or increases the monthly account balance. Bonus points are calculated based on last month's total chances, provided that customer maintained average minimum balance. A withdrawal limit is applicable up to %20 of account balance. In case the customer exceeded that limit, no loyalty bonus points will be added for that month and the calculation of the bonus points will restart at the following month onwards. Loyalty bonus points are added to the monthly, quarterly, and annual draws only.
Alizz Islamic Bank launched the Bushra Prize Savings Account in 2016 as Oman’s first fully Shari’a-compliant prize savings account that offers daily, weekly, monthly, quarterly and annual cash prizes as hiba (gift) from the shareholders’ funds. The account also offers the largest total cash prizes amongst shari’a compliant prize savings accounst in the Sultanate with total cash prizes of over 1.3 Million Omani rials available. 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. Bushra Prize savings account also offers the largest number of prizes amongst shari’a compliant prize savings
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 daily draw has a total prize value of OMR 500 per day distributed among five people daily with each winner receiving OMR 100, while the weekly draw has the total value of OMR 5,000, with three winners receiving OMR 1,000 each and 4 winners receiving OMR 500 Each.
The monthly draw is worth OMR 25,000 given to one winner and the quarterly draw is for OMR 50,000 given to one winner. There are also monthly women’s draw of 1,000 OMR each for 5 female winners and monthly branch draws with 10 winners earning OMR 1000 each.
The quarterly draw is worth OMR 50,000 for one winner in addition to 5 quarterly draw winners receiving 5,000 OMR each.
The grand prize is worth OMR 100,000 for one lucky winner in addition to 5 annual draw winners receiving 10,000 OMR each. Customers can enter all these draws if they maintain a minimum balance of OMR 100 in their Bushra account.
Over the last five years, Alizz Islamic Bank has been able to meet the needs of the local banking market in the Sultanate by developing products that fully meet the needs of individuals and businesses. The bank continues to make progress in achieving its objective to become the leading provider of Islamic banking services in the Oman by providing exceptional customer service and superior innovative solutions.
As one of the top Islamic banks in the country, Alizz Islamic Bank is expected to witness steady growth in the coming period. The bank operates in accordance with transparent procedures and ensures the provision of comprehensive and innovative Sharia-compliant products and solutions to meet the diverse needs of individual and business customers at local and regional level. The Bank also provides customised products and services to small and medium enterprises to contribute to their growth and meet their various needs.