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Bank Muscat raises 2016 al Mazyona prize money to RO 10 million

MUSCAT, 18 January 2016 - Bank Muscat, the flagship financial services provider in the Sultanate, sprung a surprise with the biggest prize money of RO 10 million for 2016 al Mazyona Savings Scheme. His Highness Faris bin Fatiq Al Said unveiled 2016 al Mazyona Savings Scheme and picked the winners of 2015 al Mazyona year-end prize draw offering RO 1.5 million at the ceremony attended by senior bank officials and the media. 

Reaching out with a powerful call for savings, Oman's flagship savings scheme has increased the prize money to RO 10 million in 2016 compared to RO 9 million in 2015. As on date, al Mazyona savings scheme guaranteeing more for everyone to share is the biggest prize money in Oman and the region.

The highlights of 2016 al Mazyona savings scheme include aspirational prizes of RO 1 million at the end of year and high value prizes for different segments, including women, children, youth and high saving customers. Adding excitement to festivals and national celebrations, the 2016 savings scheme rewards customers with special prizes. al Mazyona continues to be the only savings scheme to recognise and reward loyalty for customers based on their association with the bank. They can also win a bonus salary every month for transferring salary to the bank.

The enhanced prize money will be shared by more winners as customers from all regions are guaranteed to win prizes ranging from RO 1,000 a week to RO 10,000 a month, RO 100,000 every quarter and RO 500,000 at the end of year which is open to all customers.

asalah Priority Banking customers have chances to win RO 50,000 monthly prizes, RO 250,000 quarterly prizes, and a jackpot RO 500,000 year-end prize.

Prizes reserved for al Jawhar Privilege Banking customers include RO 25,000 monthly prizes and RO 50,000 quarterly prizes.

A special prize draw offering RO 10,000 each for winners from 14 regions will be held in celebration of Eid Al Adha in July. An exclusive draw for Zeinah women customers coinciding with Omani Women's Day is another highlight in which 10 customers will be rewarded with RO 10,000 each. On the occasion of the National Day, a special draw will be held offering RO 10,000 each for 10 winners.

Notably, al Mazyona has reintroduced salary transfer prizes which is back by popular demand. Thirty customers transferring a minimum monthly salary of RO 500 are eligible to win an additional salary every month. There is no cap on the salary amount and this will truly be a bonus salary for the winning customers.

Details of Oman's flagship savings scheme offering bigger prizes for more winners were unveiled to the media at the bank's head office.

Said Al Badai, Group DGM – Branches, said: “Continuing with the tradition of rewarding customers, Bank Muscat is proud to sustain the biggest prize money in Oman and the region. During the past 2 decades, al Mazyona has rewarded numerous customers and enriched their lives. Big prize money is not the only attraction of al Mazyona, which is designed to transform the lives of prudent savers. The scheme is targeted to accommodate all nationalities and segments, including ladies, youth, children, high savings balance customers and salary account holders, thereby inculcating a strong savings habit among citizens who will be responsible for the future development of Oman."

Abdullah Tamman Al Mashani, Deputy General Manager – Institutional Sales & Products Development, said: “At a time when expectations on financial rewards and incentives are low due to prevailing economic situation, Bank Muscat is proud to further elevate the unique al Mazyona experience. The bank understands customer expectations and al Mazyona 2016 scheme continues to reflect innovative customer segmentation based on two principles - region and demographics – ensuring a higher winning chances to all customers across the Sultanate, including ladies, youth, children and high savings balance customers. The 2016 al Mazyona scheme offers exciting weekly, monthly, quarterly, special and year-end prizes. Winning with al Mazyona has never been simpler as customers are not required to block their money for long or wait for a long time to win big prizes."

Al Mashani added: “al Mazyona customers have plenty of reasons to smile throughout the year, thanks to the new scheme that offers winning chances for customers in all regions. With RO 10 million, al Mazyona offers the biggest prize money in the savings scheme history in Oman and the region."

Win RO 1000 every week: With 30 weekly prizes, including two for Zeinah women customers, reserved for every region, customers have a very good chance to win RO 1000 with just a minimum balance of RO 100. Customers get one chance for every RO 100 balance. Women customers are eligible to participate in the other prize draws in addition to the two weekly prizes exclusively reserved for them by becoming a Zeinah account holder.

