Shamil Bank launches high yield savings scheme Shamil Jawaher

Shamil Jawaher, which aims to offer an expected return of 6 per cent per annum, is structured based on the Wakala principle, with savers' funds being reinvested in different highly reputable financial institutions.

Shamil Jawaher has a tenor of three years. Subscriptions can be made in Bahraini dinars or US dollars, with a minimum initial investment of BD1,000 (or $3,000) and multiples of BD500 (or $1,000) for additional deposits before the closing date of 8 May, 2008.

Profits will be distributed evenly every six months over the three-year tenor.

Commenting on the launch of 'Shamil Jawaher', Shamil Bank Head of Private Banking, Abdul Hakim Khalil Al-Mutawa said, 'Shamil Jawaher is one among a few savings schemes offering returns this high, and the only one offering profits before the three-year tenure is over. This makes it attractive not only for small depositors, but also for high net worth individuals and institutions looking for a safe home for large sums of idle cash'.

Shamil Jawaher is open to all nationalities over 21 years of age, as well as to institutional investors.