Savings Plan

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The savings plan account is a recurring contribution based savings plan that is designed for customers to cater to their future financial goals, create future savings for themselves or for their children. Whether it be savings for their child’s education or wedding or accumulating savings for any unexpected future medical expenses or it can be used simply as retirement benefit plan for the customers.

It also offers flexibility and convenience for the customers in terms of selecting the tenor of the plan as well as choosing the withdrawal option either to make it a systematic withdrawal plan or withdraw the savings plan upon maturity.

  • No Minimum Contribution amount to start the plan.
  • Flexibility to custom the plan according to need & convenience:
    • To select fixed contribution amount in any selected tenor ( Min 12 Months)
    • Targeted goal amount and Tenor
  • Profit payment on a monthly basis
  • Weekly, Monthly, Quarterly, Semi Annual & Annual Contribution periods
  • No charge on frequency contribution payment
  • Option to withdraw up to 25% of the accumulated contributions from the savings plan account in case of an emergency once in 3 years.
  • Life Takaful Cover on the Customer’s life up to 70 Years of Age (Sum Assured would be equivalent to the balance held by the client in the Savings Plan Account, Up to a Maximum of OMR 50,000)

Applicable for both Omani nationals and resident expatriates between the age of 18 to 64

Approved by Shari'a Supervisory Board

All Alizz Islamic Bank products and services are approved by Shari'a Supervisory Board.