MUSCAT, 1 September – Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, has launched the first-of-its-kind Shari'a compliant credit card available in two variants – standard and Titanium.
The Meethaq credit card based on the concept of Ujrah ensures that finances are safe and secure. A fixed Ujrah fee is levied by the bank in exchange of the services, features, benefits and privileges enjoyed by cardholders. The credit limit granted to the cardholder is based on Qardh al Hasan.The Meethaq MasterCard credit card allows access to almost anything – shopping, travel, bill payments etc. without the need for cash or cheques. The card is accepted globally at over 32 million merchant establishments and ATMs. Customers receive SMS alerts for every card usage and cash withdrawal regardless of any transaction amount.The chip and PIN card ensures secure transactions, especially online transactions. MasterCard Secure code allows cardholders to use a personal password/secure code which provides added security for online transactions. Sulaiman Al Harthy, Group General Manager - Islamic Banking, said: “Meethaq is proud to launch the first Shari'a based credit card in Oman as part of its focus to take the lead in offering 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." The cash advance facility can be utilised up to 20 per cent of the total credit limit whereby the cash advance is limited to RO 100 per withdrawal. If a customer requires more than RO 100 cash advance, he would need to have corresponding ATM withdrawal transactions. Customers have the option of paying a minimum 5 per cent of their outstanding balance (or RO 20, whichever is higher) each month and the remaining balance at their convenience. If customers settle the total outstanding balance on time, they will be considered for waiver of the Ujrah fee for that particular month. The Ujrah fee waiver is at the discretion of the bank.The Meethaq credit card is in line with the objective of a card for everyone, complementing the range of Meethaq card products. The card is thoughtfully designed to offer a convenient way to pay for expenses and ensures that cardholders are always in control of their expenses. With SMS alerts for each transaction and online access to card account, tracking of expenses is convenient. To apply for a Meethaq credit card, customers can call Bank Muscat call centre on 24795555 or visit the Meethaq Islamic banking branches in Ghubrah, SQU or Nizwa.