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Meethaq to celebrate Hibati monthly draw at Salalah Festival

​MUSCAT, 19 August 2019 

Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, will celebrate the unique Hibati savings scheme offering the largest number of prizes in the Islamic banking segment, at a special event to be held on Tuesday evening, 20 August 2019, during the currently ongoing Salalah Festival. The event will be attended by Bank officials and held in the presence of hundreds of festival visitors.

Highlighting the theme ‘Everybody is a winner with Hibati savings scheme’, 10 customers will be rewarded with RO 1,000 each. With a total prize amount of over RO 1 million, Hibati has lined up 5,340 prizes to be won during this year.

Hibati rewards customers with attractive weekly, monthly and annual prizes. The eligibility for the monthly prize draw is RO 100 minimum monthly average balance in the Hibati savings account.

The Meethaq Hibati savings scheme is aimed at instilling the discipline of savings among people. Helping customers to remain true to their religious beliefs, Hibati ensures the prize scheme conforms to Shari’a tenets. The cash prizes are gift from Meethaq to customers who will receive Mudarabah profit plus chances to enter the prize draws based on average balance maintained in their Hibati account, in line with their religious beliefs.

The underlying Shari’a principle of Hibati savings account is unrestricted Mudarabah contract. The prizes are offered as Hiba or gift from Meethaq to customers out of the Mudarib share of Meethaq or paid by the shareholders. The prizes are over and above the profit share of investment account holders in the general Mudarabah pool. Customers will be eligible for the monthly Mudarabah profit as per the declared weightage. The Hibati account benefits include Mudarabah profit rates, cash prizes through draws, Visa debit card, no minimum balance charges and eBanking facilities.

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.