Meethaq home finance product works under the principles of diminishing musharaka. All products of Meethaq are designed according to the guidelines set down by the central bank of Oman for Islamic banking and they also undergo a thorough process of shari'a compliance certification by our shari'a supervisory board.

• Meethaq home finance is based on diminishing musharaka where the relationship between meethaq and the customer is that of co-owners in the property and not of lender-borrower
• The initial financing provided by meethaq is applied to acquire a share in the property and not to provide a loan
• The customer's periodic payment is for acquiring meethaq's share in the property, whereas a portion of the payment is rental for the customer's use of the property
• These payments do not constitute a repayment of a loan with interest since it does not involve an exchange of cash for a greater amount of future cash

There are two agreements involved in meethaq home finance transaction:

1. Musharakah agreement (to create joint ownership between partners)
2. Rental payment agreement (customer pays rentals for using meethaq’s share in the property)

• Copy of national identity card for Omanis and copies of resident card & passport with visa page, for resident expatriates
• Two photographs of the applicant
• Salary transfer letter in favor of Meethaq Islamic banking - Bank Muscat
• Declaration of other liability (if any)
• Valuation report/copy of mulkiya (title deed) and krooki
• Address proof (water, electricity bills etc.)​
• Valuation report, copy of Mulkiya (Title Deed) and Krooki
• Sales and Purchase agreement - for purchase
• Consultancy letter and Contractor agreement - for Construction
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