Name of the Organization : Bahrain Islamic Bank
Type of Facility : Iqra Investment Scheme
Country : Bahrain
Website : https://www.bisb.com/en
Iqra Investment Scheme :
The account is an investment scheme, which enables families to make a monthly contribution amount to cover the basic costs of their lives.
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What can I use this account for?:
Since BisB is keen on meeting the requirements of families to save and cover the basic costs of their lives, it has launched a special fund that offers an attractive monthly return enabling them to invest and support their needs.
What are the features of BisB’s Investment Scheme?:
** The account will be opened under the name of the applicant.
** A bank statement detailing the status of the account will be sent to the customer semi-annually.
** A free standing order will be offered to the customer upon his/her request.
** The account hopes to pay high expected profit rate on the average balance payable to the account on monthly basis.
** Free life insurance coverage will be granted to the customer.
** The life insurance will cover applicant’s total contribution for the investment tenor agreed by the customer.
** A lock period of 18 months will be applied to all accounts.
** If for any reason the monthly contribution of the customer stops for any given month, the applicant will be liable for settling the cost of life insurance for that specific month.
** If the monthly contribution stops for 3 consecutive months without any notice, the total accumulated fund will be transferred into a normal savings account and the customer will be notified by mail immediately. (The terms and conditions of the normal savings account will be applied immediately)
** Customers can change their contribution amount and their investment tenor at any given time by submitting a written request to the branch.
** The life insurance cover will be activated immediately on the new contribution amount after receiving the written request.
** The life insurance cover for this investment account is offered until the customer reaches 65 years old; any future investment by the customer will be without a life insurance cover.
What are the policies behind this investment scheme?:
** Early Liquidation Policy.
** A lock period of 18 months will be applied to all accounts.
** During the lock up period, the account will pay only the customer’s total accumulated fund up to date. The customer will be charged one month contribution as an early exit charge.
** After the lock up period, the bank will pay the total accumulated fund in the account.
** Emergency liquidation is acceptable by the Bank if the applicant has to liquidate for any reason beyond his/her control and the Bank’s management finds the reason of liquidation valid.
** If for any reason the monthly contribution of the customer stops for any given month, the applicant will be liable for settling the cost of life insurance for that specific month.
** If the monthly contribution stops for 3 consecutive months without any notice, the total accumulated fund will be transferred into a normal savings account and the customer will be notified by mail immediately. (The terms and conditions of the normal savings account will be applied immediately)
Eligibility:
** Iqra Investment Scheme is available to Bahraini and non Bahraini nationals.
** The general criteria of initiating BisB’s Iqra Investment Scheme is detailed below:
** Age of Applicant: 18 years of age at the time of application.
Required Documents:
To apply for BisB’s Iqra Investment Scheme, applicants must provide the following documents:
** Two valid Identifications.
** Filled and signed application form.