Meethaq Personal Goods Finance

Buy and acquire a variety of goods with meethaq personal goods finance, which offers competitive options and flexibility with conformity to Islamic Shari'ah

Features:

Up to 100% financing option
Easy installment plan
Competitive pricing
Takaful Coverage for Life (where the finance amount/outstanding is cover in event of death or total disability )
Services from the best consumer retailers across the Sultanate. Click here to view vendors list.
The eligibility for the Personal Goods Finance is based on the age, salary, employer type, indebtedness of the applicant
Pensioners can also avail Personal Goods Finance by assigning Pension to the Bank
All fees and charges will be applicable for Pensioners unless stated otherwise
Pensioners do not have to pay pre-payment fees
The customer may obtain the life and property takaful policy required under this Finance independently or, through the Bank, via the Bank’s takaful partner.
The Bank reserves its right to treat all sub-accounts held under the name of the customer at the Bank as one single combined account for the purpose of setting-off outstanding debits and credits.
In case of default, the Bank reserves the right to recover the outstanding amount by the measures permitted by law and the terms and conditions are laid out in the Finance Agreement.

The Bank shall endeavor to pre-notify the customer of any amendments to the Terms and Conditions by way of SMS to the customer’s registered mobile number or e-mail to the customer’s registered e-mail address or upload to the Bank’s website.

Eligibility:

Any Omani national or a resident expatriate with a minimum monthly salary of RO 250 and RO 300 respectively can avail meethaq personal goods finance facility.

Documents Required:

Copy of national identity card for omanis and copies of resident card & passport with visa page, for resident expatriates.
Salary transfer letter in favor of Meethaq Islamic banking - Bank muscat.
Declaration of other liability (if any).
Address proof (water bill, electricity bill etc.).
Goods quotation from authorized vendors favoring meethaq Islamic banking.

Key Terms & Conditions:

In case of pre-payment, Prepayment charges will apply.
In case of late payment, late payment charges will apply.

FAQs:

How is meethaq personal goods finance product shari’a compliant?

Meethaq personal goods finance works under the principle of murabaha. All products of meethaq are designed according to the guidelines set down by the central bank of Oman for Islamic banks and they also undergo a thorough process of shari'a compliance certification by our shari'a supervisory board.

How does meethaq personal goods finance works?

Meethaq personal goods finance product is based on the concept of murabaha
Murabaha is a kind of sale, where the seller discloses the cost of the assets along with the profit
Meethaq, instead of giving a loan to the customers, purchases the goods as per customers’ request and sells to them at a cost plus agreed profit

How is meethaq personal goods finance product different from conventional personal loan?

Under meethaq personal goods finance, the subject matter of the contract are the goods, and not money against money
The bank buys the goods according to the customer's specification and sells the same to the customer against deferred repayments by concluding a murabaha sale contract

What documents are required to apply for meethaq personal goods finance?

Copy of national identity card for omanis and copies of resident card & passport with visa page, for resident expatriates

Salary transfer letter in favor of Meethaq Islamic banking - Bank muscat
Declaration of other liability (if any)
Address proof (water bill, electricity bill etc.)
Goods quotation from authorized vendors favoring meethaq Islamic banking

What are the goods supported under meethaq personal goods finance?

Furniture
Electronics
Boats
Personal computers
Building materials (manufacturing items not included)
Machinery
Car spare parts
Equipment and tools
Motorcycles & jet skies

Fees & Charges

*terms & conditions apply