MUSCAT, 3 June 2017 – Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, has launched an attractive vehicle finance coinciding with the Holy Month of Ramadhan. The special Meethaq Ramadhan auto finance is available at 5 per cent annual profit rate on reducing balance method, along with life Takaful during the entire finance period. The limited period offer is valid till 15 August 2017.
The Shari'a compliant Meethaq auto finance is based on the concept of Murabaha wherein the cost of vehicle and profit is disclosed to the buyer. Meethaq purchases the vehicle on customer request and sells it to them at the cost plus agreed profit.
The exclusive benefits of Meethaq auto finance include financing up to 80 per cent of the value of vehicles, repayment tenure up to 8 years and free life Takaful coverage during the finance period. Notably, financing is also available for purchasing used vehicles.
The bank does not charge any processing fee and offers competitive pricing. With minimal documentation and fast processing, the Meethaq car finance is available for citizens and residents at all Meethaq branches. Adding convenience, select Meethaq branches will be open with extended working hours from 8.00 pm to 11.00 pm during the Holy Month of Ramadhan. The branches offering extended working hours are Wattayah, Al Khoud, Barka, Sohar, Sur, Salalah, Ibri, Ibra and Nizwa.
Sulaiman Al Harthy, Deputy Chief Executive Officer – Islamic Banking, said: “Meethaq strives to fulfill the needs of customers with innovative Shari'a based products and is well positioned to provide Islamic financial expertise to diverse segments and thereby promote the good of society as a whole. Oman is home to the world's best known auto brands and Meethaq remains committed to helping people to own their dream vehicles. By encouraging people to buy top quality vehicles, Meethaq reiterates its commitment to road safety, thereby spreading safety and happiness in Oman."
Meethaq, under the umbrella of Bank Muscat, is the centre for Islamic financial service in Oman, operating on the principles of Transparency, Trust and Partnership, ensuring the comfort of remaining true to one's religious tenets and values.
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. 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.