Mar 06 2013
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Al Hilal Islamic Banking Services launches term deposit account
Abdullah Al Jabry, Head of Al Hilal Islamic Banking Services, highlighted the characteristics of the product "The Term Deposit Account makes both long term and short term investment opportunities available to our clients. By Investing funds with Al Hilal Term Deposit account our customers can benefit from attractive Sharia permissible returns."
By investing in the bank's term investment account the depositor (Rabb ul-Mal) authorises the bank (Mudarib) to invest his/her funds under the unrestricted Mudaraba contract. The bank invests these deposits in its Mudaraba pool along with other deposits and the equity. The profit on the Mudaraba pool is distributed amongst the investors, taking into consideration the tenor, amount of the deposit and profit payment frequency for the account.
The term deposit account offers many unique perks including the flexibility of operating the account in Omani rial and in a number of foreign currencies, free access to the bank's Internet banking facilities and access to the bank's ATM network.
"Minimum investment amount in the term deposit account is RO 1,000 or its equivalent in foreign currency. The minimum term for the Investment account is 6 months and maximum term is 48 months. Profits will be distributed at maturity and will be automatically transferred to the account holder's checking account or reinvested into the next chosen investment term deposit. The account can be opened by both Omani national's and expatriates in the Sultanate and caters to both individual investors and companies," added Al Jabry.
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