Latest news with #IslamicShari'a
Biz Bahrain
6 days ago
- Business
- Biz Bahrain
Khaleeji Bank Wins IBMAG's Best Banking Product Award in the Kingdom for Bahrain in 2025 for the ‘Salary Account'
Khaleeji Bank, one of the leading Islamic Banks in Bahrain, has recently received the Best Banking Product Award in the Kingdom of Bahrain for 2025 for its 'Salary Account', as part of the prestigious annual International Business Awards presented by International Business Magazine (IBMAG), which is recognised worldwide. Khaleeji receiving this new prestigious award for its distinguished banking product, the 'Salary Account', continues its ongoing successes and numerous regional and international awards in recent years. These accolades reflect and crown its diligent and continuous efforts in serving clients and providing the best and highest quality banking products & services that meet their aspirations. This recognition also serves as further proof of the 'Salary Account's' excellence, which provides clients with the best comprehensive banking experience in compliance with the principles of Islamic Shari'a. The account offers exclusive benefits such as the ability to transfer a person's monthly salary to this account, with an Expected Profit Rate of up to 4% of the salary amount without a minimum balance. Additionally, clients are also entered into monthly raffles with a chance to win one of five cash prizes totalling BD 5,000 each month. They can also obtain one of Khaleeji's premium credit cards, either Platinum or Infinite, which offer numerous benefits including cashback, free travel miles, exclusive discounts and many other advantages. On this occasion, Ms. Ameera Ahmed Al Abbasi, Head of Retail Banking at Khaleeji Bank, expressed her happiness and pride in winning this prestigious award, stating 'We are very proud to win the Best Banking Product Award in the Kingdom of Bahrain for 2025 for the 'Salary Account' from IBMAG. Undoubtedly, our continuous collection of awards and international recognitions affirms our leadership as one of the leading Islamic Banks in Bahrain. This new award highlights our excellence and success in providing the highest quality and most innovative banking products & services to our valued clients, including the 'Salary Account' which features numerous exclusive benefits and offers clients a unique and rewarding banking experience. We greatly value the trust of our loyal clients, and winning this award motivates us to continue delivering excellent services, and to develop and enhance all our banking offerings to better meet their diverse needs and aspirations.' Ms. Al Abbasi further added 'The 'Salary Account' from Khaleeji Bank offers a range of exclusive benefits tailored to our clients' needs. Clients can benefit from an Expected Profit Rate of up to 4% of the salary value without a minimum balance, participate in monthly raffles with a chance to win one of five prizes totalling BD 5,000 each month, and obtain one of Khaleeji's credit cards from the Platinum or Infinite tiers, which provide benefits such as cashback, free travel miles, and exclusive discounts with over 100 commercial outlets, adding value to our clients' banking experience. This reflects our commitment to delivering the best banking services and ensuring clients satisfaction at all times. As we share in our clients' joy of winning this valuable award, we take this opportunity to invite all citizens and residents of the Kingdom of Bahrain to transfer their salaries to the 'Salary Account' with Khaleeji Bank to enjoy the many exclusive and exceptional benefits this account offers, which will add a new dimension to their banking experience, along with opportunities to earn profits and win monthly cash prizes.' Khaleeji is a leading Islamic Bank that strives to achieve clients' ambitions through an Islamic Banking model that offers a comprehensive range of high quality Shari'a-complaint banking services and investment opportunities to individuals and companies.
Zawya
12-04-2025
- Business
- Zawya
Al Baraka Group and its units sponsor AAOIFI 23rd Annual Shari'ah Boards Conference
Manama: Al Baraka Group ('the Group') and its banking unit in Turkey and Egypt, Al Baraka Turk Participation Bank and Al Baraka Bank Egypt announced their bronze sponsorship of the AAOIFI 23rd Annual Shari'ah Boards Conference. The conference is supported by the Central Bank of Bahrain and will be held on 20-21 April 2025 in the Kingdom of Bahrain. This sponsorship of the AAOIFI annual conference demonstrate the Group's strong commitment to supporting the initiatives organized by AAOIFI as a leading institution in developing Islamic financial accounting and auditing standards and keeping pace with emerging global requirements, which enhances the position of the Islamic banking industry regionally and globally The two-day conference will feature keynote addresses from distinguished dignitaries and policymakers, signing of the Memoranda of Understandings, opening of the exhibition accompanying the Conference along with five panel discussion sessions. These discussions will focus on compensation for Breach of Binding Promise to Purchase, Sell, Take or Give on Lease, Governing Law for International Islamic Financial Transactions, Combination of Contracts in Structured Arrangements: Its Guidelines and Shari'ah Implications and Reinsurance: Its Importance, Structures, and Practical Applications. The discussions will be participated by a select group of scholars, scientists, academics, and specialists. - END – About Al Baraka Group: Al Baraka Group B.S.C. (C) is licensed as an Investment Business Firm – Category 1 (Islamic Principles) by the Central Bank of Bahrain. It is a leading international Islamic financial group providing financial services through its banking subsidiaries in 13 countries offering retail, corporate, treasury and investment banking services, strictly in accordance with the principles of Islamic Shari'a. The Group has a wide geographical presence with operations in Jordan, Egypt, Tunisia, Bahrain, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon and Syria, in addition to two branches in Iraq and a representative office in Libya and provides its services in more than 600 branches. ABG's network serves a population totaling around one billion customers. The authorized capital of ABG is US$ 2.5 billion.
