Praise be to God, and Prayers and Peace be upon our Prophet Mohammad, his family and his companions. And then:
The Shari'a Supervisory Board of Khaleeji Commercial Bank has reviewed the terms and conditions of Al Waffer investment account and decided that it does not contradict the provisions and principles of Islamic Shari'a. The Board has also decided that it is permissible to grant prizes for it, given that it is a savings account rather than a current account, stating the impermissibility of granting prizes to current accounts.
The Shari'a Supervisory Board indicates that Al Wafer account is founded on the legitimate basis of Mudharaba and that the profits of Al Waffer account holders are no less than those of depositors' funds in the Bank's savings account.
The prizes allotted to Al Waffer account by the Bank are paid from the shareholders' account in compliance with the Shari’a Standard No. (55) titled "Awards and Competitions" issued by the AAOIFI.
Prayers and Peace be upon our Prophet Mohammad, his family and his companions