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.

• Qardh (interest free loan) is a contract where by the principal amount is guaranteed to be repaid by the bank on demand
• The bank can invest the deposited funds only in a shari’a compliant manner.

• Current account is based on the fundamental islamic principle of qardh (interest free loan) whereby the customer is the lender and the bank is borrower
• The deposited funds from the customer are invested with paramount care in shari'a compliant activities only
• The funds are payable on demand without any addition and/or penalty.

for individuals:

• Copy of id card (nationals)
• Copy of resident card, passport and valid visa (expatriates)
• Salary assignment certificate (salaried individuals)
• Salary transfer letter in favour of meethaq Islamic banking (to transfer salary)

For companies / proprietor firms:

• Copy of commercial registration (from ministry of commerce & industry)
• Copy of registration certificate (from Oman chamber of commerce & industry)
• Computer printout of application (to ministry of commerce & industry)
• Signing authority (as recorded with ministry of commerce & industry)
• Copy of id card (proprietor)

For partnership firms:

• Copy of commercial registration (from ministry of commerce & industry)
• Copy of registration certificate (from Oman chamber of commerce & industry)
• Computer printout of application (to ministry of commerce & industry)
• Cigning authority (as recorded with ministry of commerce & industry)
• Copy of id cards (partners)
• Copy of partnership deed (registered with Oman chamber of commerce & industry)

For limited liability company:

• Copy of commercial registration (from ministry of commerce & industry)
• Copy of registration certificate (from Oman chamber of commerce & industry)
• Computer printout of application (to ministry of commerce & industry)
• Signing authority (as recorded with ministry of commerce & industry)
• Copy of id cards (members)
• Copy of memorandum and articles of association

For joint stock company:

• Copy of commercial registration (from ministry of commerce & industry)
• Copy of registration certificate (from Oman chamber of commerce & industry)
• Computer printout of application (to ministry of commerce & industry)
• Signing authority (as recorded with ministry of commerce & industry)
• Resolution of the meeting of members

For a trust/association:

• Copy of the registration of the appropriate government authority/body (for trusts) and ministry of social development (for associations)
• Resolution of the meeting of the trustees/office bearers
• Identity documents of the trustees/office bearers authorized to operate the account

For educational institutions & for an international/community school:

• Letter of permission from the ministry of education (MOE) to open and operate the school
• Copy of license for the international/community school issued by MOE
• Copy of municipality permission to operate the school
• Letter from the patron-in-chief/copy of the minutes of meeting of the board of management passing resolution to open and operate the accounts
• Copy of the bylaws of the school
• Civil id/resident card and passport (of members authorized to operate the account)

For schools run by the ministry of education:

• A letter from the director general, ministry of education, in the region authorizing the school staff to open and operate the account (in original)
  

Hibati Savings account is based on the concept of Mudarabah which is 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 our Shari'a Supervisory Board.

The cash prizes awarded under the Hibati Prize Draw Scheme are Hiba (gift) given to customers from the Bank’s or Shareholder’s funds. The prize amount shall not affect Customer’s / Account Holder’s funds or share of profit in the General Mudarabah Pool. The account holder or Hibati customer shall receive profit from Mudarabah irrespective of the prize draw results.

A Hibati Saving Account Holder provides funds as ‘Rabb-ul-maal’ 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. When the General Mudarabah pool earns profit, it is distributed at a pre-agreed ratio between depositors and Meethaq. This profit sharing ratio is declared on Meethaq website and Branch Noticeboards on a monthly basis.

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. 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.

Based on the average balance maintained in the Hibati Savings account by the customer and the various draws mentioned in this brochure the number of entries per customer is calculated by an automated draw system. The draw system then selects the winning entries and correspondingly the cash prizes are credited to respective winning customer’s Hibati Savings account. These cash prizes are paid from the Bank’s own sources or from the Shareholder’s funds and given to customers as Hiba (gift).

No, the cash prizes are as Hiba (gift) from the Bank or the Shareholders therefore they do not have an impact on the Mudarabah profits or General Mudarabah Pool calculations. These cash prizes will be over and above the profit share of Account Holders in the General Mudarabah Pool as per the declared weightages.

