Bank Islam’s new Al-Awfar offers up to RM18 mln worth of prizes

PUTRAJAYA: Bank Islam Malaysia Bhd is expecting an increase in fund performance with a growth target of RM1 billion and 400,000 new customers of the Al-Awfar investment account by year-end.
 
Its chief business officer for retail banking Mizan Masram said that after 15 years in the market, Al-Awfar recorded a fund size of more than RM5 billion through 1.2 million accounts as of last month.
 
“We are confident that the target can be achieved through a roadshow promotional campaign that will be held in 14 locations across the country,” he told the media after the launch ceremony of the New Al-Awfar and Al-Awfar account grand prize presentation here today.
 
Mizan said among the innovations and improvements made to the new Al-Awfar investment fund are, among others, the number of prizes offered, which increased to RM18 million a year from RM15 million previously.
 
In addition, a total of 15 raffle categories are available compared to the previous five, with prizes on offer including a cash prize of RM1 million for four winners, one-kilogramme gold bars, two Harley Davidson motorcycles, a BMW car, and two Honda HRVs.
 
Mizan said those interested in winning the prizes offered need to open an Al-Awfar account at any Bank Islam branch with a minimum deposit of RM100.
 
Customers stand a chance to win exciting prizes by maintaining an average balance of RM1,000 in their Al-Awfar account.
 
Al-Awfar is a low-risk and innovative investment account based on the concept of Mudharabah.
 
The Al-Awfar fund is invested in Bank Islam’s existing Home Finance and Fixed Asset (HFA) portfolio to ensure sustainable investment.
 
At the launch ceremony, Mizan also presented a replica cheque of RM1 million to the 39th Bank Islam millionaire Datuk Md Adnan Sulaiman, who was represented by his son Nor Husna. – BERNAMA