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General
What is "alburaq"?
Islamic banking products and services offered by ila Bank through a unique brand "alburaq" which will be managed strictly in accordance with Islamic principles and supervised by a recognised Shari'a Supervisory Board.
Is alburaq Islamic account compliant with the principles of Islamic Shari’a?
alburaq Islamic account is a multi-currency Islamic account that would be managed in accordance with Shari’a principles, alburaq account balances will be strictly segregated from any conventional banking activities.
Did ila Bank convert to an Islamic Bank?
No, alburaq is an Islamic product that is aligned with shari'a principles, offered by ila Bank, powered by ABC Islamic.
What is the difference between ila and alburaq?
ila Bank is a conventional retail Bank. However, the Islamic banking products and services would be offered through a dedicated brand named “alburaq” that will operate under strict Shari’a principles and shall be monitored by the Shari’a Supervisory Board and the Shari’a compliance department of Bank ABC Islamic.
What is the difference between "Profit" and "Interest"?
Conventional banks treat money as a commodity to charge interest as opposed to Islamic banks that generate profits through Shari’a compliant transactions such as Wakala investment backed by assets. Islamic banks are allowed to generate profits on investments through Shari'a compliant instruments.
Can I use different contact details for ila and alburaq account?
Only one mobile number can be registered.
What are my saving options under alburaq?
Currently Wakala investment will be the best Shari’a compliant investment and saving option available in alburaq.
Do you offer Islamic credit facilities?
Please watch this space for any updates on offerings.
Who are the Shari'a Supervisory Board Members?
Please refer to this page on our website for more information about out Shari'a Supervisory Board Members https://ilabank.com/SSB
Who guides ila on matters related to alburaq compliance with Shari’a?
The Shari’a Supervisory Board of Bank ABC Islamic. It is an independent body of scholars and experts of Shari’a who specialize in the transactional jurisprudence. One of the duties of the Shari’a Supervisory Board is to provide Shari’a supervision over all the dealings and activities of alburaq.
How can you prove that alburaq is providing Shari'a compliant products and services?
Please refer to Shari’a pronouncements for alburaq products published on our website https://ilabank.com/Fatawas
What is the difference between alburaq and other Islamic banks?
The Islamic banking products and services offered by ila Bank through alburaq are subject to the same Shari’a principles and controls.
Will I be able to use products and services of ila while having an alburaq account?
Products and services in ila can be used if the customer has an ila account.
Is there a prize linked account related to alburaq?
Currently, alburaq customers can open Wakala Investments only.
General
What is "alburaq"?
Islamic banking products and services offered by ila Bank through a unique brand "alburaq" which will be managed strictly in accordance with Islamic principles and supervised by a recognised Shari'a Supervisory Board.
Is alburaq Islamic account compliant with the principles of Islamic Shari’a?
alburaq Islamic account is a multi-currency Islamic account that would be managed in accordance with Shari’a principles, alburaq account balances will be strictly segregated from any conventional banking activities.
Did ila Bank convert to an Islamic Bank?
No, alburaq is an Islamic product that is aligned with shari'a principles, offered by ila Bank, powered by ABC Islamic.
What is the difference between ila and alburaq?
ila Bank is a conventional retail Bank. However, the Islamic banking products and services would be offered through a dedicated brand named “alburaq” that will operate under strict Shari’a principles and shall be monitored by the Shari’a Supervisory Board and the Shari’a compliance department of Bank ABC Islamic.
What is the difference between "Profit" and "Interest"?
Conventional banks treat money as a commodity to charge interest as opposed to Islamic banks that generate profits through Shari’a compliant transactions such as Wakala investment backed by assets. Islamic banks are allowed to generate profits on investments through Shari'a compliant instruments.
Can I use different contact details for ila and alburaq account?
Only one mobile number can be registered.
What are my saving options under alburaq?
Currently Wakala investment will be the best Shari’a compliant investment and saving option available in alburaq.
Do you offer Islamic credit facilities?
Please watch this space for any updates on offerings.
