Ithmaar says over $2m given in prize money
Manama, May 20, 2012
Almost two and a half million dollars have been distributed in prize money since Ithmaar Bank, a Bahrain-based Islamic retail bank, launched its prize-based saving account, Thimaar, at the end of September 2010.
Thimaar, Arabic for fruits or harvest, is a Sharia-compliant account designed to encourage people to adopt a more responsible spending/saving pattern by offering cash prizes, along with an expected profit rate and other benefits as additional incentives to save.
The account, which offers best in kind incentives, has since been re-launched to offer even bigger prizes to even more winners.
Mohammed Bucheerei, CEO and member of the board, Ithmaar Bank, said: “I am pleased that we have been able to bring so many smiles to so many people in Bahrain.”
“In total, $2,492,500 was distributed in prize money to 1,375 winners since Thimaar was launched on 28 September 2010. This translates, roughly, to more than two Thimaar account holders winning a prize every single day since the account was introduced,” said Bucheerei.
Of the 1,375 winners, more than 18 individuals have won more than one prize since the account was introduced, with one account holder winning a prize with a BD50 ($132.9) deposit.
“The oldest winner was a ninety year old Bahraini man, and the youngest a twenty year old Bahraini man.”
“The account was introduced to help encourage people develop more regular and disciplined saving habits,” said Bucheerei. “It has clearly succeeded in doing just that and, along the way, it’s made many, many families that much happier.”
Another 450 winners will be announced this year and a further $708,000 will be distributed in prize money to Ithmaar account holders.
To be eligible for a draw, Ithmaar bank customers must open a Thimaar account with a minimum deposit of BD50. Each multiple of BD50 deposited in their Thimaar account allows a customer a unique entry to the monthly, quarterly and grand draws, as well as the two special Eid draws subject depending on how long they have kept their accounts. – TradeArabia News Service
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