Alizz Islamic Bank recently celebrated the grand final draw of the “Bushra” savings account with a total of 195,000 OMR in cash prizes given out to a number of winners who had saved money in their “Bushra” accounts. The bank previously announced the restructuring of the Bushra Savings account into a tiered savings account with different levels of monthly profits based on customers’ savings. This was in line with the Central Bank of Oman’s directive to stop price accounts in all banks operating in the Sultanate of Oman.
Currently, Alizz Islamic Bank offers a Bushra savings account based on the Shari’ah principle of unlimited ‘Mudarabah’, where the customer is the owner of the money, and the bank manages the ‘Mudarabah’ by investing the pool of customer funds in joint actions. Mudarabah transactions. All profits are split between the client and the bank, based on a profit sharing ratio determined by the bank. The profit rates based on each category will be applied to the deposit balances held in the Bushra account. Based on each client’s account balance, the bank will deposit their profit shares on a monthly basis. Customers can get more details on profit rates by visiting the bank’s official website at (https://alizzislamic.com) or visiting the nearest bank branch in Oman.
For 2022, Bushra has been restructured to keep pace with changing client lifestyles, expanding the account to ensure the best possible benefits for the client. Alizz Islamic Bank continues to design tailor-made products and services to meet customer expectations and requirements.
Bushra customers, whether Omani or expatriate, will enjoy many benefits and perks, including monthly profit payment, same-day debit card issuance and collection, free online and mobile banking and SMS alerts, to name a few.
Mohammed Al Ghassani, Acting Director of Consumer Banking at Alizz Islamic Bank, said: “The benefits and incentives offered by the restructured ‘Bushra’ account are in line with our plans to provide customers with products and services on able to meet all their needs and requirements in today’s ever-changing world.
“The new Bushra account gives clients the opportunity to grow their funds while helping them save and invest and ultimately achieve their desired financial goals. We are always committed to offering the products and services that our valued clients need, and our priority is always to offer transparent banking services,” added Al Ghassani.