Abu Dhabi-based Al Hilal Islamic Bank has rolled out a new Al Namaa Islamic Savings Account that allows depositors to earn returns on their investments.
The bank will invest the depositor’s funds under the unrestricted Mudarabah contract.
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The bank said it will invest these deposits in its Mudarabah pool along with other deposits and the equity.
The savings account will include benefits such as 100% capital investment in Sharia compliant way, high profit weightages, immediate access to funds with no minimum investment period, and offers flexibility of unlimited transactions through ATM/Debit Card and Cheque book.
Profit is calculated and distributed on monthly average balance, the bank said in a statement.
Ahlibank general manager, head of islamic banking Abdullah Al Jabri said: "We are confident that with products like ‘Al Namaa’, Al Hilal Islamic will further establish its position as a reliable and trusted banking partner in the Sultanate."
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