Consumer Financing Details - Meethaq Islamic Banking

Meethaq Home Financing

Whether you are looking to buy a house or want to construct one, meethaq’s home finance (musharaka) solutions will help you live your dreams

Features:

Shari'a compliant solutions
Financing up to 80% of the property value
Lower payments and longer financing tenure of up to 25 years
Finance for purchase, construction and mortgage finance facility takeover for all residential properties
Joint financing facility option available
Easy, convenient and quick approval process
Flexibility to avail and service the finance through the largest integrated branch network offered by meethaq
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 disaster)
Option to select from a wide range of properties from reputed developers pre-approved by meethaq
Pensioners can also avail Home Finance by assigning Pension to the Bank.
All fees and charges will be applicable for Pensioner unless stated otherwise.
Pensioners do not have to pay partial or 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 resident expatriate, with a minimum monthly salary of RO 250 and RO. 750 respectively, can avail Meethaq home finance solutions.
The eligibility for the Finance is based on the age, salary, employer type, indebtedness of the applicant.

FAQs:

How is meethaq home finance product shari’a compliant?

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.

How is meethaq home finance different from a mortgage loan?

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

How many agreements will be involved for meethaq home finance?

There are two agreements involved in meethaq home finance transaction:

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

What documents are required to apply for meethaq home 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)
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

Fees & Charges

Meethaq Auto Financing

Cruise ahead with meethaq auto financing solutions, the most popular shari'a-compliant car financing solution in Oman

Features:

Based on the concept of murabaha
Finance of up to 80% of the auto’s value
Lower payments and longer financing tenure of up to 10 years
Less processing fee
Easy, convenient and quick approval process with minimal documentatio
Takaful Coverage for Life (where the finance amount/outstanding is cover in event of death or total disability )
Flexibility to avail and service the finance through the largest integrated branch network offered by meethaq in Oman
The eligibility for the Finance is based on the age, salary, employer type, indebtedness of the applicant
Pensioners can also avail Auto 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 as 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

Eligibility:

Any Omani national or resident expatriate, with a minimum monthly salary of RO 250 and RO 300, respectively, can avail meethaq car finance solution.

FAQs:

How is meethaq car finance product shari’a compliant?

Meethaq’s car 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 car finance work?

Meethaq car 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 car as per customers’ request and sells to them at a cost plus agreed profit.

How is meethaq car finance product different from conventional auto financing?

Under meethaq car finance, the subject matter of the contract is the car, and not money against money
The bank buys the car 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 car financing?

Copy of national identity card for Omanis and copies of resident card & passport with visa page, for resident expatriates
Valid Omani driving license

Salary transfer letter in favor of Meethaq Islamic banking - Bank Muscat
Declaration of other liability (if any)
Address proof (water bill, electricity bill or mulkiya copy)
Quotation of the car, in joint name of meethaq and the customer

Fees & Charges

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

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.

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

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.

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.

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

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

Eligibility:

Any Omani national or a resident expatriate with a minimum* monthly salary of RO 250 can avail meethaq travel finance facility.

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

Meethaq Marriage Finance

Make your marriage memorable with Meethaq Marriage Finance which provides a wide variety of service providers to ensure an experience to cherish for life.

Features:

100% financing facility of the total marriage expenses cost **
Easy Installment Plan
Competitive Pricing
Takaful Coverage for Life (where the finance amount/outstanding is cover in event of death or total disability )
Services provided by the best marriage service providers across the Sultanate and approved by Meethaq
The eligibility for Marriage 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 if required under this Finance independently or, through the Bank, via the Ban’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

** Mahar payment is not covered.

Eligibility:

Any Omani national with a minimum* monthly salary of RO 350 can avail Meethaq marriage finance facility.

FAQs:

How is Meethaq Marriage Finance product Shari’a compliant?

Meethaq Marriage 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 Marriage Finance work?

