Manama: Mahmood Rafique, Editor: Al Salam Bank has launched the Al Salam Life Planning Account starting with as low as BD30 a month and has been designed to fill the gap in the market in the current financially stressed time due to pandemic.
Addressing a Press conference about the launch a senior executive of the bank has explained the salient features of the Al Salam Life Planning Account, which he termed a unique owing to its flexibility and affordability being one of the best short-term savings plans in the market.
Since the launch three weeks ago, the new product has seen a surge in demand because it has been designed keeping in mind the needs of clients particularly under the challenging times due to pandemic. Al Salam Life Planning offers competitive profit rates on minimal investments, seeking to enable clients to better achieve long-term financial goals and take control of their finances.
The account is characterized by its three-tier packages, Classic, Gold, and Platinum, whereby clients have the ability to select their desired monthly contribution, starting from BD 30, with the mid-range set at BD 80, followed by BD 150 and above over a period of 3 to 5 years accordingly. All of the three packages under Al Salam Life Planning are offered alongside Takaful Life and Children’s Education coverage, which also covers COVID-19 related cases, and are based on the tenure period selected.
The Al Salam Life Planning account comes as part of the Bank’s ongoing commitment to nurture long lasting client relationships by humanizing the client journey through the provision of flexible and personalized financial solutions in order to suit the modern-day needs of clients and enrich their experience.
“We are pleased with the immensely positive reception Al Salam Life Planning has witnessed in the market in less than a month since its launch, standing true testament to the account’s benefits for clients from all walks of life. The account comes as another pivotal step towards nurturing our client relationships, helping them achieve their financial goals with ease through unprecedented times with small actions that make a considerable future impact,” Mohammed Buhijji, Head of Retail Banking at Al Salam Bank, told the media.
“Although we have mainly focused on two life-time saving goals, early retirement and education – be it parents making investments for their children’s future education or individuals seeking to save for post-graduate degrees, Al Salam Life Planning was created to emerge as a more flexible and timely solution to easily attain future savings, no matter the purpose. For this reason, achievable and realistic monthly contributions was a key factor in our decision to introduce this product to market. Naturally, Takaful coverage was a fitting offering that goes hand in hand with the account, the coverage is inclusive of educational insurance, life Insurance alongside COVID-19 coverage, a rarity in the market today.”
