MUSCAT, 21 August 2019
Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, celebrated the monthly draw of its unique Hibati savings scheme at a special event on 20th August 2019 during the currently ongoing Salalah Festival. The event was attended by Bank officials and held in the presence of hundreds of festival visitors. Highlighting the theme ‘Everybody is a winner with Hibati savings scheme’, 10 lucky customers were rewarded with RO 1,000 each during the event.
The special event was held at the Heritage Village in Salalah Festival in front of hundreds of festival visitors who participated enthusiastically in the various entertainment programmes that were held as part of the Hibati draw. A number of off-stage activities including face-painting, henna art and the appearance of the Mascot kept visitors entertained in the run up to the main draw. Children were particularly enthused by the magic show as well as the cup-stacking and jigsaw-puzzle competitions held onstage. Ten lucky members of the audience also won prizes in the Spin the Wheel competition that helped build excitement among members of the audience before the Hibati draw.
With a total prize amount of over RO 1 million, Hibati has lined up 5,340 prizes to be won in 2019. Hibati rewards customers with attractive weekly, monthly and annual prizes. The eligibility for the monthly prize draw is RO 100 minimum monthly average balance in the Hibati savings account. Keeping in mind customer feedback regarding more prizes at frequent intervals, Meethaq also conducts weekly draws for Hibati savings accounts holders wherein 100 lucky customers can win RO 100 each. In all, 5,200 prizes await customers in the weekly draws being held this year totaling RO 520,000.
The monthly prizes include RO 1,000 each for 10 winners. A total of 120 customers will be rewarded in the series of monthly prize draws in 2019. To add further excitement to the draws, annual prizes of RO 5,000 each for 10 winners, RO 10,000 each for four winners, RO 25,000 each for three winners, RO 50,000 each for two winners and a mega prize of RO 100,000 for one winner is also on offer for all Hibati customers this year.
The Meethaq Hibati savings scheme is aimed at instilling the discipline of savings among people. Helping customers to remain true to their religious beliefs, Hibati ensures the prize scheme conforms to Shari’a tenets. The cash prizes are a gift from Meethaq to its customers who will receive Mudarabah profit plus multiple chances to enter the prize draws based on the average balance maintained in their Hibati savings account.
The underlying Shari’a principle of the Hibati savings account is the unrestricted Mudarabah contract. The prizes are offered as Hiba or gift from Meethaq to customers out of the Mudarib share of Meethaq or paid by the shareholders. The prizes are over and above the profit share of investment account holders in the general Mudarabah pool. Customers will be eligible for the monthly Mudarabah profit as per the declared weightage. The Hibati account benefits include Mudarabah profit rates, cash prizes through draws, Visa debit card, no minimum balance charges and eBanking facilities.
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.