Once in a certain draw your entry is selected as winner, Meethaq will contact you on your provided contact details such as Mobile / GSM number or email to inform you that you have won in a certain draw and subsequently the proceeds will be deposited in your Hibati Savings Account. We will also request your consent to share your name in the Bank’s marketing / communication activities; in case you don’t wish to share we will respect your choice in this regard. The draw results will be shared on social media, through sms to customers or any other means appropriate chosen by the Bank.

No, you will need to open a Hibati Savings Account and keep deposits in the account as the entries into the draws are calculated based on the average balance maintained in the Hibati Savings Account.

For the weekly and monthly draws each RO 100 average balance will be entitled for one entry into the draw, so more the average balance more chances to win the prizes in the draw.

No, the customer can win only once in a certain draw. Higher the average balance, more are the chances of the customer winning in a draw.

Yes even if you win in one of the draws you will be entered into the subsequent or upcoming draws based on the average balance maintained in the account. So winning in one of the draws doesn’t exclude you from subsequent draws.

We have our regular savings account where there are no draws, at any time you can move your deposit balance to the other account and you will have no entries into the draw under the Hibati Savings Account prize draw scheme.

No, the customer can only have one Hibati Savings Account.

In that case you will not be part of the draws but you will continue to receive the monthly Mudarabah profits generated by the General Mudarabah Pool for Hibati Savings Account customers and shared with them based on declared weightages.

The entries into the prize draw will be based on the average balance maintained in the account, so for example for the weekly draw the weekly average balance shall be calculated for the Hibati Savings Account and each RO 100 average balance will constitute one entry into the draw. So depending on your average balance for the week you will be part of the draw. More average balance means more entries into the draw and more chances to win the prizes.

Open Meethaq Savings Account by visiting a nearest Meethaq branch with a copy of your identity card (in case of Omani citizens, please bring original) and resident card and passport (in case of resident expatriates, please bring original). The Personal Banker will take the required information face to face and input in the system to open your account. ​

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.

• 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.

• 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.

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

It is a saving account for salaried individuals offering several attractive features. The savings account is based on unrestricted Mudarabah. Ladies will need to open Neswa Savings Account and transfer the salary to their Neswa account.

A balance of RO 300 has to be maintained or salary transfer of RO 500 or more is required for the Salary Account. There is no minimum balance charge applied on this account.

Salary account is a savings account and you can use your Debit Card to withdraw as per your requirement. The minimum balance to be maintained is RO 300.

Yes based on eligibility you can apply for the Credit Card and as a special benefit if you transfer your salary and apply for credit card there will be no Annual Fee applicable for the 1st year *. Meethaq offers Sharia’ compliant credit cards to its customers based on Ujrah contract. The annual fee is RO 10 for MasterCard Standard, RO 50 for MasterCard Titanium and RO 100 for Visa Signature Credit Card.
*this offer is valid till 31st Dec 2018.

For Prize draws Meethaq offers a separate account called the Hibati Savings Account, you can open the regular savings account along with Hibati to get the benefits of Salary account and also enter the prize draws based on the balance in Hibati account.

Yes you can avail the financing facility based on eligibility and also get a preferential profit rate depending on the salary and the Bank policy.

• It is a contract between two parties: the fund provider (rabb al mal) and the manager of funds (mudarib: the bank)
• The profit is shared between the two parties based on a pre-agreed ratio
• In case of loss, only the rabb al mal shall bear it (if no negligence has been proven on part of the mudarib), based on their investment proportion

• Profit generated from the shariah compliant assets (financings & investments) linked to the mudarabah pool 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

No, the customer can only have one neswa savings account.

• An amount of rials Omani 10,000 will be provided to the assigned beneficiary in the event of the account holder’s death due to injury or illness
• Up to rials Omani 1,000 if the account holder’s handbag is stolen or lost, resulting in the misuse of credit cards and/or debit cards (incurred within 48 hours prior to the time of reporting the loss)
• Maximum amount of rials Omani 100 in the event of the loss of ID cards and keys to help in reimbursing the same

Meethaq Islamic Banking, acting as a facilitator, will forward the customer’s case to the takaful company. the company will process takaful claims and the bank shall only facilitate the process of the claim.​​

Yes, based on need the transfer of funds can be achieved through application at the branch or through Internet or Mobile banking.

