1.
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What is Al-Awfar Savings and Investment
Account-i?
Al-Awfar is a unique savings and investment account based on the
Mudharabah, a contract of profit-sharing.
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2.
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What is the
meaning of Al-Awfar?
Al-Awfar means “prosperous investment”.
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3.
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What is the difference between
Al-Awfar Savings Account and Investment Account-i and the normal
Bank Islam Savings Account-i and General Investment Account-i (GIA)?
Al-Awfar Savings and Investment Account-i is a rewarding account
that offers a host of additional features, which include expected
Mudharabah returns on savings and investments (if any). This is
in addition to the opportunity to receive cash prizes from the bank
through a quarterly prize draw.
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4.
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Is Al-Awfar
Saving and Investment Account-i a form of gambling?
NO. Al-Awfar Savings and Investment Account-i is
free from any elements of gambling.
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5.
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Is Al-Awfar Savings and Investment
Account-i Shariah-compliant?
YES. The Shariah Supervisory Council of Bank Islam
approved this product in its 102nd meeting dated 7th April 2008
(30 Rabiulawal 1429H).
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6.
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Are prize draws
allowed according to the Shariah Law?
YES. Prize draws are permitted if there is no elements
of riba (usury), gharar (uncertainty) and maysir
(gambling).
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7.
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What is the basis on the permissibility
of draw in Islam?
1. Al-Quran, in Surah Ali ‘Imran verse 44
This is a part of the news of the Ghaib (unseen, i.e. the
news of the past nations of which you have no knowledge) which We
inspire you with (O Muhammad ). You were not with them, when they
cast lots with their pens as to which of them should be charged
with the care of Maryam (Mary); nor were you with them when they
disputed.
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8.
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Is the draw
performed in a manner that is transparent to the public?
YES. There is an external independent draw committee
who will observe the draw process.
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9.
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What is the difference between
Al-Awfar Savings and Investment Account-I and other competitors’
product?
Al-Awfar Saving and Investment Account-i is the first product of
its kind introduced by an Islamic bank, which meets all Shariah
requirements.
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10.
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Where does Bank
Islam invest the funds deposited by customers?
Bank Islam invests the fund in Shariah-compliant investments approved
by the bank’s Shariah Supervisory Council.
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11.
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Can the cash prizes received be
used for Ibadah purposes, e.g. performing the Hajj
and Umrah or given away as Zakat and Sadaqah?
YES. The cash prizes come from a Halal
source. Upon receiving the cash prize, the customer is free to use
it for any purposes.
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12.
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Are the cash
prizes taken from the profit earned through Al-Awfar Savings and
Investment Account-i?
NO. The cash prizes are provided by the Bank and
are not specifically derived from profits of Al-Awfar Savings and
Investment Account-i.
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