Hibati Saving - Meethaq

Meethaq Hibati Savings Account

Enjoy a unique banking experience with Meethaq Hibati savings account.

Shari’a Basis:

Hibati is a Mudarab Based savings account where the savings Account holder provides funds as ‘Rabb-ulMaal’ and Meethaq invests these funds as ‘Mudarib’ i.e. the fund manager. Based on this relationship, the depositors and Meethaq become beneficiaries of the profit earned (if any). If the joint investment pool earns profit, it is distributed based on a pre-agreed ratio between depositors and Meethaq, this is called the Profit Sharing Ratio (PSR).

Eligibility:

All Omanis or Residents 18 years of age or above are eligible to open the Hibati Savings Account by visiting any nearest Meethaq branch.

Features:

The profit on Hibati Savings Account is be calculated and paid on monthly basis based on the declared weightages and profit rates.
Visa Debit Card for point of sale (POS) transactions at millions of Visa merchants worldwide and ATM cash withdrawal with a daily limit of RO 600.
No minimum balance requirement for Mudarabah profit eligibility.
Manage the account on the move with free 24x7 Electronic Banking services including Internet Banking, ATMs, Cash/Cheque Deposit Machines and Mobile Banking, free of charge.
Flexibility to make purchases at more than 27 million Visa endorsed shopping outlets worldwide through the Visa Debit Card.
Available in OMR currency only.

Expected Profit Rates:

The account offers a fixed expected profit rate per annum of 0.1%.
Expected Profit Rate is calculated on the monthly average balance for the month, and multiplied by the eligible rate.

Fees & Charges:

For more details, please refer to Meethaq Tariff Book,Click here

Hibati Savings Account 2022:

Due to local regulations, the prize draw scheme of Hibati Savings Account from 1st January 2022. The account continues to provide profit rate on your savings on a monthly basis and you can enjoy all the benefits the account offers you.

Terms & Conditions:

To read our Terms & Conditions, Click here

Documents Required:

Signed application form.
ID card (for Omani nationals)
Resident card and passport (Residents)

FAQs:

What is the change in Meethaq Hibati Savings Account structure?

The structure of the account is changed due to banking policies update. The prize draw will be withdrawn starting 1st of January 2022 and the account holder will still be eligible to earn profit on the monthly average balance.

What will happen to my savings in Hibati Account?

You can continue using your Hibati Savings Account for your savings and benefit from the state of the art banking facilities of Meethaq Islamic Banking.

How much is the monthly profit rate on Hibati Savings Account? and how is the profits are calculated in the account?

0.1%. Expected profit Rates are declared in the beginning of the month and actual profit rates are declared after the month end.
Profit from the pool of Shari'a compliant financing is calculated at the end of every month.
Meethaq keeps a share of the achieved profit as Mudarib's share. The balance profit is distributed between the customers as per predetermined weightages shared with the customers on monthly basis through Meethaq website and Branch Noticeboards.

Can I benefit more from my savings since the prize scheme ceases since 2022?

You can open Meethaq Savings Account to earn profits up to 3.15% p.a.

How can I apply for Meethaq Savings Account?

Customers can apply by visiting nearest Meethaq branch.

Shariah Pronouncement