Bushra Prize Savings Account from Alizz Islamic Bank has a total of 1.5 Million Omani Rials in cash prizes
Reaffirming its leading role in providing innovative shari’a complaint services and products Alizz Islamic Bank has enhanced the offering of the incentives of the Bushra Prize Savings Account, Oman’s first shari;a compliant prize savings account.
Amongst the benefits are instant issuance of the debit card within minutes of opening the account, a range of discounts at a number of retail and dining outlets across the Sultanate. Bushra Prize Savings Account customers also receive expected profit on their savings and the chance to enter the draws. The profit is given out on monthly basis while the draws happen Daily, Weekly, Monthly, Quarterly half yearly and Annualy.
The Daily draw has a total prize value of 1,000OMR distributed among ten people with each winner receiving 100 OMR, while the weekly draw has the total value of 5,000 OMR, with ten winners receiving 500OMReach. The monthly draw is worth 25,000 OMRgiven to one winner in addition to the special monthly draw for women with 10 female winners of 500 OMR each and the special monthly branches draw with 1 winner from each branch winning 1,000 OMR each. The quarterly draw is for 5,000 OMRfor 5 winnerswith a special draw in Q1 and Q3 of 50,000 OMR for one winner. There is also a half-yearly prize for one winner of 75,000 OMR. The grand prize is worth 100,000 OMR for one lucky winner with an additional 50,000 OMR for 5 winners of 10,000 OMR each. All of the cash prizes are hiba (gift) from the shareholder’s funds and all the customer has to do to enter all these draws is to maintain a minimum balance of 100 OMR in his Bushra account.
Bushra Savings Account is based on the Sharia principle of ‘Mudaraba’ whereby the bank invests customer savings in Sharia-compliant financing in order 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 and the resulting profit is shared between the bank and the customer according to predetermined ratios.