MANAMA: Khaleeji Commercial Bank (KHCB), one of the leading Islamic banks in the Kingdom of Bahrain, announced the launch of the new Call Mudharaba Account facility, an Investment Account based on the Islamic Shari’a principle of Mudharaba.
The Call Mudharaba Account combines the flexibility and convenience of a Current Account with the concept of profit sharing of the Mudharaba Investment Account. In the Islamic principle of Mudharaba, the investor forges a partnership with the bank by entrusting funds with the bank, after which the bank provides its expertise in investing the capital to earn profits, which will be shared by the partners on a pre-determined ratio within a given period.
Thus, a Call Mudharaba Account allows an account holder to utilize it like a regular Current Account, perform banking transactions such as withdrawals and deposits, and at the same time receive an expected profit on a quarterly basis.
“It is an immense pleasure for Khaleeji Commercial Bank to offer the new Call Mudharaba Account, a unique investment opportunity in accordance with the principles of the Mudharaba. This initiative springs from our commitment to consistently provide new and innovative products with exceptional benefits, and improve our services for our valued customers every day,” Khalil Al Meer, Chief Executive Officer of KHCB said.
The Call Mudharaba Account is open to companies as well as to individuals who are residents of Bahrain and the GCC for a minimum BD10000 deposit. Linked to a Current Account, one can make a host of transactions such as redemptions and increments, withdrawals and debits, as well as useATM facilities and acquire 24-hour online access on the KHCB e-banking system.
“In answer to the growing demand for Islamic banking services in the region, we constantly strive to bring new experiences within the category, and continuously innovate and diversify into new Islamic banking products and services. It complies with our strategy to offer appropriate schemes to customers who require Shari’a compliant services, and is an important step towards our goal of becoming a leading domestic and regional Islamic bank,” he added.