Meethaq Travel Finance

Make travelling for Hajj, Omrah, business trip or family vacation an absolute pleasure with meethaq travel finance

Features:

100% tour financing facility
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 travel operators across the Sultanate. Click here to view vendors list.
The eligibility for the Travel Finance 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 250 can avail meethaq travel 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,).
Travel quotation from authorized travel operator 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 travel finance product shari’a compliant?

Meethaq travel finance works under the principle of service ijarah (ijarah tul khidmat). 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 travel finance works?

Meethaq travel finance product is based on the concept of service ijarah (ijarah tul khidmat)
Meethaq shall lease the travel services through an operator and shall sub – lease the required service
Meethaq shall work as a distributor of the service and shall provide the travel facility to its customers.

How is meethaq travel finance product different from conventional travel loan?

Under meethaq travel finance, the subject matter of the contract are the travel services and not money against money
The bank will arrange travel services according to the customer's requirement and shall provide the same to the customer through travel operator against deferred repayments by concluding a service ijarah contract.

What documents are required to apply for meethaq travel 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,)
Travel quotation from authorized travel operator favoring meethaq islamic banking

Fees & Charges

*terms & conditions apply