Meethaq Soyoula Personal Finance

Meethaq soyoula personal finance product is designed to take over your personal finance facility from other banks

Features:

Shari'a compliant solutions
Financing up to RO 150,000, depending on the eligibility
Competitive profit rates and lower payments
Option for a longer financing tenure of up to 10 years
Financing for a defined purpose
Easy, convenient and quick approval process
Takaful Coverage for Life & Property (where the finance amount/outstanding is cover in event of death or total disability and property cover in event of Fire and natural dissaster)
Flexibility to avail and service the finance through the largest integrated branch network offered by meethaq in oman
The eligibility for the Personal Finance Takeover is based on the age, salary, employer type, indebtedness of the applicant
Pensioners can also avail 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 as 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 300 and RO 500 respectively can avail meethaq soyoula personal finance facility.

Documents Required:

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).
Valuaiton report, Copy of mulkiya and Krooki.
Proof of address (water bill, electricity bill, etc,).
Any other document required by the bank to process the application.

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 finance product shari’a compliant?

Meethaq personal finance product is based on the concept of sale & lease back, where the customer initially enters into a legitimate sale transaction with the bank where the risk and reward of the asset is transferred to the bank and afterwards the bank leases the asset back to the customer. 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.

What documents are required to apply for soyoula personal finance?

• 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)
Valuaiton report, Copy of mulkiya and Krooki
Proof of address (water bill, electricity bill, etc,)
Any other document required by the bank to process the application

Fees & Charges