Savings Account

Meethaq Savings Account

Experience world-class service and latest technology with Meethaq, Oman’s most popular Islamic savings account

Features:

Profit at competitive rates will be credited to your account on a monthly basis and there is no minimum balance requirement for profit eligibility. Profit (if any) will be credited to customer accounts based on the monthly average balance.
Tiered/Slab based profit rates, so the higher the average balance the higher the profit.
Free Life Takaful in case the customer is maintaining an average balance of RO 30,000 or above, the life cover is capped at RO 50,000.
No minimum balance fee
Debit Card with daily cash withdrawal limit of RO 600 from the ATM, on local ATM cash withdrawal.
Withdrawal and deposit facility through nationwide ATM/CDM network.
Manage the account on the move with free 24x7 Electronic Banking services including Internet Banking, ATMs, Cash/Cheque Deposit Machines and Mobile Banking.
Flexibility to make purchases at millions of Visa endorsed shopping outlets worldwide.
Pay your bills for Electricity, Water, Telephone, Internet, School Fees etc.
Hassle-free account opening process with minimum documentation
Available in multiple currencies including OMR, USD, AED, GBP
Minor account holders will not be offered a debit card for this product.

Eligibility:

Any Omani citizen or resident (single or joint) or a registered company can open the account at any Meethaq branch
Legal guardians can open the account in case of minors

Expected Profit Rates:

Monthly Average Balance (OMR Deposits Only)

Expected profit rates

Less than RO 500

0.10%

500 to 4,999.99

0.20%

5,000 to 14,999.99

0.40%

15,000 to 29,999.99

0.60%

30,000 to 49,999.99

0.80%

50,000 to 99,999.99

1.00%

100,000 to 149,999.99

1.25%

150,000 to 199,999.99

1.50%

200,000 to 249,999.99

1.50%

250,000 to 299,999.99

1.75%

300,000 to 499,999.99

2.25%

500,000 to 749,999.99

2.50%

750,000 to 999,999.99

2.75%

1 Million and above

3.15%

Fees & Charges:

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

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:

How is the Meethaq saving account product shari’a compliant?

Meethaq savings account is based on the concept of mudarabah - a kind of partnership under Islamic shari’a. 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 the bank’s shari'a supervisory board.

What is the relationship between a saving account holder and Meethaq?

A saving account holder provides funds as ‘rabb-ul-maal’ and Meethaq invests these funds as ‘mudarib’ (the fund manager)
Based on this relationship, the depositors and Meethaq become beneficiaries of the profit earned
When the joint investment pool earns profit, it is distributed in a pre-agreed ratio between depositors and Meethaq.

How is the customer's profit calculated?

Profit from the pool of shari’a compliant financing is calculated at the end of every month
Meethaq keeps a share of the profit as mudarib's share
Balance profit is distributed between the customers as per predetermined weightages.

What are the documents required to open a Meethaq savings account?

Fill and sign the application form.
ID card (nationals)
Resident card and passport (expatriates)
Submit all documentation to the nearest Meethaq branch