MUSCAT: Since its launch, Meethaq Islamic Banking from Bank Muscat has been endeavouring to enhance the role of promoting a healthy savings habit in the Sultanate of Oman. Meethaq continues to work to shed light on the importance and benefits of enhancing the saving culture in society for a bright and secure future.
In line with its commitment to meet the customers’ needs, the Meethaq Savings Account is designed with exciting benefits and it offers attractive Shari’a-compliant profit rates that are based on principles of Mudarabah.
On this occasion, Sami Arfah Bait Rashid (pictured), Assistant General Manager — Meethaq Personal Banking, said: “I would like to extend my gratitude to people in general and Meethaq’s customers in particular for their trust in the innovative services and products that Meethaq Islamic Banking offers. We are working constantly towards developing our products in line with global trends and to provide added value to our customers. The Meethaq Savings Account is designed to meet customers’ needs in getting financial benefits that are in line with Shari’a, and based on the Mudarabah contract.”
Sami Arfah Bait Rashid stressed that Meethaq will continue working towards achieving its customer-centric strategy in developing the various products and services that meet customers’ aspirations and based on global Islamic banking trends. He encouraged customers to enjoy the benefits and banking facilities offered by Meethaq starting from opening the account to enjoying Meethaq’s unique customer experience.
Customers can open a Meethaq Savings Account via Meethaq’s website or by visiting the branch to earn up to 3.5 per cent p.a. and also avail free life Takaful cover upon maintaining a monthly average balance of RO 30,000.
Omani customers may visit any Meethaq branch along with their ID card and a copy of any utility bill, while expatriates should provide their resident card, passport and a copy of any utility bill to open their new Meethaq Savings Account.
The Meethaq Savings Account offers profit at competitive rates, which will be credited to the customer’s account on a monthly basis and there is no minimum balance requirement for profit eligibility. Profit will be credited to customer accounts based on the monthly average balance.
All products of Meethaq are designed according to the guidelines set down by the Central Bank of Oman for Islamic banking and they also undergo a thorough process of Shari’a compliance certification by the bank’s Shari’a Supervisory Board.
A Savings Account holder provides funds as ‘Rabb-ul-maal’ and Meethaq invests these funds as ‘Mudarib’ (the fund manager), and based on this relationship, the depositors and Meethaq become beneficiaries of the profit earned.
When the joint investment pool earns profit, it is distributed in a pre-agreed ratio between the depositors and Meethaq.
In addition to the high profit rates and free life Takaful cover, Meethaq Savings Account customers can enjoy a Debit Card with daily cash withdrawal limit of RO 600, withdrawal and deposit facility through Meethaq’s nationwide ATM/CDM network, 24x7 access to the account through free electronic banking services including Internet Banking, ATMs, Cash/Cheque Deposit Machines and Mobile Banking, flexibility to make purchases at millions of Visa-endorsed shopping outlets worldwide, ability to pay bills for electricity, water, telephone, Internet and school fees through e-channels, and no minimum balance charges.