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Meethaq to host ‘Back to school with Baraem’ event for children

MUSCAT, 14 August 2017 – Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, is hosting an event at Muscat Grand Mall to promote financial literacy and savings habit among children. The 2-day ‘Back to School with Baraem’ event will be held on Thursday 17 August and Friday 18 August from 7.30 pm to 9.30 pm with fun activities and competitions.

Targeted at children below 12 years of age, Meethaq’s Baraem Account is the first Shari’a based children’s savings account in Oman. The account can be opened by parents/guardians on behalf of children. Baraem encourages children to save from a young age and utilise savings for gainful purposes and disciplined spending.

Baraem helps parents to save on behalf of children and at the same time inculcate the savings habit among children. On opening the account, a special welcome kit comprising Baraem Recognition Card entitles cardholders to discounts at various outlets, including book shops, restaurants and children’s clothing stores. Activity books and educational aids which spark creativity are also gifted to account holders.

The Baraem account comes with attractive profit rates so the savings grow with time. Moreover, the profit is credited on a monthly basis to the Baraem account. More the saving in Baraem account, more the Mudarabah profit from Meethaq. Notably, no transaction charges are deducted from the Baraem account.

Meethaq has created a micro site for Baraem account where children can visit to learn more about the concept of savings and good financial habits in a friendly environment and participate in educational games and quiz.

A friendly mascot named ‘Barum’ is associated with the children’s account to engage and motivate them in a world of fun and learning. During events, Barum, the banking friend of children, interacts with children, guiding them on financial literacy. Barum also keeps company with children at homes in the form of attractive money 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, fixed deposits, home finance, auto finance, personal finance, credit card, mobile and internet 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.