ila News

Manama, Bahrain: ila Bank, the digital mobile-only retail arm of Bank ABC, will give ten ‘alburaq’ customers US$5000 each on their Wakala investments. Introduced earlier this year through ila’s exclusively digital Islamic banking account ‘alburaq’, the ‘Wakala Investment’ product empowers customers to easily save and grow their wealth by earning Sharia-compliant profit on funds invested for a definite period.

Commenting on the announcement of the Wakala prizes, ila Bank’s Head of Marketing and Acquisitions, Abdulla Abuidrees said, “We are delighted to offer our Islamic Banking patrons a broad range of saving and money management tools that can be accessed in a quick, convenient, and seamless manner. Giving our alburaq customers a chance to win a cash prize of US$5,000 on top of profits earned through their Wakala investments is our way of showing gratitude for their faith and trust in ila and alburaq.”

Two draws will take place, each awarding a total of US$25,000 between five customers. The first draw will be held on 31 October, 2023, for which the last date to open the Wakala is 30 September, 2023. The second draw will be held on 31 January, 2024, for which the last date to open the Wakala is 31 December, 2023. Each BHD 500 or USD 1,500 invested into the Wakala account before the cutoff dates will be considered one entry into the draw.

“Going forward, we strive to consistently innovate and enhance our Shari’a compliant banking offering to transform the Islamic banking experience in Bahrain. We at ila take great pride in ultimately enabling a cashless economy and driving further financial inclusion through our world-class ila app, be it with conventional digital retail banking or its Islamic Banking arm,” added Abuidrees.

The draw is open to all individuals above the age of 18. All customers are required to do is have an active Wakala from the start to finish of the eligibility period for both the draws. The total of ten winners be randomly selected through an automated draw, provided they fulfill the eligibility criteria. The winners will receive the raffle draw prize soon after through their alburaq account. Further Terms & Conditions and details on the Wakala Investment product are available on the ila Bank website: www.ilabank.com/Wakala.

A Wakala Investment takes minutes to open and offers complete transparency to track its performance through the ila Bank app. The app’s auto-renewal feature allows customers to automatically renew the investment amount or the amount with the profits earned for the chosen tenure.

ila Bank’s alburaq is a simple and one of the most reliable ways for customers of Islamic Banking to save and grow their finances digitally. To enjoy the many benefits of saving and investing with alburaq, start your Wakala and give yourself a chance to win US$5,000 today.