Meethaq Savings Plan
Achieve your life goals with meethaq savings plan, which offers a unique combination of saving, investment and protection
- Goal based savings product
- Plans start as low as rials Omani 50 per month
- Plans ranging from 3 years up to a maximum of 64 years of customer age
- Flexible contribution payment options (monthly/quarterly/semi-annual/or annual)
- Direct debit/standing order facility to transfer the contributions to the savings plan account
- Attractive profit rate (with profit added back to the savings plan account, monthly)
- Inbuilt takaful cover to protect the savings goal provided by a local takaful company
- Contributions invested in shariah compliant financing and investments of meethaq
- Option to withdraw up to 10% of the accumulated contributions from the savings plan account in case of an emergency
- Option for partial withdrawal one time in a calendar year (from jan-dec)
- Access to full encashment with a 1% pre-closure fee that will be applied on the accumulated contributions from the savings plan account
All individuals aged 18 years and above, up to the maximum age of entry of 64 years, can apply for meethaq savings plan.
Can a customer have multiple plans?
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*.
How does meethaq savings plan work?
- 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).
What is takaful?
- 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
What is the protection offered through the takaful cover?
- 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
What is the claim process?
- 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
What is the procedure to apply for meethaq savings plan?
- 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
Illustrative table to underst meethaq savings plan (OMR 100 initial investment):
* Takaful coverage will reduce as the regular contributions are paid by the customer.
** End of term cash value is based on expected profit rate and other assumptions. however, the actual results will be based on mudarabah pool income, weightages and payment of regular contributions by MSP holder or customer.
Disclaimer: The above values are based on expected profit rate of 3% per annum and this may change based on the mudarabah pool assets performance. the mudarabah rates are declared on monthly basis.