JEDDAH, 27 January — Takaful Ta’awoni, a Shariah compliant mutual protection and investment plan, was one of the Islamic products introduced by a national bank here yesterday.
"The program is a system of mutual cooperation for financial assistance and protection based on the Qur’anic principle of ‘ta’awuni’, or mutual assistance," Mishari Ibrahim Al-Mishari, general manager and chief executive officer of the Bank Aljazira, told a press conference.
He described the program as the first of its kind launched in the Kingdom with the approval of Saudi Arabian Monetary Agency and the bank’s Shariah committee.
The bank’s Islamic strategy and the new logo depicting its new corporate identity were also explained on the occasion. The bank’s two assistant general managers — Islamic banking group’s Dr. Mohammed D. Al-Ghamdi and personal banking group head Hisham A. Abulola — were also present.
Mishari said all of the bank’s new Islamic products were investment-oriented aimed at achieving outstanding service levels and providing utmost satisfaction to investors. He said advanced technology and banking products were introduced in the bank after it was restructured in 1992. This was coupled with the induction of highly talented personnel and experts. It began bearing fruit in 1995 onward, with high investment returns.
"In the face of new developments, the bank found it essential to commit itself to Islamic banking, the idea being to participate in the development of Islamic economy both at individual and social levels."
Both Abulola and Al-Ghamdi referred to the various investment funds offered by the bank, "which all are in compliance with Shariah." These include Al-Khair Equities Fund, Al-Taiyebat Saudi Equities Fund, Al-Thoraiya European Equities Fund, Al-Mashareq Japanese Equities Fund and Al-Qawafel Fund for Commodities Trade.