Win RO 10,000 every month: Customers maintaining a minimum balance of RO 1000 get a chance to win RO 10,000 every month. For every RO 1000 balance, customers are entitled to 10 winning chances. In all, 28 monthly prizes, are reserved for customers covering all the regions. The more the balance, higher the winning chances.

Win & celebrate during festivals and National Day: Customers maintaining a minimum balance of RO 1000 get a chance to win RO 10,000 each to be distributed to 14 customers during Eid Al Adha. Similarly 10 Zeinah customers can win RO 10,000 each on Omani Women's Day and 10 customers can win RO 10,000 each on National Day.

Year-end prizes RO 1 million:  The grand RO 1 million year-end prizes will be shared by two winners, including 1 reserved exclusively for asalah Priority Banking. Customers maintaining a minimum balance of RO 1000 are eligible for the grand prize draw offering RO 500,000 each. Customers get 10 chances for every RO 1000 balance. The higher the balance, higher the chances to win.

asalah Priority Banking customers: The asalah Priority Banking customers maintaining a minimum balance of RO 30,000 are eligible to participate in all al Mazyona prize draws, in addition to exclusive draws earmarked for them. The high savings balance customers have exclusive monthly prizes of RO 50,000, quarterly prizes of RO 250,000 and year-end prize of RO 500,000.

Privilege Banking: Al Jawhar Privilege Banking customers maintaining a minimum balance of RO 10,000 in their savings accounts are eligible to participate in all al Mazyona prize draws, in addition to exclusive monthly prizes of RO 25,000 and quarterly prizes of RO 50,000. 

Zeinah account holders: Targeted at Zeinah women customers maintaining a minimum balance of RO 100, al Mazyona offers two weekly prizes of RO 1000 each, in addition to an exclusive Zeinah draw coinciding with the Omani Women's Day offering a total of RO 100,000 to be shared by 10 winners.

Children's account holders: By maintaining a monthly balance of RO 50, al Mazyona Children's account holders get a chance to win 20 monthly prizes of RO 100 each. al Mazyona children's account holders are also eligible for other al Mazyona prizes by maintaining a minimum balance of RO 100.

Shababi account holders: Youth customers opening a Shababi account with just RO 10 get a chance to win RO 300 every month. In all, there will be 30 winners every month in the youth category. Shababi account holders are also eligible for other al Mazyona prizes by maintaining a minimum balance of RO 100.

'Double-Your-Salary' scheme

The 'Double-Your-Salary' entitles customers maintaining a salary account with the bank to win a free bonus salary every month. There are no pre-conditions attached to the scheme, except that the salary must be transferred to any Bank Muscat branch in Oman. All customers who transfer their salary to Bank Muscat get a chance to double their salary through the bonus salary prize. While customers may earn their salary only once a month, with Bank Muscat they have a chance to win an additional bonus salary every month.

The prize scheme is open to all customers with a minimum monthly salary of RO 500. For instance, a customer whose salary is RO 500 can win an additional salary prize of RO 500 whereas another customer whose salary is RO 3000 can win back an equivalent bonus salary of RO 3000 and so on. In all there will be 30 winners every month who will gain a bonus salary with al Mazyona savings account.

Reward for loyalty: A continuing attraction is that the winning chances get multiplied by the number of years customers are associated with al Mazyona savings scheme. For example, if a customer has been saving for 5 years, his chances of winning get multiplied by 5 times and similarly if he has been maintaining al Mazyona savings account for 20 years, his chances get multiplied 20 times and so on. This benefit is unique only to al Mazyona savings scheme holders and no other bank offers this, as on date.

Certification and validation of al Mazyona draw: In order to maintain the tradition of providing complete transparency of the scheme, al Mazyona prize draws will be tested and certified by accredited external auditors. Bank Muscat pioneered this proactive step and is proud to continue this tradition in Oman for communicating good governance and transparency.

Over the years, al Mazyona has succeeded in inculcating a strong savings culture in Oman. The objective of al Mazyona is to create a lifetime change for winners and allow them to invest the prize money in things that will make a lasting difference and the well-being of their families. The underlying principle of the scheme is that the greater the deposit balance and longer the relationship, the higher the chance of rewards. Customers can win more by saving more with Bank Muscat. The flexible scheme makes regular saving easier and is available across the largest network of 137 branches in Oman.