No, these two transaction type cash withdrawals from ATMs and Cash over the counter at Branches is not allowed in the Baraem Savings account. The children’s account is purely intended for savings for the children for the future needs and such options will only hamper the savings as it might induce the parent/guardian to withdraw at ease from this account which will defeat the entire purpose of this account.

Meethaq Baraem Savings Account is based on the concept of Mudarabah which is a kind of partnership under Islamic Sharia. 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 Sharia Compliance Certification by our Sharia Supervisory Board.

The Baraem account holder provides funds as ‘Rabb-ul-Maal’ 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). In case, there is a loss in Mudarabah it will be distributed between the Rabb-ul-Maal based on their investment proportion unless there is a negligence proven on the part of the Mudarib or Bank.

Profit from the pool of Sharia compliant financing is calculated at the end of every month. Meethaq keeps a share of the profit as Mudarib’s share. The balance profit is distributed between the customers as per pre-determined weightages. These weightages are announced each month at the beginning of the profit calculation period.

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.

• 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

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.

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

• Education
• Marriage
• Retirement plan
• Personal savings

Yes, a customer can have multiple plans; however, the cumulative sum cover, or the takaful cover inclusive of all meethaq saving plans, will only be up to rials Omani 50,000*.

• Meethaq is a recurring deposit plan, where you as a customer will pay your contribution regularly
• The bank will pay profit on your deposited amount while the takaful partner will provide takaful cover (refer to the table below).

• Takaful, derived from the Arabic root word ‘kafalah’, means mutual solidarity
• It is an Islamic way to share participants’ risk on the basis of cooperation, brotherhood and mutuality for common good

• In case of the customer’s death, a sum of the cash value (invested amount along with the profit earned) and the applicable takaful cover shall be paid
• Takaful cover is diminishing with the plan term; and the formula to calculate the cover is total plan size (contribution amount X plan term) minus contributions paid till date
• It also provides a hospitalization cash benefit, once in a calendar year, in case the customer is admitted to a hospital for a minimum duration of 24 hours

• Meethaq Islamic bank, acting as a facilitator, will forward the customer’s case to the takaful company
• The company will process takaful claims (the bank shall not be responsible for any claims submitted to the takaful company)
• The claim shall be processed, subject to meeting the takaful policy terms and conditions

• Visit any meethaq branch where the relationship manager or the personal banker will guide you with the details
• Fill the application form
• Sign the illustration (the schedule that provides the details on the contributions, the expected profit and takaful) prepared by the relationship manager or the personal banker, along with the application form, the terms and conditions and the product fact sheet
• The relationship manager or the personal banker will issue the savings plan in the system

The locker service available to meethaq customers is based on the shariah compliant terms of ijarah.

No, currently the bank doesn’t arrange any takaful coverage on the lockers; customers need to arrange takaful covers on their own.

A customer can apply for a maximum of three lockers at one time.

• Ghubra islamic branch
• Nizwa islamic branch
• Ibra islamic branch
• Salalah islamic branch
• Sohar islamic branch
• Buraimi islamic branch
• Khoudh islamic branch

(The service will be available at other branches in the future).

Rial Omani 50 is charged by the bank to arrange a new key for the locker.

• The customer needs to pay a one-time security deposit of Rial Omani 100 as security deposit at the time of booking of locker, to cover the rental in case the customer doesn’t pay the dues or doesn’t report to vacate the locker.
• This amount is refundable once the customer vacates the locker.

The rentals vary based on locker size and rental tenor (1 month, 3 months, 6 months or 1 year). flexible payment options are available for the locker rental like monthly, quarterly, semi-annual or annual payment.

​Size	​Monthly Rent	​Yearly Rent
​Small	​5	50​
​Medium	​8	​80
​Large	​12	​120

Charges:

​Delayed Rental Payment	​0.5% per day of the outstanding rental
​Locker Surrendered within 3 months	​Actual rental of 3 Months + 1 Month extra rent for the same type of locker (Small/Medium/Large)
​Locker Surrendered after 3 months	​Actual rental for the period locker was occupied + 1 Month extra rent for the same type of locker (Small/Medium/Large)