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Shamil Bank, a leading Islamic bank in Bahrain and a wholly-owned subsidiary of Ithmaar Bank, has launched Shamil Jawaher - a new Sharia-compliant savings scheme, designed to offer returns that are higher than traditional savings schemes.
Shamil Jawaher, which aims to offer an expected return of six per cent per annum, is structured based on the Wakala principle, with savers' funds being reinvested in different highly reputable financial institutions.
Shamil Jawaher has a tenurr of three years. Subscriptions can be made in Bahraini dinars or US dollars, with a minimum initial investment of BD1,000 (or $3,000) and multiples of BD500 (or $1,000) for additional deposits before the closing date on Thursday. As an example, depositors will receive an expected return of BD90 for every invested unit of BD500 over the tenor period. Profits will be distributed evenly every six months over the three-year tenure.
Commenting on the launch of 'Shamil Jawaher', Shamil Bank head of private banking, Abdul Hakim Khalil Al Mutawa said, "Shamil Jawaher is one among a few savings schemes offering returns this high, and the only one offering profits before the three-year tenure is over. This makes it attractive not only for small depositors, but also for high net worth individuals and institutions looking for a safe home for large sums of idle cash."
Shamil Jawaher is open to all nationalities over 21 years of age, as well as to institutional investors.
Ithmaar Bank, a global investment bank based in Bahrain, is listed on both the Bahrain Stock Exchange and the Kuwait Stock Exchange.
For further information on how to invest in Shamil Jawaher, contact Shamil Bank's call centre on +973 17878777 or visit one of Shamil Bank's branches.
