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Meethaq salary bonus scheme evokes strong response

MUSCAT, 30 July 2016 – Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, has evoked strong response to its salary bonus scheme for customers. The first-of-its-kind scheme offers five per cent of salary as cash bonus when applicants transfer salary to Meethaq Savings Account. 

The 3-month limited period scheme is open till first week of September to all applicants with minimum monthly salary of RO 500. For instance, an applicant whose salary is RO 500 can earn cash bonus of RO 25 whereas another applicant whose salary is RO 3,000 is eligible for RO 150 and so on. The maximum cash bonus will be RO 500 and it will be paid once to customers after the first salary credit to Meethaq Savings Account.

There are no pre-conditions attached to the salary bonus scheme, except that the salary must be transferred to Meethaq Savings Account maintained at any Meethaq branch in Oman and the customer has to stay with the bank for at least six months. All new applicants who transfer their salary to Meethaq are entitled to the five per cent salary bonus up to a maximum of RO 500. The cash bonus will be given from shareholders' profits / funds as Hiba.

Sulaiman Al Harthy, Deputy Chief Executive Officer – Islamic Banking, said: “Meethaq is delighted to receive strong response to the unique salary bonus scheme for customers. At a time when additional income makes a big difference in the lives of people, Meethaq is continuing with the tradition of exclusive and innovative Shari'a compliant financial products, services and offers. As the pioneer of Islamic banking services in the Sultanate, Meethaq is focused on offering high value proposition to customers. The bank remains committed to responsible banking and customer service excellence aimed at contributing to the country's progress and development."

Meethaq Savings Account offers enhanced features aimed at encouraging the savings culture in Oman by providing attractive benefits to customers. Notably, the Meethaq Savings Account based on Mudarabah principle provides annual profit rates of up to 1.25 per cent, along with complimentary life Takaful.

Meethaq is focused on developing as a benchmark Islamic financial institution in Oman and the region. With just over 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 resources development. Meethaq not only provides benchmark Islamic financial solutions to support the country's development but also plays a key role in raising awareness and educating people on important aspects of Islamic banking and finance.

Meethaq offers a full suite of Islamic banking products and services, including savings account, Baraem children's savings account, current account, home finance, auto finance, credit card, mobile banking and internet banking. Presently, Meethaq has 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 extends support to all key economic sectors with innovative Shari'a based products and is well positioned to provide Islamic financial expertise to all segments and thereby promote the good of society as a whole. 

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.