Islamic Retail Banking Products
Al Yusr Savings Account

Al Yusr Savings Account

Al Yusr Savings Account is based on the Shari’a contract of “Mudarabah”. Mudarabah is essentially a trust based profit sharing arrangement wherein one party (Customer / Depositor) known as Rab al-Maal provides funds while another party Bank known as Mudarib manages and invests the funds to earn Shari’a compliant profits to be shared between the two parties.

Al Yusr Savings Account has been structured as Al Mudarabah Al Mutlaqa (Unrestricted Mudarabah) whereby Bank as Mudarib, is authorized to carry out the investment in any manner it deems appropriate, as long as it reflects normal business practice and observes Shari`a compliance.

Any profit from the venture is shared between the customer and the bank on an agreed Profit Sharing Ratio (PSR).

Key Product Features

Please refer to the salient product features mentioned below:

Who benefits from Al Yusr Savings Account?
Any customer looking for Shari`a compliant products and services in Oman. You can save and earn profit without compromising your religious beliefs.

Shari’a Compliant

Reviewed and approved by the Bank’s Shari’a Supervisory Board comprised of the following three eminent Scholars:

Brief Vitae of Shari`a Board

  • Profit will be credited to your account on monthly basis
  • Available in Omani Rial and other major foreign currencies
  • No restriction on number of transactions
  • Free quarterly statements
  • Cash withdrawals and deposits over the counter
  • Ability to setup standing instructions
  • Payment Order facility
  • Local and international remittances
  • Inward and outward clearing
  • Foreign currency cheque collection

Minimum Balance
If the balance in your account falls below RO 100 in a given month, no profit will be paid to you for that month. However, you will be entitled to the profit sharing for other months as per the agreed Profit Sharing Ratio (PSR), as long as your account balance does not fall below RO 100 in those given months.

Over draft
No Overdraft is allowed for Al Yusr Savings Account as this is not permitted in Shari`a.

Historical Profit Rate Sheet

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