(From left) Mohd Muazzam, assistant general manager of deposits and cash management Asmarizal Ahmad, head of treasury Adi Asri Baharom and chief operating officer Mohamed Iran Moriff Mohd Shariff together launching the New Al-Awfar.
KUALA LUMPUR: Bank Islam Malaysia Berhad (Bank Islam) celebrates the 10th year anniversary of its Al-Awfar product by announcing several enhancements of the said product.
Known as the New Al-Awfar, this investment account will provide more attractive offers to its customers including an increase in the value of prizes of up to RM14 million.
On 25 March 2009, Bank Islam made history in the Islamic banking industry when the Bank pioneered the offering of the first-of-its-kind Al-Awfar, an innovative investment account product with an attractive prize offer.
It is a low-risk investment account based on Mudarabah concept where Al-Awfar funds are invested in existing Housing Financing and Fixed Assets portfolio to ensure a strong sustainable investment.
Al-Awfar is open not only to individuals, but also business entities, associations, religious bodies, schools, universities, clubs and organisations are eligible to open this account.
Bank Islam’s chief executive officer, Mohd Muazzam Mohamed said, “In the last 10 years the product was introduced, Al-Awfar has produced 23 millionaires. To date, Bank Islam has received an overwhelming response.
“We achieved a good track record with a total fund size of RM2.45 billion and 771,496 accounts.
“With the New Al-Awfar, we expect an increase of fund performance with a growth target of RM800 million and 230,000 new customers in 2019.”
“Based on this encouraging response, we decided to further improve the product.
“We enhance the draw prize structure and increase the total value of prizes from RM10
million to over RM14 million. In other words, we will have more winners and offer more exclusive prizes,” he added.
Prizes for half yearly special draws are Mercedes C200 Avantgarde, Honda Civic cars, holiday packages or umrah, and smartphones. Quarterly draws are divided into two categories namely Millionaire and Al-Awfar Junior where winners have the chance to win cash prize of RM1 million while the Al-Awfar Junior category for customers aged 18 and under have the chance to win Apple brand prizes such as iMac, Macbook Pro, iPhone and consolation cash prize. Customers also have the opportunity to win cash prizes through monthly draws.
At the same time, Bank Islam continues to hold its monthly campaign called ‘Jom Pindah Gaji’ until December 2019. We offer a total cash value of RM100,000 to 13 winners each month. Customers only need to transfer salaries to Bank Islam in order to be eligible for this draw which is open to government servants and all agencies under it.
Existing and new Al-Awfar customers who wish to perform transactions such as to increase their investment or open an account, may do so via Internet banking, Bank Islam’s branch counter and automated teller machines as well as cash deposit machines.