MUSCAT, 7 July 2015 – Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, has evoked good response to an attractive auto finance campaign coinciding with the holy month of Ramadhan. The special Meethaq Ramadhan auto finance is available at 4.50 per cent profit rate, including life takaful or insurance, during the finance period and special giveaways. The limited period offer is valid till 31 July 2015.
The Shari'a compliant Meethaq auto finance is based on the concept of Murabaha wherein the cost of goods and profit is disclosed to the buyer. Meethaq purchases the vehicle as per customer request and sells it to them at a 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 or insurance 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.
Sulaiman Al Harthy, Group General Manager – Meethaq 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 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.
As the pioneer of Islamic banking in Oman, Meethaq stands out for its independent Shari'a Supervisory Board, separate capital allocation from shareholders' money, unique risk management tools, complete fund segregation, separate books of account, core banking system which supports Islamic banking operations, stand-alone Islamic banking branches and proper profit distribution mechanism among investment account holders/depositors. The adoption of AAOIFI standards (Accounting & Auditing Organisation for Islamic Financial Institutions) distinguishes Meethaq Islamic banking practices in terms of standardisation of products and services.