Alizz Islamic Bank announces restructured Bushra Account

Alizz Islamic Bank announces restructured Bushra Account

Adding a new set of monthly profits on customer deposits, Alizz Islamic Bank recently announced the restructuring of its Bushra Savings Account. This move comes in compliance with Central Bank of Oman's decision to withdraw the 'prize scheme linked saving deposit schemes' with effect from January 2022 in all banks operating in the Sultanate. Currently, Alizz Islamic Bank offers Bushra Savings Account based on the Shari'a principle of unrestricted 'Mudarabah', where the customer is the owner of the money, and the bank manages the 'Mudarabah' by investing the pool of customer funds in joint 'Mudarabah' transactions. All profits are divided between the customer and the bank, based on a profit-sharing ratio determined by the bank. Profit rates based on each category will be applied to the deposit balances kept in the Bushra Account. Based on each customer's account balance, the bank will deposit their profit shares on a monthly basis. Customers can get more details on profit rates by visiting the bank's official website at (https://alizzislamic. com) or walking into their nearest bank branch across Oman. For 2022, Bushra has been restructured to keep up with the changes in customer lifestyles, making the account bigger to secure the best possible