Investment Account Essay Example for Free

Venture Account Essay What is the significance of Al-Awfar? Al-Awfar implies â€Å"prosperous investment†. 3. What is the distinction between Al-Awfar Savings Account and Investment Account-I and the typical Bank Islam Savings Account-I and General Investment Account-I (GIA)? Al-Awfar Savings and Investment Account-I is a compensating account that offers a large group of extra highlights, which incorporate expected Mudharabah returns on reserve funds and ventures (assuming any). This is notwithstanding the chance to get money prizes from the bank through a quarterly prize draw. 4. Is Al-Awfar Saving and Investment Account-I a type of betting? NO. Al-Awfar Savings and Investment Account-I is liberated from any components of betting. 5. Is Al-Awfar Savings and Investment Account-I Shariah-consistent? Truly. The Shariah Supervisory Council of Bank Islam affirmed this item in its 102nd gathering dated seventh April 2008 (30 Rabiulawal 1429H). 6. Are prize attracts permitted by the Shariah Law? Indeed. Prize draws are allowed if there is no components of riba (usury), gharar (vulnerability) and maysir (betting). 7. What is the premise on the passability of attract Islam? 1. Al-Quran, in Surah Ali ‘Imran section 44 This is a piece of the updates on the Ghaib (concealed, I. e. the updates on the past countries of which you have no information) which We rouse you with (O Muhammad ). You were not with them, when they make bets with their pens regarding which of them ought to be accused of the consideration of Maryam (Mary); nor were you with them when they questioned. . Is the draw acted in a way that is straightforward to general society? Indeed. There is an outside free draw advisory group who will watch the draw procedure. 9. What is the contrast between Al-Awfar Savings and Investment Account-I and other competitors’ item? Al-Awfar Saving and Investment Account-I is the primary result of its sort presented by an Islamic bank, which meets all Shariah prerequisites. 10. Where does Bank Islam contribute the assets stored by clients? Bank Islam puts the reserve in Shariah-agreeable speculations pproved by the bank’s Shariah Supervisory Council. 11. Can the money prizes got be utilized for Ibadah purposes, e. g. playing out the Hajj and Umrah or parted with as Zakat and Sadaqah? Indeed. The money prizes originate from a Halal source. After accepting the money prize, the client is allowed to utilize it for any reason 12. Are the money prizes taken from the benefit earned through Al-Awfar Savings and Investment Account-I? NO. The money prizes are given by the Bank and are not explicitly gotten from benefits of Al-Aw far Savings and Investment Account-I.