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Al Baraka Islamic Bank launches Al Barakat Plus account

September 28, 2021
islamic finance

Al Baraka Islamic Bank (AIB) announced the launch of Al Barakat Plus, a new investment account based on the Wakala principle, which provides attractive returns on investment, in addition to opportunities to win several valuable cash prizes. Al Barakat Plus account aims to provide suitable investment solutions for high net worth customers, as well as commercial customers.

Al Barakat Plus account allows customers to deposit fixed investment amounts starting from BD250,000, which is the minimum amount. Customers can set the investment period to start from six months; in addition, they will be able to qualify for Al Barakat account draws, which include weekly, monthly and grand prizes.

Commenting on the launch, Mr. Mohamed Jamali, Head of Product Development at Al Baraka Islamic Bank said: “We are very pleased to have developed and launched the Al Barakat Plus account for our valued customers, as we seek to add more diversity to our banking solutions offered to individuals and companies. Al Barakat Plus account is considered an investment account based on the Wakala principle, and is one of the widely used investment tools, as it offers anticipated profit rates that exceed those of other accounts. This account provides a competitive advantage for Al Baraka Islamic Bank, as it is set to encourage customers to invest, in addition to giving them the chance of winning valuable prizes.”

“It gives us great pleasure to provide our valued customers with the latest investment solutions, Al Barakat Plus, which provides great transparency and accuracy in determining the expected profit rates for customers’ investments, which in turn gives them a comprehensive view of their investments. We would like to invite everyone to learn more about the newly launched account and our integrated set of leading banking products and solutions,” said Ms. Fatema AlAlawi, Head of Retail Banking at Al Baraka Islamic Bank.

Al Baraka Islamic Bank continues to introduce and develop its banking products and services in accordance to its customers’ banking needs. The newly launched account comes as part of the bank’s efforts to expand on its list of investment solutions and products offered on the principle of Wakala investment to its customers.

Since its establishment in 1984 in the Kingdom of Bahrain, the Al Baraka Islamic Bank B.S.C. – Bahrain has set a longstanding track record of delivering excellence, innovation and superior results. The Bank ranks among the leading providers of Islamic banking products and services to its international clientele and focuses primarily on developing innovative and distinguished Investment solutions in compliance with Islamic Sharia principles, supported by its sound financial solutions.

For any further information, kindly visit our website at www.albaraka.bh