It only saw its official launch in august and now Thara’a, a Shari’ah compliant savings account that was incepted by Barwa Bank – Qatar’s most progressive Shari’ah compliant financial services provided – has already garnered both favor and interest among Qatari banking customers.
With nearly 3,000 entries recorded by Barwa Bank in one day, Thara’a is witnessing a launch of massive scale and impact within the Qatari banking community; its success largely owing to a pioneering interest-free model in personal banking and wealth management, powered by a tiered long term loyalty reward system and, capitalizing on increasing international spotlight and interest on Islamic finance. With Thara’a, Barwa Bank believes it has unlocked a wealth of opportunities for Shari’ah compliant wealth creation that seamlessly bridges principles and values upheld by Qatari banking customers and nationals, and modern banking trends that are shaping the future of the industry – among which, most notably, is heavy engagement and contribution of banking customers as co-creators in innovative product and service development.
Rather than opting for a one-off campaign that is driven by periodic consumer transactions and tactical usage, Barwa Bank is offering account holders long term wealth creation opportunities if they gradually and consistently feed their savings through a ‘gamification’ model of sorts; for a minimum balance of QAR 10,000, Thara’a account holders and qualified and eligible for a number of periodic draws offering prizes up to QAR 2,645,000. With cash prizes distributed on both a monthly and quarterly basis, draws were designed on a yearlong basis, enabling Barwa Bank to ramp up a huge customer base and traction for Thara’a long after its launch; and paving the way, at that, for future such Shari’ah compliant personal banking products that Barwa Bank could be launching on the heels of Thara’a’s success.
Qualified Thara’a customers can take part in a maximum of three draws per month for monthly draws rewarding 44 winners in total with cash prizes up to 50,000 riyals, and in a total of 11 quarterly draws, each granting one select customer a grand prize of 1,000,000 Qatari riyals. Beyond the cash rewards, Thara’a also extends its proposition to a bundle of value-added benefits and services, offering account holders multi-access across Barwa Bank’s banking channels, as well as unlimited withdrawals and deposits and free fund transfers.
What would you do with QAR 1 million? Open your Thara’a account today and you just might have the opportunity to find out.
Barwa Bank offers an extensive variety of personal banking products and investments, as well as eight strategically located branches and a broad network of more than 60 ATMs located across Qatar. Customers can access their accounts from the convenience of their office or home through the state-of–the-art online banking, or via the 24/7 Contact Centre 800 8555.
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