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New CDM features allow customers of Omani banks to easily deposit cash into Meethaq and Bank Muscat accounts

Muscat, 9 September 2020 

 Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, in step with the bank’s vision ‘To serve you better, everyday has enhanced its Cash Deposit Machines (CDMs) with an innovative feature for easy transfer of funds into Meethaq and Bank Muscat accounts. Meethaq Islamic Banking, which has been recognised as the Best Islamic Bank in Oman in 2019 by Islamic Finance News, has introduced this new feature for greater ease of banking for all. It allows an account holder at any Omani bank to use their ATM/Debit card to directly deposit cash 24/7 at a CDM without needing to use teller services at the branch. Apart from Meethaq CDMs, Bank Muscat CDMs can also be used to deposit funds into Meethaq and Bank Muscat accounts thereby giving the general public access to the largest network of CDMs in the country for making convenient fund transfers.

The new facility, which makes use of the Central Bank of Oman’s payment network (OmanNet), will validate the account details of the person making the fund transfer to enable the transaction. Funds transferred using the CDMs are credited instantaneously into the recipient’s account. However, as a safety feature, should the transaction not be completed for any reason, the funds will be returned to the account of the ATM/Debit card holder.
Meethaq has an excellent network of branches and a large network of 22 ATMs & 18 CDMs respectively. In addition, Meethaq customers may access Meethaq accounts through bank muscat’s network of 445 ATMs & 110 CDM.

By further digitising the process of fund transfers, Meethaq has once again ensured that it foresees and responds to customer requirements in a proactive manner. Notably, the upgrade will further enhance social distancing norms that are currently in effect because of the Covid-19 global pandemic. The leading Islamic banking window in the country constantly innovates and places new cutting-edge technology at the disposal of its customers to facilitate convenient and secure banking. The general public and Meethaq customers will be enthused by the fact that robust security features are used in all Meethaq digital products and services to ensure the highest security possible. Please visit https://www.meethaq.om/en/echannels/Pages/default.aspx for more details.

It 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. Meethaq is committed to further investments in state-of-the-art technology to increase efficiency and improve customer service.