MUSCAT, 2 May 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 the Holy Month of Ramadhan. The special Meethaq Ramadhan auto finance is available at 4.99 per cent annual profit rate, along with life Takaful during the entire finance period. The limited period offer is valid till 31 July 2019.
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 at the customers’ request 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, repayment tenure up to 8 years and free life Takaful coverage during the finance period. Notably, financing is also available for purchasing used vehicles.
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. To provide added convenience, Meethaq sales teams will be available on-site at car showrooms in Wattaya, Mawaleh, Nizwa and Ibri, so as to facilitate the fastest processing time for customers.
Abdul Wahid Mohammed Al Murshidi, DGM - Islamic Personal Banking, said: “Meethaq is happy to offer the attractive Ramadhan auto finance as part of efforts to fulfill the needs of customers with innovative Shari’a based products. 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.”
Meethaq, under the umbrella of Bank Muscat, is the leading Islamic financial services provider in Oman, operating on the principles of Transparency, Trust and Partnership, ensuring the comfort of remaining true to one’s religious tenets and values.
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.