PUTRAJAYA, July 8 — Bank Islam Malaysia Bhd is expecting an increase in fund performance with a growth target of RM1 billion and 400,000 new customers of the Al-Awfar investment account by year-end.
Bank Islam’s chief business officer for retail banking Mizan Masram said that after 15 years in the market, Al-Awfar recorded a fund size of more than RM5 billion through 1.2 million accounts as of last month.
“We are confident that the target can be achieved through a roadshow promotional campaign which will be held in 14 locations across the country,” he told the media after the launch ceremony of the New Al-Awfar and Al-Awfar account grand prize presentation, here today.
Mizan said among the innovations and improvements made to the new Al-Awfar investment fund are, among others, the number of prizes offered increased to RM18 million a year from RM15 million previously.
In addition, a total of 15 raffle categories are available compared to the previous five, with prizes on offer including a cash prize of RM1 million for four winners, one-kilogramme gold bars, two Harley Davidson motorcycles, a BMW car and two Honda HRVs.
Mizan said those interested in winning the prizes offered need to open an Al-Awfar account at any Bank Islam branch with a minimum deposit of RM100.
Customers stand a chance to win exciting prizes by maintaining an average balance of RM1,000 in their Al-Awfar account.
Al-Awfar is a low-risk and innovative investment account based on the concept of Mudharabah.
The Al-Awfar fund is invested in Bank Islam’s existing Home Finance and Fixed Asset (HFA) portfolio to ensure sustainable investment.
At the launch ceremony, Mizan also presented a replica cheque of RM1 million to the 39th Bank Islam millionaire, Datuk Md Adnan Sulaiman, who was represented by his daughter Nor Husna. — Bernama