MUSCAT, 08 June 2016 – 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, including life
Takaful during the entire finance period. The limited period offer is valid till
31 July 2016.
compliant Meethaq auto finance is based on the concept of Murabaha wherein the
cost vehicle and profit is disclosed to the buyer. Meethaq purchases the vehicle
on customer request and sells it to them at a cost plus agreed profit.
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.
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, 11 Meethaq
branches will be open with extended working hours from 8.30 pm to 11.30 pm
during the Holy Month of Ramadhan. The branches offering extended working hours
are Wattayah, Al Khoud, Barka, Saham, Sohar, Sur, Salalah, Buraimi, Ibri, Ibra
Meethaq hosted automobile dealers to familiarise them with the Ramadhan
finance offer. 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 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
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.
Within just three years of operations, Meethaq has attained the leading
position in the Islamic banking industry in Oman in terms of financing
receivables, branch network, products and services, IT infrastructure and human
Meethaq offers a full suite of Islamic banking products and services,
including savings account, current account, home finance, auto finance, credit
card, mobile banking and internet banking. Presently, Meethaq has 18 branches
across the Sultanate and plans to expand the network as well as launch new
products and services to complement the unique Islamic banking experience. The
bank has invested in staff, systems and controls to ensure the service is
delivered in a professional, segregated and fully Shari’a compliant manner.
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.