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

08 Jul 2023 04:32pm
The Al-Awfar fund is invested in Bank Islam’s existing Home Finance and Fixed Asset (HFA) portfolio to ensure sustainable investment. - Facebook
The Al-Awfar fund is invested in Bank Islam’s existing Home Finance and Fixed Asset (HFA) portfolio to ensure sustainable investment. - Facebook
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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.

Bank Islam’s 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 which 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 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.

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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

Mizan Masram
Bank Islam
Al Awfar
Mudharabah
investment
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