Khaleeji Bank, one of the leading Islamic Banks in the Kingdom of Bahrain, has launched the ‘Ajyal’ Account, an innovative savings solution designed specifically for minors aged 0 – 21 years old.
This innovative account aims to develop good financial habits and enhance the culture of saving and financial literacy among younger generations.
With the Ajyal Account, children can learn the importance of saving and develop essential money management skills from an early age. The account comes in two varieties: Ajyal Saving Account, which allows for deposits and withdrawals with added privileges in the form of an Expected Profit Rate of up to 3.025 percent depending on their deposit and expenditure behavior.
The Ajyal Depositors Account, which is a fixed deposit account based on the principles of Absolute Mudharaba, offers a 12-month Tenor and an Expected Profit Rate of up to 5 percent, starting from a Minimum Deposit of $265 (BD 100).
On this occasion, Ameera Ahmed Al Abbasi, Head of Retail Banking at Khaleeji Bank, stated that, “We are delighted to introduce the Ajyal Saving Account and Depositors Account to our young clients, as it provides innovative solutions that enable them to find seamless ways to perform financial and investment transactions, in compliance with the principles of Islamic Shari’a.”
“The Ajyal Depositors Account starts from only $265 (BD 100), with the possibility of unlimited additional deposits for the Tenor’s duration of one year, with an expected competitive Profit Rate of 5 percent. The Ajyal Account is now available for opening through the Khaleeji App or by visiting any of the bank’s branches. For parents of minors below the age of 15 years old, they can open an account on behalf of their child. Minors aged 16 – 21 can individually open a new account,” Al Abbasi added.
