ila News

Manama, Bahrain: ila Bank, powered by Bank ABC, has announced a new monthly payment feature on Fixed Deposit and Wakala investments at attractive interest/profit rates. Fixed deposits or Wakala accounts with monthly interest or profit payout respectively, can be opened in BHD or USD within seconds on the ila app. The minimum amount required for such investments is BHD 500 or USD 1,500 for a period of 12 months.

The interest from fixed deposits and profit from Wakala investments will be directly credited to customers’ accounts, greatly benefiting those who require a steady monthly income from their savings. While fixed deposits can be opened under conventional retail banking through ila, Wakala investment accounts are part of ‘alburaq’, ila’s exclusively Shari’a-compliant Islamic banking proposition.

Abdulla Abuidrees, Head of Marketing and Acquisition at ila Bank, commented, “Opening a fixed deposit or Wakala account with ila is one of the fastest and easiest ways to save and grow your money. We are pleased to offer the added advantage of earning monthly income through these saving products. Offering competitive monthly interest or profit rates is an outcome of listening to our valued customers and providing customised solutions for their banking and financial requirements. This is another notable deliverable of our commitment to provide ‘banking that reflects you’.”

ila’s new monthly interest / profit payout feature follows multiple innovation-driven saving solutions offered by the Bank, which enable its customers to access more diversified saving solutions. All details of the interest / profit rates are available on the ila app and www.ilabank.com. The monthly interest/profit payments will be based on the amount deposited, period and currency selected, and segment category (Premium or Classic).

Start saving and earning with your ila fixed deposit or Wakala account today to easily reach your financial goals and aspirations. With ila as your trusted banking partner, you can make the most of seamless saving solutions that are seamlessly accessible within the palm of your hands.