Term Deposit - Meethaq

Meethaq Term Deposit

Earn healthy returns on your investment, without compromising on your beliefs, by depositing in meethaq term deposit

Features:

Flexible option to choose the deposit period from 1 month to 6 years.
Minimum amount of deposit is Omani Riyals 1,000/- only or equivalent USD
Profit at competitive rates credited to your account at the chosen profit payment frequency (Maturity, Annual, Semi Annual, Quarterly, Monthly)
Profit rates are announced at the beginning of each month for the previous month
Pre-mature break or encashment of the deposit is allowed without any penalty. Only profit is adjusted as per the nearest deposit term completed.
Automatic renewal-of-investment option is available, no need to track the Maturity dates
Acceptable as collateral for other banking facilities
Invest RO 30,000 and above and become a Hafawa Priority Banking customer
Get the Visa Debit card facility to collect your profit from the Term Deposit linked Profit Account
Hassle free account opening process with minimum documentation

Eligibility:

Any Omani citizen or resident (single or joint) or a registered company can open the account at any meethaq branch.

Expected Profit Rate:

Tenor

Maturity

Annually

Semi Annually

Quarterly

Monthly

USD

OMR

1 Month

0.25%

0.75%

2 Months

0.25%

1.00%

3 Months

0.50%

1.25%

6 Months

0.75%

1.50%

9 Months

1.00%

2.00%

12 Months

1.25%

3.25%

3.22%

3.21%

3.20%

18 Months

1.25%

3.40%

3.37%

3.34%

3.33%

3.32%

2 Years

1.50%

3.50%

3.44%

3.41%

3.40%

3.39%

3 Years

1.50%

3.75%

3.62%

3.59%

3.58%

3.56%

4 Years

1.50%

4.00%

3.78%

3.75%

3.74%

3.72%

5 Years

1.50%

4.00%

3.72%

3.68%

3.67%

3.65%

6 Years

1.50%

4.00%

3.65%

3.62%

3.61%

3.59%

Fees & Charges:

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

Documents Required:

ID card (for Omani nationals)
Resident card and passport (Residents)

FAQs:

How is meethaq term deposit shari’a complaint?

Meethaq term deposit 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 the depositor and meethaq?

The depositor provides funds as ‘rabb-ul-maal’ and meethaq invests these funds as ‘mudarib’ (the fund manager – ‘entrepreneur’)
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

Will there be any penalty if a customer pre-matures his investment?

No, there is no penalty charged. however, the bank may deduct any amounts paid as profit from the principal value of the deposit or profit payable thereon, where amounts already paid as profit with reference to a rate higher than the applicable rate for early-termination.

What are the documents require to open a meethaq savings account?

ID card (nationals)
Resident card and passport (expatriates)

Meethaq Term Deposit

Features:

Eligibility:

Expected Profit Rate:

Fees & Charges:

Documents Required:

How is meethaq term deposit shari’a complaint?

What is the relationship between the depositor and meethaq?

Will there be any penalty if a customer pre-matures his investment?

What are the documents require to open a meethaq savings account?

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