Sharia-compliant flexible deposit scheme launched

[abdulla]

Originally Posted by Gulf Daily News

The Al Salam Bank has launched a new Sharia-compliant deposit scheme. The bank said that the Al Salam Wakala Deposit is one of its kind finance product. "Designed for retail banking, the product is a unique banking service that is different from current Sharia-compliant products such as Mudharaba and Murabaha," Al Salam Bank executive vice president - banking group head Nabeel Al Tattan said.
"Al Salam Wakala Deposit is characterised by flexibility, easy application and implementation. It may be transacted for any period of time and at any currency."
The main feature of the new product is that it is Sharia-compliant, easy to process and execute and automatically extendable. It provides competitive profit rates and the deposited amount may be withdrawn and re-deposited at any time.
Mr Al Tattan said the Al Salam Wakala Deposit is available at Al Salam Bank Bahrain for customers who wish to invest certain amounts of money for a flexible period of time, with a yielding return.

source: Gulf Daily News