9 July 2017 – Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat,
has launched an exciting travel finance package coinciding with the summer
holiday season. Targeting Oman’s fast-growing tourism sector, Meethaq travel
finance offers up to RO 10,000 on competitive pricing and flexible payment
period ranging from 3 to 24 months.
first-of-its-kind Shari’a based travel finance package in the Sultanate is in
line with the Meethaq focus to provide a distinct banking experience to
customers. The finance package comes with free life takaful coverage and is
available for Omani nationals or expatriate residents with a minimum monthly
income of RO 250. The Meethaq travel finance covers air tickets, hotel
accommodation and more. The package adds value, ensuring a hassle-free travel
Al Harthy, Deputy Chief Executive Officer – Islamic Banking, said: “Meethaq is
proud to launch Oman’s first Shari’a based travel finance package, which is set
to add value and enhance travel convenience. Providing a boost to the tourism
sector, the Meethaq travel finance opens the doors for avid travellers to
explore exciting destinations around the world. The finance package can be
availed for holidays across the world, business trips, study tours or religious
visits. Offering a convenient finance option, the Meethaq travel finance
reiterates the bank’s commitment to provide the best banking services and
products to customers.”
Meethaq travel finance is based on the Islamic financing principle of 'Ijarah'
for the services. The bank has signed agreements with various service providers,
including leading travel agents, to lease the services required by customers and
sub-lease it to customers on the basis of 'Ijarah'.
documents required for availing the Meethaq travel finance package include
copies of national ID / Resident card, passport with visa page, photographs,
salary transfer letter in favor of Meethaq Islamic Banking, address proof,
liability declaration statement and travel quotation from authorised travel
operators favoring Meethaq Islamic Banking.
has adopted the best practices in Islamic banking and finance worldwide to
combine a robust model which protects customers and compliments 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.