MUSCAT, 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.

The 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 for customers.

Sulaiman 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.”

The 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'.

The 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.

Meethaq 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.