Muscat, 16 September 2019
There has been an excellent response to the unique Savings Plan launched by Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat. The plan enables Meethaq customers to accumulate a lump sum amount so as to be able to achieve financial milestones in their lives. The Savings Plan is a goal-based savings product whereby customers will be able to save on a monthly, quarterly, semi-annually or annual basis to achieve a particular financial goal.
By saving a small amount regularly over a fixed term, Meethaq customers can achieve their financial goal. Meethaq will help to grow the savings for the customer by investing the customer’s savings in its financing and investment products and adding the return thereby generated to the accumulated savings to accelerate the achievement of the customer’s financial goal. A Recurring Deposit account facilitates the Savings Plan and all the contributions collected from the customer are added to the Recurring Deposit.
The small monthly savings in the Recurring Deposit account enables the depositor to accumulate a lump sum amount at maturity which he/she cannot ordinarily achieve through regular savings or fixed deposit products. An added advantage of the Meethaq Savings Plan is that it can be started with a contribution that is as low as RO 50 per month.
Prudent savers have the option of choosing a plan with a duration of 3 years or more. The Savings Plan can have a maximum tenor of 64 years. Meethaq’s Savings Plan come with the option of direct debit/standing order to facilitate one’s contributions to the Savings Plan. It also has an attractive profit rate and inbuilt Takaful cover to protect one’s savings. All contributions are invested in Shariah-compliant investment options and come with the option of withdrawing up to 10% of the accumulated contributions in case of an emergency. A partial withdrawal may be made only once during a calendar year. The full amount can be encashed and withdrawn by a customer subject to the payment of a 1% pre-closure fee.
The Takaful cover for the Savings Plan is provided complimentary to the customer to add protection to the savings in the account. The Meethaq Savings Plan is particularly useful for customers working towards financial goals like funding higher education, marriage and retirement planning needs. Meethaq is thus well positioned to provide Islamic financial expertise to diverse segments in Oman and thereby promote the good of society as a whole.