Bahrain: Khaleeji Bank, one of the leading Islamic Banks in the Kingdom of Bahrain, has recently announced the launch of the “Ajyal” Account, an innovative savings solution designed specifically for minors aged 0 – 21years old. This innovative account aims to instil good financial habits and enhance the culture of saving and Financial Literacy among younger generations.
With the “Ajyal” Account, children can learn the importance of saving and develop essential money management skills from an early age. The account comes in two varieties: “Ajyal” Saving Account, which allows for deposits and withdrawals with added privileges in the form of an Expected Profit Rate of up to 3.025% depending on their deposit and expenditure behaviour. The “Ajyal” Depositors Account, which is a fixed deposit account based on the principles of Absolute Mudharaba, offering a 12-month Tenor and an Expected Profit Rate of up to 5%, starting from a Minimum Deposit of BD 100.
On this occasion, Ms. Ameera Ahmed Al Abbasi, Head of Retail Banking at Khaleeji Bank, stated “We are delighted to introduce the “Ajyal” Saving Account and Depositors Account to our young clients, as it provides innovative solutions that enable them to find seamless ways to perform financial and investment transactions, in compliance with the principles of Islamic Shari’a.”
She continued “Through the “Ajyal” Saving Account, we aim to enhance the culture of saving and Financial Literacy for this age group. The account provides them with an Expected Profit Rate of up to 2.5% for every monthly deposit of BD +10, and an additional 0.5% when making five withdrawals per month using an ATM Card, which means a total Expected Profit Rate of up to 3.025%.”
She further added “The “Ajyal” Depositors Account starts from only BD 100, with the possibility of unlimited additional deposits for the Tenor’s duration of one year, with an expected competitive Profit Rate of 5%. The “Ajyal” Account is now available for opening through the “Khaleeji App” or by visiting any of the bank’s branches. For parents of minors below the age of 15 years old, they can open an account on behalf of their child. Minors aged 16 – 21 can individually open a new account.”
Khaleeji is a leading Islamic Bank that strives to achieve clients’ambitions through an Islamic Banking model that offers a comprehensive range of high quality Shari’a-complaint banking services and investment opportunities to individuals and companies.
