Oman- Izdihar from alizz islamic bank rewards savers

6/28/2016 1:51:20 AM

(MENAFN- Muscat Daily) Muscat-

The ''Izdihar'' Savings Account from alizz islamic bank, an innovative multi-tiered savings product, continues to reward savers with high returns while offering flexibility.

The Izdihar Savings Account is based on the Sharia''a principle ''Mudaraba''. It comes with various benefits and features such as attractive weightages based on the deposit tier, rewarding savers for growing and maintaining their balance and offering immediate access to funds with no minimum investment period.

The Izdihar Savings Account is linked to a current account with an automatic sweeping facility to make sure that any money you deposit is automatically moved to the savings account, earning you anticipated profits in addition to permitting flexible withdrawals through a checkbook facility. Profit on the account is accrued daily and paid quarterly. Customers will get access to online banking and mobile banking and receive SMS alerts for any transaction.

As an account, ''Izdihar'' has been designed to meet all customer banking requirements in accordance with Sharia''a principles. Alizz islamic bank is the only bank throughout the sultanate that offers more than 28 Sharia''a-compliant products meeting the needs of individuals and businesses.

Yasir al Azawi, head of wealth management, said, ''Alizz islamic bank is committed to delivering quality and excellence in everything we do, with the objective of providing our customers with an unsurpassed banking experience. We strive to ensure maximum value to our customers, fast turnaround and ease of carrying out transactions. All in all, we want to ensure that from start to finish, our valued customer needs and convenience is at the heart of our approach to all of our products and services.''

He added, ''These are the qualities customers look for in any product, banking or otherwise, and we are grateful that our banking solutions have proven time and time again to be competitive, popular with consumers and ultimately successful. The Izdihar Savings Account is yet another testament to our continued efforts to provide our customers with genuine value. This account starts from RO30,000, offering flexibility through a checkbook facility and higher weightages on savings with multiple tiers so that the more you save, the more you can earn.''

Earlier, the bank also announced the launch of the first Sharia''a-compliant prize savings account, the Bushra Savings Account. The account gives customers a chance to enter a cash prize draw on a weekly, monthly, quarterly and yearly basis. All cash prizes are gifted from shareholders'' funds.

The Bushra Savings Account is based on the Sharia''a principle of ''Mudaraba'', whereby the bank invests customer savings in Sharia''a-compliant financing in order to generate the best possible returns and profits.

The customer acts as a capital provider while the bank acts as ''Mudarib'' or entrepreneur. All customer funds along with the bank''s own capital will be pooled and invested in Sharia''a-compliant modes of investment and the resulting profit is shared.

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