MUSCAT, 20 April 2014 – Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, hosted an event at Muscat Grand Mall to promote savings habit among children. The fun activities and competitions held at Baraem village evoked strong response from children. Meethaq's Baraem is the first Shari'a based children's savings account in Oman.
The competitions provided a learning experience for children on the basics of financial management, including earning, budgeting, charity, savings and spending. The winning teams received attractive prizes.
Sulaiman Al Harthy, Group General Manager – Islamic Banking, said: “Meethaq is proud to take the lead in launching a special savings account for children aimed at encouraging the savings culture among them and helping parents prepare for the future of children. Baraem serves as a foundation for guiding children on prudent financial management in general and familiarising them with Islamic banking principles through the attractive savings product. Baraem offers unique privileges and facilities to children."
Baraem savings account targeted at children below 12 years can be opened by their parents. Baraem encourages children to save pocket money and cash gifts and utilise the same for gainful purposes such as buying books as well as disciplined spending for food and entertainment.
Baraem fulfills the desire of children to have their own bank accounts like their parents, encouraging them to make savings a regular habit. On signing up, children receive a special welcome kit comprising Baraem Recognition Card which entitles them to discounts at favorite outlets and book stores. An interesting story book and educational aids which spark creativity are also presented to account holders.
When children save a certain amount of money in Baraem account, Meethaq will deposit additional money in their account. The Baraem savings thus continue to grow. More the saving, more the additional deposit from Meethaq. Notably, no transaction charges are deducted from the Baraem account.
Baraem is committed to a secure future for the account holders. In the event of the unfortunate demise of the parent who has signed up as the joint account holder, the child will be entitled for a monthly allowance of RO 200.
Meethaq has created a micro site for Baraem where children can log on to learn more about their account in a friendly environment and also play some educational games.
Aimed at motivating children, a friendly mascot named Barum is associated with the children's account to engage them in a world of fun and learning. Barum, the banking friend of children, interacts with children at popular hypermarkets and malls, guiding them on savings. Barum also keeps company with children in their homes in the form of attractive coin boxes.
Meethaq is well positioned to provide Islamic financial expertise to diverse segments and thereby promote the good of society as a whole. Meethaq offers a full suite of Islamic banking products, including savings account, current account, home finance, auto finance, credit card, mobile banking etc. Meethaq has adopted the best practices in Islamic banking and finance worldwide to combine a robust model which protects customers and complements the Islamic banking industry. Every Meethaq product goes through the process of Shari'a compliance certification by the Shari'a Supervisory Board and is created in line with the guidelines of the Central Bank of Oman.