Manama: Ithmaar Bank yesterday announced the re-launch of its Thimaar savings account for a new year.
The Bahrain-based Islamic retail bank claimed that its offering of 4,000 prizes for customers amounting to a total of $2.3 million was the highest by any bank in the country.
“Prize-based savings accounts are now almost a staple of the retail banking industry, so it has become increasingly challenging for banks to find new ways to differentiate their products from those of competitors,” said Ithmaar Bank general manager and head of retail and private banking Abdul Hakeem Al Mutawa.
“Following a thorough study and analysis of the market, we decided that Thimaar should be restructured in its sixth year to offer the highest chances of winning in the kingdom,” he said.
“Of the 4,000 prizes, more than half have been set aside for Thimaar Junior, our product for account holders under the age of 18, which offers additional prizes as an extra incentive,” said Mr Al Mutawa.
“This is another differentiator which helps us develop early relationships with our customers and encourages them to save from a young age,” he said.
Thimaar will provide $3,600 in daily prizes, one $10,000 monthly prize, four cars and cash quarterly prizes totalling $300,000, and $600,000 in Eid prizes. Every BD50 maintained as an average daily balance qualifies a customer to enter the draws.
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