ila News

Sunday, 27 March 2022: ila Bank, the fast-growing digital mobile-only bank in Bahrain, powered by Bank ABC, reimagines saving with the launch of “Al Kanz”, a fully digital prize account. Offering customers the opportunity to win huge cash prizes, Al Kanz is the only such account that can be set in minutes on your phone through the ila banking app.

Arabic for “treasure”, Al Kanz propels customers to set money aside for life goals and special milestones while gaining a chance to win ‘big money’ to realize their financial aspirations faster than ever imagined. The smart digital solution is a by-product of ila’s purpose-driven digital banking model designed with consumers, and their ever-evolving financial needs and ambitions, at the heart of its offering.

Commenting on the launch of ila’s Al Kanz, Mohamed Al Maraj, CEO ila Bank Bahrain said: “ila is built on the foundation of listening closely to its customers. We had been working to deliver a prize account aimed at transforming our customers’ lives and are proud to announce that the prizes we are offering are bigger than ever before, totaling over US$1.5 million.”

The prizes range from individual monthly prizes of US$50,000 to a mid-year prize of US$120,000, paid as a US$10,000 salary for one year, and a grand prize for the first ila millionaire of US$1 million dollars at year end. The new account has a clear and transparent prize structure that nudges customers to ramp up their savings for a chance to win big with these life changing prizes.

Al Kanz account will be open by default for all ila customers, in which every BHD 50 deposited is a ticket towards the opportunity to win huge financial rewards. A unique attribute of Al Kanz is the ability to give the ‘gift of chance’. ila customers will be able to gift an amount to friends and families via Al Kanz, with the simple pre-requisite for non-ila customers to complete the digital account opening process, requiring several minutes using one ID and a selfie.

“Al Kanz is designed to appeal to all generations, empowering customers with an easier and more exciting way to save. This underscores our commitment to deliver all-inclusive banking solutions that further incentivize saving and promote financial resilience in Bahrain. I encourage everyone to enter our first draw, for which the last deposit date is March 31, 2022 for a chance to qualify for our first prize of USD 50,000,” added Al Maraj.

To enter a draw, customers are required to deposit a minimum of BHD 50 in their Al Kanz account through the ila banking app. Deposits must be made prior to the last-date-to-deposit for each draw and retained in the same account during the specified retention period. The 2022 Al Kanz Prize Schedule, cut-off dates and draw dates are published on the Bank’s website: Al Kanz | ila Digital Bank - Bahrain (ilabank.com).  

Nada Tarada, Head of Business & Customer, ila Bank said: “At ila, we aspire to bring banking to our customers’ world through seamless digital-only experiences. Al Kanz is available for customers to explore effortlessly through the ila Bank app, and clearly explains the available prize structure in a calendar-like view, showing deposit cut-off dates and available chances per draw as the user navigates this account. This makes it easier for users to plan when to deposit their savings to qualify for the draw. We are thrilled with the market’s response to Al Kanz so far and are excited to let you know that the ila team is working tirelessly to release many more tailored products this year.”

Al Kanz carries the same ethos as all ila products of being fast, convenient and effortless, following “Hassala”, an innovative digital saving pot automating monthly savings, and “Jamiya”, a collaborative community saving tool inspired by a longstanding regional tradition.

Since inception, ila has continuously pushed the envelope for digital banking innovation in Bahrain and the region. It has released 24+ app upgrades and maintained outstanding app ratings of 4.5/5 in Apple Store and 4.6 in Google Play. The digital mobile-only bank has been named the “Best Consumer Digital Bank” and “Best Mobile Banking App” in Bahrain in 2021 as part of Global Finance’s World’s Best Consumer Digital Banks Awards in the Middle East.