(MENAFN - Muscat Daily) Muscat- Alizz Islamic Bank recently organised the latest quarterly draw event for Oman's first Sharia'a-compliant Prize Savings Account, Bushra.
The draw was held at Alizz Islamic Bank, Ibra branch, under the patronage of Ahmed bin Saif al Barwani, member of the Shura Council Representative of Ibra State, in the presence of a number of senior staff members of the bank and customers.
Three winners received the weekly prize of RO1,000 each. The monthly draw winner took home RO25,000 and the quarterly draw winner won RO50,000.
Alizz Islamic Bank launched the Bushra Prize Savings Account early last year as Oman's first fully Sharia'a-compliant prize savings account offering daily, weekly, monthly, quarterly and annual cash prizes as hiba (gift) from the shareholders' fund.
Bushra Prize Savings Account is based on the Sharia'a principle of 'Mudaraba' under which the bank invests customer savings in Sharia'a-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.