MUSCAT: Alizz Islamic Bank added another recognition to its list of accomplishments by winning the award for the “Best initiative recognising and empowering women” at the Al Mar’a Magazine Summit and Annual Awards event which was held at Al Bustan Palace, a Ritz-Carlton Hotel under the patronage Rahma alMahrooqi, Minister of Higher Education, Research, and Innovation.
Alizz Islamic Bank won the honour for its new female banking segment ‘Hiyya’ which features products and services that are designed exclusively for women. The award highlighted the achievements of Omani women and shed light on their contributions and effective roles in the comprehensive development of the Sultanate. The award was received by Muna al Khusaibi, Deputy Senior Manager of Marketing and Corporate Communications on behalf of the bank.
Mohammed al Ghassani, Chief Consumer Banking Officer, Alizz Islamic Bank stressed that “Achieving a pioneering role in the banking sector is not an easy matter. We have a clear understanding of women’s banking needs and services and we do not make a product without putting in it the maximum benefits for the customer, whether it is a woman or a man.”
Al Ghassani added, “Alizz Islamic Bank won the award for its continuous provision of exclusive and exceptional services and products that it provides to its customers, all of which are in compliance with the provisions and principles of Shari’a.”
Hiyya, offers women a Shari’a compliant savings account that is based on the shari’a principle of mudaraba whereby the customer is the ‘rab-al-mal’ (investor) and the bank is the ‘mudarib’ (investment manager), wherein the bank invests the funds within a common investment pool, including other Mudaraba accounts. As per the arrangement, profits will be shared between customers and the bank according to the previously agreed distribution ratios.
