Al Baraka launches new savings account
Manama, July 16, 2014
Bahrain-based Al Baraka Islamic Bank has launched a new investment saving account named "alBarakat."
Compatible with Sharia, it qualifies the account holder to enter a periodic raffle draw, along with very competitive profit rates, said a report in the Gulf Daily News (GDN), our sister publication.
The grand prize is a luxury villa in Durrat Al Bahrain and the quarterly prizes are four Mercedes E-Class Model 2015.
The account also provides cash prizes on a monthly basis, with an opportunity to win a monthly salary of BD555 ($1,463.9) for one year, in addition to a range of instant cash prizes.
The chances of winning prizes increase with multiples of the minimum balance of BD50.
Against each BD50 as average daily balance for at least 30 days from the date of the draw, the holder gets a chance to enter into the raffle of the quarterly prizes and the grand prize with one chance against each BD50 as average daily balance for at least 90 days from the date of draw.
Individuals of all nationalities more than 18 years of age are eligible to open an "alBarakat" account.
The account can be opened on behalf of minors by their parents or their legal representatives, as well as by institutions and companies.
"Through the "alBarakat" account we seek to promote savings practices, and to meet the needs of various segments of society in a manner consistent with Islamic law," Al Baraka Islamic Bank chief executive and board member Mohamed Al Mutaweh said.
"This product also offers many unique advantages such as prizes and monthly profits which make us confident that it will receive a huge demand in the coming period," he added. - TradeArabia News Service