A branch of Emirates Islamic Bank in Bur Dubai. The global financial crisis brought a spotlight onto Islamic Finance, and showed how it works as an alternative. Image Credit: Pankaj Sharma/Gulf News

Dubai: UAE savers who keep a certain amount of cash in their bank account with Emirates Islamic will not only get the chance to win Dh1 million every month, there are shiny new electric cars up for grabs, too.

The local bank announced on Monday that it is giving away five Tesla Model S cars and over 300 cash prizes to customers who can maintain at least Dh5,000 in their account.

The savings campaign runs between February 1 and April 30, 2018, and the draws for the cars will be conducted in March and April, when one Tesla will be given away each month, and in April, when three Teslas will go to the lucky savers.

The new vehicles are a new addition to the bank’s monthly prize lineup that already includes cash worth up to Dh1 million and a luxury car.

“Every Dh5,000 average balance in a Kunooz savings account will earn customers an entry into the monthly Tesla draw,” the bank said in a statement.

“Account holders will also continue to benefit from the five daily cash prizes worth Dh3,000 each, with every Dh1,000 average balance providing one entry into the draw.”

Kunooz is the bank’s flagship savings programme that offers returns, as well as daily and monthly grand prizes of up to Dh1 million.  A Dh5,000 minimum balance gives savers a chance to win a grand prize, while a Dh1,000 balance gives account holders a chance to win a daily cash prize of Dh3,000.