How an Abu Dhabi Indian Expat Won AED 2 Million via a Phone App?

The remarkable success story that is making headlines in the UAE after an Indian expat in Abu Dhabi has bagged an incredible AED 2 million a sterling fortune through the UAE based ‘Sharjah Islamic Bank (SIB) Millionaire’ campaign. What makes this even more incredible is that in less than 60 days, after opening a savings account with the SIB Digital App, he won the grand prize.

The story has motivated thousands of residents to learn more about savings based reward programs; whether they could do the same and secure their financial futures at the same time.

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How the Journey Began?

As stated by the campaign, Shajeer had been researching a number of occupations where he could build his own wealth in the UAE. Similar to the majority of expatriates, he wished to establish a financial security for the long term and ultimately to bring his household from India, where he lived with him in the Emirates.

He simply did the whole account opening process digitally using SIB Digital App while uploading his ID documents, and opened a Savings Account with Profit and Rewards. His name was declared as grand prize in the official draw organised at the Sharjah Islamic Bank Head Office Main Branch and took place within two months.

Understanding the SIB Millionaire Campaign

The SIB Millionaire campaign is intended to promote Saving instead of Spending. Unlike conventional lottery in which lottery holders buy tickets, the customers only need to keep money in a qualifying savings account and still have full charge of their money.

All eligible customers with minimum balances automatically qualify for draw entries every month, allowing the potential for big cash prizes with savings advantages.

How the Entry System Works?

The campaign has a simple structure, which allows participants, with their accounts, to easily participate in it. The draw is open for customers with AED 10,000 as a minimum Balance in the Profit and Rewards’s Savings Account.

The system automatically creates 1 additional raffle entry every extra AED 10,000 that is left in the account. The funds deposited are still available to the customer and not paid out on ticket sales as it operates on a Sharia-compliant Mudaraba basis.

Cost and Key Campaign Details

The cost of the campaign and key details are tabulated in the table below.

Parameter	Details
Minimum Balance for Entry	AED 10,000
Entry Generation	1 ticket for every AED 10,000
Account Maintenance Fee	AED 25 + VAT
Annual Prize Pool	AED 20 million

How Residents Can Participate?

There are a number of ways for residents to participate in the campaign. The simplest way to do this is by downloading the SIB Digital App from the Apple App Store or the Google Play Store, and then completing the Emirates ID verification process digitally.

Alternatively, customers can text to 6667 using the text message “Millionaire” for an auto-replied banking link or call the SIB customer service center to set-up an account with individualized specifications.

What Makes This Story So Inspiring?

With Shajeer’s victory, it is clear how the new era of digital banking is making financial services more accessible now than ever before. It can once again be done from a cell phone in minutes.

Apart from the prize, the campaign is a great tool to instill sustainable saving practices in the minds of customers and offers them a chance to build up their savings without sacrificing their invested money.

FAQs

What is the lowest amount of money you need to be in to run the SIB Millionaire campaign?

To get a monthly draw, the customer is supposed to have a minimum balance of AED 10,000 in their account.

How does raffle calculations work?

Each participant is given one entitlement per AED 10 000 saved in his/her qualifying account.

How can I open an SIB Millionaire account?

Customers may download the SIB Digital App to complete the identity verification process and open an account with SIB Bank to earn a qualifying savings account or go through SIB’s SMS and customer service.

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