Who are the Shari'a Supervisory Board Members?
Please refer to this page on our website for more information about out Shari'a Supervisory Board Members https://ilabank.com/SSB
Who guides ila on matters related to alburaq compliance with Shari’a?
The Shari’a Supervisory Board of Bank ABC Islamic. It is an independent body of scholars and experts of Shari’a who specialize in the transactional jurisprudence. One of the duties of the Shari’a Supervisory Board is to provide Shari’a supervision over all the dealings and activities of alburaq.
How can you prove that alburaq is providing Shari'a compliant products and services?
Please refer to Shari’a pronouncements for alburaq products published on our website https://ilabank.com/Fatawas
What is the difference between alburaq and other Islamic banks?
The Islamic banking products and services offered by ila Bank through alburaq are subject to the same Shari’a principles and controls.
Will I be able to use products and services of ila while having an alburaq account?
Products and services in ila can be used if the customer has an ila account.
Is there a prize linked account related to alburaq?
Currently, alburaq customers can open Wakala Investments only.
Account
How can I open an alburaq account?
It’s super simple. Just download the ila Bank app on your iOS or Android mobile phone. Then, answer a few quick questions. You’ll need one Bahraini ID and a selfie and you must be:
- Living in Bahrain
- 18 years or above
Once your account is open, you can access it anytime, anywhere through the app.Do I have to have both accounts (ila/alburaq)?
New customers will have the option to open either ila or alburaq. Existing ila customers can open an alburaq account from the Settings menu.
Can I add alburaq Islamic account to BenefitPay?
Yes, you will be able to add your alburaq account and debit card to BenefitPay and other payment wallets which are enabled for ila customers.
What documents will I need to open an alburaq account?
All you need is a Bahraini ID.
Documents that you can use:
- Valid Bahraini Identity Card - CPR
- Valid Bahraini Passport (for Bahraini citizens only)How long does it take to open my alburaq account?
In most cases, it takes only a few minutes to open your alburaq account. However, depending on the documents provided or if any information that needed to be shared with us is missing, there is a possibility of some delay.
How can I add money to my alburaq account?
You can add money in a matter of seconds to your alburaq account, in four different ways:
- Transfer directly from your ila account, if you already have one
- Add money from your existing bank debit card
- Transfer through Benefit Pay
- Transfer through Wire Transfer
- Make a Cash or cheque deposit at an ila ATM when you receive your debit cardCan I copy and paste my IBAN?
Yes you can, your account number is the 14 digits after "ABCO" in your IBAN.
Cards
What are the card types available under alburaq?
alburaq classic debit card will be available with a new Islamic design for alburaq customers.
How do I order an alburaq debit card?
Head over to the "Cards" section, and click the "Order Card" button. A minimum account balance may be required to order a card.
Can I get a virtual debit card with alburaq?
We do not issue virtual debit cards for alburaq.
Where can I use my alburaq card?
Your alburaq card is a regular debit card. You can use it for all eCommerce transactions, Benefit Gateway and BenefitPay app transfers, and add to other wallets such as Apple Pay, Fitbit, etc. You can also use it to top-up your wallets, order your food delivery. Your alburaq debit card is accepted in ATMs and POS terminals in Bahrain and anywhere in the world that accept Mastercard. Your alburaq debit card is also enabled for contactless transactions.
Can I have both ila and alburaq debit cards?
Yes, customers with both ila and alburaq accounts can have both debit cards.
What should I do if I lose or damage my physical card?
If you’ve misplaced your card, freeze it instantly from the ‘My Cards’ section – then unfreeze it just as easily once you’ve located it. If your card is lost, stolen or damaged, simply select the option to block your card and order a new one using the app.
How can I change my alburaq card PIN number?
You can easily change your card PIN number on your app. Select your card in the "Cards menu" and select "Manage Card PIN". You can also change it through ila ATMs.
Can I customize the way my name appears on my alburaq debit card?
Yes, you can select any combination of your names and initials to appear on your Card.
