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In line with the bank’s belief in the importance of organising activities in the different governorates of the Sultanate, Alizz Islamic Bank conducted the Bushra Prize Savings Account quarterly draw at the headquarters of Oman Oil Refineries and Petroleum Industries Company – Orpic in Sohar.

The draw was held under the patronage of Dr. Hilal Al Hinai, General Manager - Corporate Support Services, Orpic in the presence of Mr Moosa Al Jadidi, Chief Operating Officer of Alizz Islamic Bank and other members of the bank’s senior management and several customers.

A total prize money of OMR 120,000 was distributed among Bushra Prize Savings account holders from branches located across various states and governorates of the Sultanate.

The draw ceremony included activities for Orpic employees and an awareness programme about Islamic banking which focussed on the inherent differences between Islamic banks and conventional banks.

Mr Moosa Al Jadidi said: “Providing customers with an exceptional customer experience remains the main focus of the Bank's strategy, as we aim to be in a distinct category from our competitors. We are committed to providing our customers with the best banking experience with focus on simplicity, ease, speed, as well as transparency in banking transactions, credibility and honesty.”

Al Jadidi added: "We are leading the charge when it comes to deploying the latest technologies used in the field of banking and in record time Alizz Islamic Bank has launched enhanced mobile and internet banking platforms along with immediate issuance of debit cards, interactive teller machines and other state of the art technological solutions for our customers.”

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, half-yearly and annual cash prizes as hiba (gift) from the shareholders’ fund.

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 an instant debit card, online and mobile 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.