Barwa Bank, described as Qatar's most progressive Shariah-compliant service provider, has announced first round draw winners for Thara’a, its latest savings account.

In a first for Qatar’s Islamic banks, Thara’a offers account holders the chance to benefit from cash rewards up to QR1,000,000, seamlessly reconciling core values of Islamic finance and Shariah-compliant banking with a tiered reward-based loyalty scheme for personal banking customers.

Based on several criterions, Thara’a account holders are eligible for a number of periodic draws for cash prizes. Totaling QR2,645,000, Thara’a cash rewards are distributed on both a monthly and quarterly basis to customers holding a minimum balance of QR10,000; qualified customers are eligible for a maximum of three draws per month for monthly draws rewarding 44 winners in total with cash prizes up to QR50,000, and for a maximum of 11 quarterly draws, each granting one select customer a grand prize of QR1,000,000.

Fourteen Thara’a winners for the first round were Loai A.M. Al-Tawil, Youssef Hussein Kassem, Ataelmunnan Abdalla Elyamani Ibrahim, Amna Jabor A.N. Al-Attiya, Adel Salem S. Al-Selaiteen, Alla Hail Marouf, Noof Abdulla N.B. Al-Marri, Aisha Mubarak R K Al-Hamad, Noof Salem M.S. Almarzouqi; Samina Razaq, Ibrahim Abdulhussain Sedaqat, Jamal Mohamed K. Al-Kubaisi, Yousef Ahmad Abidli and Tanja Ridwan.

Barwa Bank said in a statement: “The overwhelming response we received for Thara’a since its launch is a testament to Barwa Bank’s drive in delivering not only on innovation, but, also on consumer-centric product development. There is a huge opportunity gap in progressive Shariah-compliant products and services, which can bridge together the strong principles and values of our customers with the direction and future of modern banking.”

Thara’a’s reward-based scheme is one model that has proven successful in accomplishing just that. We’re proud to be spearheading this forward-thinking direction.”