Meethaq Marriage Finance product is based on the concept of Service Ijarah (ijarah tul khidmat). Meethaq shall lease the marriage services through an operator/wedding service provider and shall sub–lease the required service.

How is Meethaq Marriage Finance product different from conventional marriage loan?

Under Meethaq Marriage Finance, the subject matter of the contract are the marriage services and not money against money. The bank will arrange marriage services according to the customer’s requirement and shall provide the same to the customer through marriage operator/marriage service provider against deferred repayments by concluding a service ijarah contract.

What documents are required to apply for meethaq marriage finance?

Copy of National Resident ID
Salary Transfer Letter in favour of Bank Muscat - Meethaq Islamic Banking
Declaration of other liability (if any)
Address proof (Water bill, Electricity Bill etc.)
Marriage related service Quotation from authorized Marriage related services provider favoring Meethaq Islamic banking
Any other document required by the bank to process the application

What are the services supported under meethaq Marriage finance?

Wedding/event management/planning service provider
Hotel/Resort and wedding halls
Catering and Food provider
Photography/Videography
Saloon, Spa and Boutique
Flower shop
Other Shari’a complaint wedding services

Fees & Charges

*terms & conditions apply

Meethaq Education Financing

Meethaq Education finance will help you achieve your dreams in a Shariah compliant manner.

Features:

100% financing facility of the total education cost
Easy Installment Plans
Competitive Pricing
Takaful Coverage for Life (where the finance amount/outstanding is cover in event of death or total disability )
Services provided by the best Education providers across the Sultanate and approved by Meethaq. Click here to view vendors list.
The eligibility for Education 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 Pensioner unless stated otherwise
Pensioners do not have to pay pre-payment fees
The customer may obtain the life and property Takaful policy if 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

Eligibility:

Minimum* monthly salary of OMR 250 for Omani nationals and OMR 300 for Expats, can avail meethaq education finance facility.

FAQs:

How is Meethaq Education finance product shari’a compliant?

Meethaq Education 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 education finance work?

Meethaq Education Finance product is based on the concept of Service Ijarah (ijarah tul khidmat). Meethaq shall lease the education services through an operator service provider and shall sub–lease the required service.

How is Meethaq Education Finance product different from conventional education loan?

Unlike conventional education finance,Meethaq Islamic banking does not provide cash for availing educational services. The bank will arrange education services according to the customer’s requirement and shall provide the same to the customer through education service providers and shall provide the same to the customers against deferred payments by concluding a Service Ijarah contract.

What documents are required to apply for Meethaq education finance?

Copy of National Resident ID/Passport with valid visa page
Salary Transfer Letter in favour of Meethaq Islamic Banking - Bank Muscat
Declaration of any other liability (if any)
Address proof (Water bill, Electricity Bill etc.)
Education quotation from authorized Education operator favoring Meethaq Islamic banking

What are the services supported under Meethaq Education finance?

Schools
Colleges
Universities
Vocational Institutes
Professional Institutions

Fees & Charges

*terms & conditions apply

Meethaq Medical Finance

Meethaq Islamic Banking brings you a Shari’a compliant facility to pay for the medical/health needs of yourself or your loved ones.

Features:

100% financing facility
Open to Omani nationals and expatriates
Up to 10 years financing options
Easy installment plan
Competitive pricing
Services provided from the best medical and health providers
Option to select from a wide range of properties from reputed developers pre-approved by meethaq

Eligibility:

Minimum monthly salary of OMR 250/- for Omani nationals and OMR 300/- for expats.

FAQs:

What documents are required to apply for Meethaq Medical Finance?

Copy of National Resident ID/Passport with valid visa page
Salary Transfer Letter in favor of Meethaq Islamic Banking - Bank Muscat
Declaration of other liability (if any)
Address proof (water bill, electricity bill etc.)
Medical quotation from authorized Medical and Health services provider favoring Meethaq Islamic Banking

What are the services can be used for Meethaq Medical Finance:

All necessary medical treatments and surgery operations
All treatments to bring back an organ to its normal form
All treatments to remove abnormalities from the body

How is Meethaq Medical Finance product Shari’a compliant?

