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Meethaq launches unique personal goods finance

MUSCAT, 19 February 2017 – Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, has launched a unique Islamic personal goods finance covering a wide range of products in the market. The Shari'a compliant Meethaq personal goods finance facilitates a flexible Islamic financing option to purchase a wide range of household goods, electronic items, auto spare parts, furniture, and also house renovation. 

The unique features of the Meethaq personal goods finance include up to 100 per cent financing,  easy instalments, competitive pricing, free Takaful coverage and tie-ups with leading merchant outlets across the Sultanate.

Sulaiman Al Harthy, Deputy Chief Executive Officer – Islamic Banking, said: “Meethaq is delighted to launch the personal goods finance, stemming from its commitment and focus to take the lead role in offering a suite of Shari'a based banking products and services. Aimed at helping people to acquire their preferred goods, the personal finance also encourages customers to develop prudent financial habits."

Based on the Islamic finance concept of Murabaha, Meethaq will purchase the required product on behalf of customers from merchants and re-sell it to the customer at a predetermined price. The customer will pay the total amount of the product to Meethaq over agreed upon monthly instalments.

Available for citizens and residents with a minimum monthly income of RO 250, customers are required to open salary savings account with Meethaq Islamic Banking to avail the personal goods finance.

The Meethaq personal goods finance is designed to cover almost every aspect of personal needs without compromising on the religious beliefs and values held dear by customers. The Islamic sale concept of Murabaha allows customers to enjoy the flexibility of purchasing goods without financial constraints.

Offering convenience and competitive pricing, Meethaq has tie-ups with leading retail and merchant outlets across the Sultanate. With 100 per cent financing of goods and the quickest processing mechanism, the Meethaq personal goods finance fulfills the need of customers for a wide range of products.

The Meethaq personal goods finance entitles customers to free Takaful life coverage. In case of natural or accidental death of customers who have signed up for the personal goods finance, the Takaful cover exempts them from any liability and provides ownership of the purchased goods.

Al Harthy added: “Meethaq is proud to take the lead in launching a suite of banking products which combine traditional values with modernity and ensure the choice of staying true to one's 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. The Meethaq strategy is to attract customers through innovative Shari'a based products and services."