Zawya
12-02-2025
- Business
- Zawya
The First Investor Q.S.C.C. and Wasata Financial Securities announce strategic marketing partnership to enhance client offerings
Doha, Qatar – The First Investor ('TFI'), a leading financial institution specialising in Sharia-compliant investment banking and asset management solutions, and a wholly owned subsidiary of Dukhan Bank, has announced a strategic marketing partnership with Wasata Financial Securities ('Wasata'), a prominent investment services provider. This collaboration aims to expand Wasata's range of investments offerings by introducing sukuk products to its clients. By leveraging TFI's extensive local and global market expertise and advanced sukuk execution capabilities, this strategic collaboration creates a robust platform for delivering innovative, low-risk, and Sharia-compliant investment solutions. TFI, a recognised leader in the capital markets and particularly in the sukuk space, manages a highly regarded sukuk fund with assets exceeding QAR 450 million, alongside its comprehensive sukuk execution services. This partnership enables Wasata to enhance its suite of financial solutions with, providing clients with access to diversified and secure investment opportunities Mr. Haithem Al Katerji, CEO of TFI, stated: 'We are delighted to collaborate with Wasata to provide access to investment opportunities in the global capital markets space, particularly in the Sukuk market. This partnership underscores our commitment to delivering tailored financial solutions, and together we are strengthening the local investment and savings landscape.' Mr. Mohammed Abu Ghoush, CEO of Wasata, added: 'This partnership significantly enhances our ability to provide clients with a broader range of sukuk investment opportunities. It is a strategic win for both organizations and, most importantly, for our clients.' Both TFI and Wasata are dedicated to fostering long-term client relationships and driving mutual growth by delivering seamless, Sharia-compliant investment solutions -Ends- About Dukhan Bank: Dukhan Bank was incorporated as a Qatari Shareholding Company in the State of Qatar under Commercial Registration No. 38012 dated 28 January 2008. Dukhan Bank commenced its activities on 1 February 2009 under Qatar Central Bank License No. RM/19/2007. The Bank and its subsidiaries are primarily engaged in financing, investing and advisory activities in accordance with Islamic Shari'a rules as determined by the Shari'a Committee of the Bank and provisions of its Memorandum and Articles of Association. Investment activities are carried out for proprietary purposes and on behalf of customers. The Bank operates through its head office situated on Grand Hamad Street, Doha and its 9 branches in the State of Qatar. The Bank rebranded itself from Barwa Bank to Dukhan Bank during October 2020 post obtaining necessary approvals as per the State of Qatar applicable laws and regulations. The Bank is 24.6% owned by the General Retirement and Social Insurance Authority, 11.7% by the Military Pension Fund (Qatar), and 7.0% by Qatar Holding, strategic and direct investment arm of Qatar Investment Authority being the sovereign wealth fund of the State of Qatar; and remaining shares are owned by other shareholders. On 22 January 2023, pursuant to Resolution No. 2 of 2023 by the Minister of Industry and Commerce, the Bank was converted from a Qatari Private Shareholding Company to a Qatari Public Shareholding Company. On 1 February 2023, Qatar Financial Markets Authority approved the listing of the Bank's shares on the Qatar Stock Exchange. Following the approval, trading of the Bank's shares on Qatar Stock Exchange Main Index commenced on 21st February 2023. The Bank was included under the MSCI emerging market index as of the close of 31st May 2023. On 15th September 2023, the Bank was included in the FTSE's mid-cap index. QSE included the Bank to QE Index and QE Al-Rayan Islamic index effective from 1st October 2023. About The First Investor (TFI): The First Investor (TFI) is a subsidiary of Dukhan Bank Q.P.S.C. and is licensed and regulated by the Qatar Central Bank as an Investment Company focusing on asset management and financial advisory. Headquartered in the State of Qatar, TFI is a pioneering company in the field of Sharia-compliant financial services, with a strong focus on asset management and financial advisory. TFI strives for excellence by delivering comprehensive financial solutions and strategic financial guidance. TFI focusses on high-growth sectors with long-term potential through a diverse and innovative portfolios of investment products and services in the region. TFI has grown its asset management business over the years and currently has over QAR 2.6 billion in assets under management, invested across various asset classes. In addition, TFI's financial advisory team has provided guidance to numerous Qatari companies, with the value of advisory transactions exceeding QAR 11 billion. TFI is committed to fostering