03 April 2016
Muscat - Alizz Islamic Bank (AIB) is one of the first dedicated Islamic banks in Oman in the Sultanate of Oman, continues its pursuit to provide its clients with superior financial solutions through offering a diverse range of Sharia-compliant savings options. The smart and profitable investment options offered by AIB allow its customers to accumulate wealth through accounts with projected competitive yields.
One of the financial solutions offered by AIB is called the Term Investment Deposit account, which is based on the principle of 'Unrestricted Mudaraba'. The bank and the client will sign a Mudaraba contract allowing AIB to act as a Mudarib -- or entrepreneur, leveraging its financial expertise. The bank pools all clients' funds together with its own funds to provide finance to Shariah-compliant investments for a specific term and at anticipated profit rates. The earned profit will then be shared between the bank and customers according to predetermined and mutually agreed-upon ratios.
The key features of the 'Term Investment Deposit Accounts' include quarterly profit payment and flexible tenures; one, three, six, nine or 12 months. It is available in multiple currencies and a minimum deposit amount of as low as OMR 400, with optional automatic renewal of the principal amount.
AIB also offers Saving Accounts, which are also managed by the bank under the Islamic principle of 'Unrestricted Mudaraba'. A Mudaraba contract is signed between the customer and the bank, where the former acts as a capital provider and the bank as the 'Mudarib', leveraging its expertise. The bank pools all clients' funds together with its own funds at Sharia-compliant investments. The earned profit is shared between the bank and customers according to predetermined and mutually agreed-upon ratios.
Mudaraba is a profit and loss sharing product, and hence the better the bank performs, the higher the profits earned.
The Saving Accounts have several benefits, including fast and easy documentation, profit payment on a quarterly basis and availability of multiple currencies. In addition, holders of those accounts will receive a free debit card - issued and collected on the same day, as well as an array of free services such as online banking, phone banking, SMS alerts, and utility bill payment services. Minors can also apply for the Savings Account.
In addition, AIB is proud to present the Current Accounts, which are based on the Islamic concept of 'Qard-Hassan' or interest-free loans. The clients' funds will be saved in this profit-free account, with liberty to deposit or withdraw funds at any given time. This account is available in multiple currencies: OMR, USD, Euro, GBP, as well as other GCC and international currencies. A debit card is issued for the client upon account set up, as well as an initial cheque book for OMR accounts.
Alizz Islamic Bank provides a wide range of innovative Sharia-compliant financing solutions that meet customer's saving needs and that support early investment, all of which are approved by the Shari'a Supervisory Board.
Muscat - Alizz Islamic Bank (AIB) is one of the first dedicated Islamic banks in Oman in the Sultanate of Oman, continues its pursuit to provide its clients with superior financial solutions through offering a diverse range of Sharia-compliant savings options. The smart and profitable investment options offered by AIB allow its customers to accumulate wealth through accounts with projected competitive yields.
One of the financial solutions offered by AIB is called the Term Investment Deposit account, which is based on the principle of 'Unrestricted Mudaraba'. The bank and the client will sign a Mudaraba contract allowing AIB to act as a Mudarib -- or entrepreneur, leveraging its financial expertise. The bank pools all clients' funds together with its own funds to provide finance to Shariah-compliant investments for a specific term and at anticipated profit rates. The earned profit will then be shared between the bank and customers according to predetermined and mutually agreed-upon ratios.
The key features of the 'Term Investment Deposit Accounts' include quarterly profit payment and flexible tenures; one, three, six, nine or 12 months. It is available in multiple currencies and a minimum deposit amount of as low as OMR 400, with optional automatic renewal of the principal amount.
AIB also offers Saving Accounts, which are also managed by the bank under the Islamic principle of 'Unrestricted Mudaraba'. A Mudaraba contract is signed between the customer and the bank, where the former acts as a capital provider and the bank as the 'Mudarib', leveraging its expertise. The bank pools all clients' funds together with its own funds at Sharia-compliant investments. The earned profit is shared between the bank and customers according to predetermined and mutually agreed-upon ratios.
Mudaraba is a profit and loss sharing product, and hence the better the bank performs, the higher the profits earned.
The Saving Accounts have several benefits, including fast and easy documentation, profit payment on a quarterly basis and availability of multiple currencies. In addition, holders of those accounts will receive a free debit card - issued and collected on the same day, as well as an array of free services such as online banking, phone banking, SMS alerts, and utility bill payment services. Minors can also apply for the Savings Account.
In addition, AIB is proud to present the Current Accounts, which are based on the Islamic concept of 'Qard-Hassan' or interest-free loans. The clients' funds will be saved in this profit-free account, with liberty to deposit or withdraw funds at any given time. This account is available in multiple currencies: OMR, USD, Euro, GBP, as well as other GCC and international currencies. A debit card is issued for the client upon account set up, as well as an initial cheque book for OMR accounts.
Alizz Islamic Bank provides a wide range of innovative Sharia-compliant financing solutions that meet customer's saving needs and that support early investment, all of which are approved by the Shari'a Supervisory Board.
© Oman Daily Observer 2016
