Bank Islam Malaysia’s latest innovative investment account, Al-Awfar, aims to offer Malaysians to invest without a fixed tenure and at the same time allow customers a chance to win amazing prizes worth over a whopping RM18 million.
The Al-Awfar campaign is also being enhanced with the prizes raised from RM15 million earlier, to RM18 million and the total categories have also been increased to 15 categories, compared to 6 categories previously.
The offerings, part of a rebranding exercise, will include an eligibility unit multiplier for investment of more than RM10,000 and more than 10,000 winners will be selected per year with a specific draw for each segment.
The 15 raffle categories offer cash prizes of up to RM1 million, 1kg gold bars, BMW 320i M Sport, Tesla Model Y, Honda City Hatchback as well as MacBook Pro 10.
Not only that, Bank Islam said, for its quarterly draw, a lucky winner could bag RM1 million to become “Jutawan Al-Awfar”.
“Other big cash prizes are for the yearly draw, which is RM150,000 for platinum, RM100,000 for gold and RM50,000 for the silver category,” it added.
Participants can be part of the campaign by simply opening an Al-Awfar account at any Bank Islam branch with a minimum deposit of RM100 and stand a chance to win exciting prizes.
Moreover, the Bank said the account can also be used as a salary account since there is also a specific draw for salary accounts.
The bank added that the Al-Awfar is different from generic investment products.
“As there is no specific tenure for Al-Awfar product, it acts as a normal transactional account.”
On how it differs from other products in the market, the bank said the product focuses on the draw process instead of returns.
Last July (2023), it was reported in the Malay Mail that Bank Islam Malaysia Bhd is expecting an increase in fund performance with a growth target of RM1 billion and 400,000 new customers of the Al-Awfar investment account by year-end.
Chief Business Officer for retail banking, Mizan Masram, said Bank Islam is confident that the target can be achieved through a roadshow campaign in 14 locations across the country.
Mizan had also said that after 15 years in the market, Al-Awfar recorded a fund size of more than RM5bil through 1.2 million accounts as of June this year.
“As the bank celebrates its 40th anniversary, it is time to enhance our signature products to give more winning opportunities to our customers.
“The upgrade also signifies our appreciation for customers’ solid and overwhelming support of Bank Islam and Al-Awfar over the years,” he said.
Al-Awfar is based on the concept of Mudharabah and has monthly, quarterly, half-yearly and yearly draws. Its fund is invested in Bank Islam’s secured retail financial asset portfolio to ensure sustainable investment.
Draw
FrequencyPrizes Categories Requirement Monthly Draw 1. Monthly Draw
Grand Prize – RM100,000 x 1
Second – RM10,000 x1
Third – RM1,000 x 50
Consolation – RM500 x 200Minimum average balance RM100 monthly 2. States Draw*
Grand Prize – RM10,000 x1 winner every state
Second – RM1,000 x10 winners every state
Third – RM500 x20 winners every state
*Draws for Kedah and Perlis are combined3. Jom Pindah Gaji
Grand Prize – RM50,000 x 1
Second – RM25,000 x 1
Third – RM15,000 x 1
Consolation – RM1,000 x 50Account salary through Al-Awfar with minimum average
balance of RM100Quarterly Draw 4. Jutawan Al-Awfar
Grand Prize – RM1,000,000 x 1Minimum average balance of RM1,000 for 3 months 5. New Saver
Grand Prize – RM20,000 x 1
Second – RM10,000 x 1
Third – RM5,000 x 1
Consolation – RM500 x 20Account opened less than a year Minimum average balance of RM1,000 for 3 months 6. 50 for 50
Grand Prize – RM50,000 x 1
Second – RM25,000 x 1
Third – RM15,000 x 1
Consolation – RM1,000 x 10Aged 50 years and above Minimum average balance RM1,000 for 3 months Half Yearly Draw
(January/July)7. Half-Yearly
Grand Prize – BMW 320i M Sport x 1
Special Prize – TESLA Model Y x 1
Second – Honda HRV x 2
Third – Umrah/Holiday x10
Consolation – Latest iPhone x 10Minimum average balance of RM1,000
for 6 months8. Loyalty 1
Grand Prize – RM50,000 x 1
Second – RM25,000 x 1
Third – RM15,000 x 1
Consolation – RM500 x 10Al-Awfar account opened within 3 to
5 years Minimum average balance of RM1,000 for 6 months9. Loyalty 2
Grand Prize – RM100,000 x 1
Second – RM50,000 x 1
Third – RM25,000 x 1
Consolation – RM1,000 x 10Al-Awfar account opened more than 5 years Minimum average balance of RM1,000 for 6 months 10. Youth
Grand Prize – MacBook Pro x 10
Second – iPad Pro x 5
Third – Apple Watch x 3
Consolation – RM500 x 20Aged 23 years and below Minimum average balance RM100 monthly 11. GradONE
Grand Prize – Honda City Hatchback x 1
Second – Perodua Myvi 1.5 x 1
Third – Honda ADV160 x 3
Consolation – RM1,000 x 10Aged 21 to 35 years Minimum average balance RM100 monthly Yearly Draw 12. Platinum
Grand Prize – RM150,000 x 1
Second – RM100,000 x 1
Third – RM70,000 x 1Average balance more than RM250,000 yearly 13. Gold
Grand Prize – RM100,000 x 1
Second – RM70,000 x 1
Third – RM50,000 x 1Average balance from RM100,000 – RM249,999 yearly 14. Silver
Grand Prize – RM50,000 x 1
Second – RM25,000 x 1
Third – RM15,000 x 1Average balance from RM50,000 – RM99,999 yearly 15. Bonus
Grand Prize – 1kg Gold Bar x 1
Second – Harley Davidson Road Glide Special x 2Minimum average balance RM1,000 yearly
