ITHMAAR BANK IMPROVES THIMAAR, REDUCING MINIMUM AMOUNT AND INCREASING TOTAL WINNERS

MANAMA, BAHRAIN – 14 January 2017: Ithmaar Bank, a Bahrain-based Islamic retail bank, re-launched its Thimaar savings account for a new year, reducing the minimum amount of savings required to win a prize and increasing both the total number of winners and the total prize purse.
The improvements to Ithmaar Bank’s Thimaar offering were made in line with the Bank’s commitment to listening closely to its customers’ requirements and using their feedback to continuously improve its products and services. As a result, the new Thimaar reduces the minimum deposit to BD30, currently the lowest offered by any prize-based savings account in Bahrain, while also increasing the number of winners to 4,044, currently the highest in Bahrain, as well as the total prize purse to USD3,000,000, one of the biggest in the Kingdom. The new Thimaar Account rolls out from Sunday (ed note 15/01/17).
“Ithmaar Bank is committed to becoming the Islamic retail bank of choice,” said Ithmaar Bank Assistant General Manager, Head of Retail Banking, Mohammed Janahi. “In line with that commitment, we are constantly working to enhance our customers’ Islamic banking experience,” he said.
“Prize-based savings accounts have become an almost standard offering among both Islamic and conventional retail banks in Bahrain,” said Janahi. “However, having listened attentively to our customers’ feedback, we recognised a need to reduce the minimum saving required to be eligible for a prize. We also noticed a pronounced, perhaps obvious, customer demand for increased chances to win – and we restructured the new Thimaar accordingly,” he said.
In 2017, Thimaar will offer a total of USD3,055,000 in prizes – including USD1,020,000 monthly prizes, USD900,000 loyalty prizes, USD600,000 Eid prizes, USD200,000 semi-annual prizes and USD125,000 national day prizes – to a total of 4,044 winners, including 840 Junior winners.
Every BD30 maintained as an average daily balance qualifies a customer to enter the draws. The more customers save, and the longer they maintain balances in multiples of BD30, the more opportunities they have to win.