MUSCAT, 19 August 2015 – Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, is hosting an event at Muscat Grand Mall to promote savings habit among children. The 2-day 'Back to School with Baraem' event begins today (Thursday 20 August) from 5.30 pm to 10 pm with fun activities and competitions. The programme ends on Friday 21 August.
Targeted at children below 12 years, Meethaq's Baraem is the first Shari'a based children's savings account in Oman. The account can be opened by their parents. Baraem encourages children to save and utilise savings 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 deposits additional amount 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 joint account holder, the child is entitled for a monthly allowance of RO 200.
Meethaq has created a micro site for Baraem on the bank's website 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 and mobile banking. 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.