Manama: Al Salam Bank-Bahrain has launched a campaign offering its Wakala account holders highly preferential expected profit rates for tenors of 3 months and longer.
All the Bank’s eligible customers will be entered into a monthly draw, with three winners receiving triple their expected profit rates, capped at BD 2,500. To be eligible, customers must have a minimum of BD 5,000 invested in their Wakala account for at least a three-month period. The campaign period will run from 6 September 2020 to 6 December 2020.
“Our Wakala accounts offer our customers a smarter solution for investing their money, allowing them to relax at home while their money goes to work. Thanks to the recent launch of our flagship mobile banking application, it is now easier than ever to open an account. The application allows for entirely digital onboarding, which means customers can open a Wakala Account and start making their investments in minutes, without the need for any physical documentation or even having to step foot inside a physical branch,” Mohammed Buhijji, Head of Retail Banking at Al Salam Bank-Bahrain, said.
Wakala accounts offer a variety of different schemes including Wakala, Wakala Plus and Easy Wakala. Wakala account holders have the choice of receiving their profit earnings upfront, monthly or at maturity.
The Bank has earned a reputation for its frequent and innovative campaigns aimed at rewarding its customers. In July, it announced the winners of the final round of its special financing campaign, which saw five customers of its personal and property financing products take home a combined BD 30,000. That same month saw the Bank award a customer of its Danat Saving Scheme – a 22-year-old Bahraini student – a full year’s salary of BD 5,000 paid every month.
The monthly draw will be officiated by representatives from the Ministry of Industry and Commerce and Tourism (MOICT) along with the internal and external auditors and in accordance with the Central Bank of Bahrain and MOICT laws.
