Manama, Jan. 18 (BNA): Khaleeji Commercial Bank (KHCB), Bahrain’s rapidly growing Islamic retail bank, is prepared to set into motion its Al Waffer Scheme for 2016.

This comes in line with the constant commitment to offer customers in the Kingdom of Bahrain the best in Shari’a compliant packages both in products and services.

Following the success of Al Waffer scheme in 2015, Khaleeji Commercial Bank has raised the bar by offering bigger value in the prizes and thereby making investments a rewarding experience.

Al Waffer awards scheme was first introduced to encourage the culture of saving through which people gain to win monthly cash and mega prizes throughout the year.

The new and improved campaign will see a total of 468 cash prizes of $500 each, 11 Grand draws and one mega draw.

Investments in Al Waffer scheme could mean lucky winners could walk away with prizes that include a Porsche Cayenne, $100,000 or even the Mega draw ‘Lifetime Dream’ prize that includes a luxury villa in Oryx Hills, a Porsche Cayenne and a grand total of $25,000.

Al Waffer account is a completely Shari’a compliant account based on the Mudharaba principle.

Customers can open and invest in an Al Waffer account with a minimum of BD 50. With this account, they will receive expected annual profits on their investments as well as a guaranteed entry into the monthly held draws for every BD 50 they deposit into the account.

The more they invest, the higher are their chances of winning. Customers who open an account a month before the Mega Draw will also be eligible in winning prizes through the ‘Double Your Chances Of Winning’ element.

Khalil Ismaeel Al Meer, CEO of KHCB said: “Al Waffer scheme continues to be a major component in the bank’s products and services portfolio. It is a great way to encourage savings within the community and the people of Bahrain. We have consistently raised the bar for award schemes both domestically and regionally.”

He added that the year 2016 calls for a more enhanced rewarding scheme.

“This year customers will notice that the grand prizes are twice what they were last year. It is our goal to help each investor live their big lifetime dream with better value in cash prizes and bigger value on the grand and mega prize. Our CSR responsibilities help us give back to the community and in turn help the society as a whole”.

In 2015, Al Waffer put smiles on the faces of 480 certificate holders.