Can I upgrade to premium alburaq?
Premium segment will not be available for alburaq customers.
Do existing ila Premium customers get any benefits in alburaq?
Yes, existing ila Premium customers will enjoy the same foreign exchange rates, better Wakala rates and discounted fees and charges, but without having Premium alburaq Debit card.
Will there be a Premium segment for alburaq?
No, premium segment will not be available for alburaq customers.
Will the customer be issued a new ila premium world debit card in alburaq?
No, customer will not be issued a new World Debit card for alburaq premium relationship.
Wakala Investments
What is a Wakala Investment?
A Wakala investment is an Islamic banking product that would provide customers with the opportunity to invest their funds for a definite period and earn Shari'a compliant profit on these investments.
Who can create a Wakala Investment?
All alburaq customers can create a Wakala investment account.
In which currency can I create a Wakala Investment?
You can create a Wakala investment in Bahraini Dinar (BHD) and US Dollar (USD) currency.
Is there a minimum amount required to create a Wakala Investment?
The minimum amount required to create a Wakala investment is BHD 1,000 or USD 2,500.
What is the minimum and maximum term for an investment in Wakala Investment?
We offer Wakala investments with tenors starting at 1 month and up to 12 months.
When will the profit be paid?
The profit on your Wakala investment will be paid on its maturity or on the date when you withdraw your deposit earlier than its maturity.
How do I create a Wakala Investment?
You can easily create a Wakala investment from the ila Bank app. On the main screen, tap on the "Savings" section and tap on "Wakala Investment". Our instructions will guide you on how to easily create a Wakala Investment.
What is the ''auto-renewal'' of a Wakala Investment?
Auto-renewal is a feature that would allow you to renew your Wakala investment automatically at maturity for the same term. Please note that the anticipated profit rate would be updated automatically.
How can I automatically renew my Wakala Investment?
Auto-renewal of your Wakala Investment would be available at the beginning. You could also choose to renew your Wakala Investment at a later stage by using the Wakala 'Settings' menu.
Can I change the ''auto-renewal'' setting?
Yes, you can change the auto-renewal settings from the Wakala investment 'Settings' menu at any time before its maturity.
If I set my investment to 'auto-renew', how many times will my Wakala Investment be renewed?
Your Wakala Investment would be renewed automatically unless you switch off the auto renewal.
Will I be able to change the deposit amount on automatic renewal?
You will not be able to modify the investment amount on automatic renewal. You can choose to auto-renew either the original investment amount or the maturity amount.
How will early withdrawal affect my profit?
If you withdraw the investment before maturity, we will use the profit rate for the completed period. This will be reduced by 0.50% and an early withdrawal fee as per the schedule of fees and charges will be applied. If the customer withdraw the Wakala Investment before 30 days from the time of creating the Wakala Investment, the profit rate will be 0.05% for BHD Wakala and 0.10% for USD Wakala.
Can I withdraw part of my Wakala Investment?
You cannot withdraw a partial amount from your Wakala investment.
How many Wakala Investment can I create?
A customer can create multiple Wakala Investments in any of the offering currencies.
Is Wakala investment capital-guaranteed?
No, any funds deposited as Wakala investment through alburaq will not be guaranteed by ila to comply with Shari’a principles, unless there was negligence, misconduct, or violation of the Wakala terms and conditions by the Wakeel (i.e., ila).
Is Wakala profit rate guaranteed?
No, Wakala profit will not be guaranteed in all cases to comply with Shari’a principles.
What type of assets ila Bank is investing in for Wakala Investments?
ila Bank will invest the Wakala investment deposits in a common pool of Shari’a compliant investments on unrestricted basis, completely segregated from conventional assets.
When will you pay profit on Wakala Investments?
On the maturity date of the Wakala investment, the Wakil shall distribute the initial Wakala investment and realized profit generated from the pool of Shari’a compliant assets.
What is the minimum and maximum term for an investment in Wakala Investment?
We offer Wakala investments with tenors starting at 1 month and up to 12 months.