trust-based, long-term relationships. Its client base is vast and includes government entities, government-related organizations, corporations, family offices, and high-net-worth individuals. TFI's adoption of transparency, reliability, and innovation, complemented by a client-centric approach, distinguishes it as a leading investment solution provider in the present day volatile global financial landscape. About Wasata Financial Securities: WASATA Financial Securities (formerly Islamic Financial Securities) is a wholly owned subsidiary of INMA Holding Company, a Qatar Stock Exchange (QSE) listed public joint stock holding company. Established in 2003, WASATA Financial Securities provides brokerage services to QSE investors, at the beginning of 2020, the company earned a 'Comprehensive Broker' classification as per the approval of Qatar Financial Markets Authority (QFMA) to offer the following services: Execution of securities' trade orders for a third party Own securities' trading Advisory on securities Liquidity provider Market Maker Securities marketing and promotion. During this time, Wasata has generated excellent proven results and performance in its licensed activities thus establishing itself as one of the major contributors to stock market activities in Qatar. WASATA continues to have an increasing presence and participation within listed stocks trading at QSE, whether its brokerage services, Trading, Market Making and Liquidity Provision.
Biz Bahrain
27-01-2025
- Business
- Biz Bahrain
Khaleeji Bank Announces the 'Al Waffer' Account's 2025 Edition with Total Prizes Exceeding $4 Million
Khaleeji Bank, one of the leading Islamic banks in the Kingdom of Bahrain, has recently announced the launch of the 'Al Waffer' Account's 2025 edition, featuring remarkable cash prizes that exceed a total value of $4 million, making this edition the largest and most distinctive since the account's inception. Clients will have the opportunity to win one of 11 Grand Prizes, including a prize worth $1 million, which will be raffled in December. Raffles for prizes worth $250,000 each will take place in March, June, August, October, and December. This year, the account's schedule commences powerfully with three grand prizes worth $250,000 to be raffled in March. Additionally, it will conclude with a special raffle for the $1 million prize and four other prizes worth $250,000 each in December, along with several other surprises throughout the year. As part of rewarding distinguished members of the 'Al Waffer Club' program, Khaleeji has allocated 30 additional cash prizes worth $10,000 each, with raffles for five winners taking place in February, April, May, July, September, and November. For the first time since the launch of the account, this year's program includes prizes allocated specifically for young clients through the 'Ajyal Al Waffer'. A total of 60 prizes worth $1,000 each have been allocated, with a special raffle for 15 prizes to take place in March and monthly raffles for five prizes for the remaining months. Commenting on the new edition of 'Al Waffer', Ms. Ameera Ahmed Al Abbasi, Head of Retail Banking at Khaleeji Bank, stated 'We are delighted to announce the launch of the 2025 edition of the 'Al Waffer' Account, which is not just a savings program, but also a genuine opportunity to transform our clients'' lives. Through prizes exceeding a total value of $4 million, we aim to support a culture of saving and encourage our clients to invest. To that end, this year will also see the launch of the 'Ajyal Al Waffer' Account, targeting children and youths under the age of 21, representing the bank's commitment to playing an active role in enhancing Financial Literacy, particularly among young people, and providing young depositors with the chance to enter exclusive raffles for cash prizes.' Al Abbasi added 'We are delighted to invite all our valued clients to participate in the new edition of the 'Al Waffer' Account for the year 2025, which presents an exceptional opportunity to win significant cash prizes, enabling them to realize their ambitions. We also encourage everyone to join the exclusive 'Al Waffer Club', which offers unique opportunities to win one of the 30 cash prizes of $10,000 each, raffled at various times throughout the year. We are always striving to enhance our offerings to meet our clients' aspirations, as we serve as their partner in ambition. We wish all depositors the best of luck.' It is worth noting that 'Al Waffer' Account is a savings account compliant with the provisions & principles of Islamic Shari'a, where funds are invested on the principles of Unrestricted Mudarabah. The account can be opened with a minimum deposit of BHD 50, and points are calculated for every BHD 25 in the account. Clients can increase their chances of winning by benefiting from the Double Points System, which requires account holders to maintain or increase their balance without making withdrawals for more than 90 days prior to the raffle's date.
