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In its constant pursuit to offer the ultimate banking services to its customers and to meet the development of their lifestyle, Bahrain Islamic Bank (BisB) has announced the launch of a new savings account called Iqra account.
At the unveiling of this new banking product BisB general manager retail banking Abdul Rahman Turki said: "The very first word to be inspired by God was Iqra, which means read, a call to broaden our minds and intellect and contemplate the world around us in the name of Allah. We, at BisB, could not find a word better than that inspired by God upon Prophet Mohammed to be used as the latest product offered by the bank to serve our customers through the development of a well-educated and enlightened generation.
"It is unanimously agreed that higher education is vital for the future of the new generations, and in order to meet the costs of educating our children we undoubtedly need planning for the future from now. The Iqra Educational Investment Scheme offered by BisB enables families to make an affordable monthly contribution amount to cover the basic costs of their children's future higher education. In addition, it enables families make reasonable profits and enjoys Takaful life insurance for the whole amount expected to be saved at the maturity date of scheme."
Mr Turki continued: "The launch of this new bank account demonstrates our appreciation of the conditions of some families who face difficulty in finding a suitable amount for proper education of their children given the current high cost of education in private universities in Bahrain and overseas. With Iqra account, parents can secure the academic future of their children enabling them to join the best universities and institutes where they can enjoy the best available facilities."
Regarding the details of this new account, Mr Turki said the bank opens Iqra account as a separate one for each customer who wishes to have the account in his name or in the name of his children. There are several conditions for opening the account including a minimum monthly subscription of BD50 for a period of no less than three years and no more than 10 years, which may be extended by mutual agreement between the bank and the customer.
"In case of opening the account in the name of children who are less than 21 years old, the parent must be the account holder and authorised signatory."
Mr Turki added: "Initially the bank hopes that it will be able to realise for the customer a profit at the rate of two per cent which will be credited to the account every six months. Such profits may not be withdrawn during the agreed subscription period and its rates will be variable. Moreover, the bank will give subscribing customers a Takaful life insurance for the entire subscription period equivalent to the remaining subscriptions period."
BisB is in the process of launching a wide range of new bank accounts and services to its customers to effectively serve broader segments of the community and to offer them the best available facilities.
