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Meethaq launches attractive auto finance to celebrate National Day

​MUSCAT,  4 November 2019 

Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, in step with the bank’s vision ‘To serve you better, everyday’ has launched an attractive vehicle finance coinciding with National Day celebrations. The special Meethaq auto finance is available at 4.9 per cent annual profit rate. The limited period offer is valid from November 1 till the end of the month.

The Shari’a-compliant Meethaq auto finance is based on the concept of Murabaha wherein the cost of vehicle and profit is disclosed to the buyer. Meethaq purchases the vehicle on behalf of its customers and sells it to them at the cost plus agreed profit. 

The exclusive benefits of Meethaq auto finance include financing up to 80 per cent of the value of vehicles and repayment tenure up to 8 years. Financing is also available for purchasing used vehicles. An added advantage is that the bank does not charge any processing fee and offers competitive pricing. With minimal documentation and fast processing, the Meethaq car finance is available for citizens and residents at all Meethaq branches.

Meethaq customers can also enjoy the benefit of Comprehensive Motor Takaful or Third Party Motor Takaful at very competitive rates and several value-added benefits like free Personal Accident Cover for up to 7 passengers, free UAE Cover, free dealer repair during the first year of registration, dealer repairs for up to 3 years from the vehicle’s first registration at a nominal additional cost as well as comprehensive cover for vehicles that are up to 7 years old.

Customers can also get a backup car for up to 15 days in case of accidents and repair requires minimum 3 days. Meethaq customers who opt for Comprehensive Motor Takaful will be eligible for car ‘pick-up and drop’ service to the authorised dealer for routine maintenance once a year.

Meethaq customers can also purchase Third Party Motor Takaful if they so desire. In such cases, the policy covers third-party persons and medical expenses as well as any damage to third party property. Meethaq customers benefit from the fact that even the Third Party Motor Takaful offers free UAE cover by default.

Meethaq remains committed to promoting the good of society as a whole. By encouraging people to buy the best vehicles possible, Meethaq reiterates its commitment to road safety, thereby spreading safety and happiness in Oman.