Meethaq Medical 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 is Meethaq Medical Finance product different from conventional medical loan?

Unlike conventional medical finance, Meethaq Islamic Banking does not provide cash for availing medical services. The bank will arrange medical services according to the customer’s requirement and shall provide the same to the customer through medical service providers. The customer will make deferred payments to the bank for the service availed by concluding a Service Ijarah contract.

*Terms & Conditions Apply.

Ikram

Fulfil the dreams of your golden years with Meethaq Islamic Banking. Avail financing against your pension and be eligible for different credit facilities including credit cards through Ikram.

Features:

Competitive profit rates
Maximum financing tenure for House Finance can reach up to 25 years or till customer reaches the age of 70, whichever comes earlier.
Pensioners can apply for Housing, Auto and Personal Financing under Ikram up to the age of 70.
Pensioners can apply for credit cards up to the age of 70.
Just walk into any Meethaq Islamic branch to apply for finances and complete the documentation requirements.

Eligibility:

Retired Omani nationals
Pension to be assigned / transferred to Meethaq.
Financing will be given against pension only*

FAQs:

How do I apply for Ikram?

Through any Meethaq branch across the Sultanate.

What type of finances can I apply for?

Under Ikram you can apply for:

Home Finance
Auto Finance
Personal Goods Finance
Travel Finance
Education Finance
Marriage Finance
Credit Card

Fees & Charges

Meethaq Home Financing​​

Features:

Eligibility:

FAQs:

How is meethaq home finance product shari’a compliant?

How is meethaq home finance different from a mortgage loan?

How many agreements will be involved for meethaq home finance?

What documents are required to apply for meethaq home finance?

Meethaq Auto Financing

Features:

Eligibility:

FAQs:

How is meethaq car finance product shari’a compliant?

How does meethaq car finance work?

How is meethaq car finance product different from conventional auto financing?

What documents are required to apply for meethaq car financing?​

Meethaq Soyoula Personal Finance

Features:

Eligibility:

FAQs:

How is meethaq personal finance product shari’a compliant?

What documents are required to apply for soyoula personal finance?

Meethaq Personal Goods Finance

Features:

Eligibility:

FAQs:

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

How does meethaq personal goods finance works?

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

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

What are the goods supported under meethaq personal goods finance?

Meethaq Travel Finance

Features:

Eligibility:

FAQs:

How is meethaq travel finance product shari’a compliant?

How does meethaq travel finance works?

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

What documents are required to apply for meethaq travel finance?

Meethaq Marriage Finance​

Features:

Eligibility:

FAQs:

How is Meethaq Marriage Finance product Shari’a compliant?

How does Meethaq Marriage Finance work?

How is Meethaq Marriage Finance product different from conventional marriage loan?

What documents are required to apply for meethaq marriage finance?

What are the services supported under meethaq Marriage finance?

Meethaq Education Financing

Features:

Eligibility:

FAQs:

How is Meethaq Education finance product shari’a compliant?

How does Meethaq education finance work?

How is Meethaq Education Finance product different from conventional education loan?

What documents are required to apply for Meethaq education finance?

What are the services supported under Meethaq Education finance?

Meethaq Medical Finance

Features:

Eligibility:

FAQs:

What documents are required to apply for Meethaq Medical Finance?

What are the services can be used for Meethaq Medical Finance:

How is Meethaq Medical Finance product Shari’a compliant?

How is Meethaq Medical Finance product different from conventional medical loan?

Ikram​

Features:

Eligibility:

FAQs:

How do I apply for Ikram?

What type of finances can I apply for?

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Meethaq Home Financing

What documents are required to apply for meethaq car financing?

Meethaq Marriage Finance

Ikram