Meethaq Hibati Savings Account
Hibati Savings Account (a Prize Draw Account) Hibati. Our gift to you.
Hibati Savings Account is a prize draw based savings account, the account not only provides you profit based on Mudarabah on monthly basis but also enables you to enter the prize draw to win attractive cash prizes. Hibati Savings Account offers one of the largest number of prizes in any prize draw scheme in Oman, with over 5,000 cash prizes to be won.
Shari’a Basis:
Hibati Savings account is a Shariah compliant prize draw account based on the Islamic contract of Mudarabah which is a kind of partnership under Islamic Shari’a. You as a depositor will be the Rabb-ul-maal or the Fund Provider and Meethaq will be the Mudarib or Fund Manager, the profit generated from the investment will be distributed based on pre-agreed sharing ratio.
The prizes offered will be as Hiba from the Bank to the customers out of the Mudarib share or paid by the shareholders through their own sources. These will be over and above the profit share of Account Holders in the General Mudarabah Pool distributed as per the declared weightages.
Eligibility:
All Omanis or Expats 18 years of age or above are eligible to open the Hibati Savings Account by visiting a nearest Meethaq branch with identity card (in case of Omani citizens, please bring original National ID card) and resident card plus passport (in case of resident expatriates, please bring original).
Features:
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Mudarabah Profit Rates: The profit on Hibati Savings Account shall be calculated and paid on monthly basis based on the declared weightages and profit rates.
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Cash Prizes through draws: The deposit in the account based on eligibility will make you enter into the draws (Weekly /Quarterly/Med of Year/ End of Year, and special draws) and you can win cash prizes on random selection basis through the draw system.
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Visa Debit Card: You shall be entitled to receive a Visa Debit card linked to the Hibati saving account. Through the card you can perform ATM withdrawals and point of sale (POS) transactions at millions of Visa merchants worldwide.
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No Minimum balance Charges: There will be no minimum balance charges on the account irrespective of the deposit maintained by you. Also there will be no minimum balance requirement for Mudarabah profit eligibility so you can keep any balance and still be entitled for profit.
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Online Banking facility: There will be no restrictions on number of transactions in the account be it through electronic channels or the branches. You will be able to access the account from any branch of the bank.
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E-Banking facility: You will be able to access the account through E Channels such as mobile and internet banking free of charge.
Prize Draw:
Based on the average balance maintained in the Hibati Savings Account, you will be entitled to be part of the draws in the (weekly/ quarterly/mid-year/end of year and special draws) taking place. For the weekly draws each RO 100 average weekly balance constitutes 1 entry to the draw, for the quarterly/mid-year and end of year draws the average balance requirements are mentioned below.
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Weekly – This draw will be held every week for the eligible customers. For the weekly prize draw, the eligibility will be “weekly average balance” calculated from Sunday to Saturday of the previous week.
Special Conditions – To increase the number of unique winners there will be an exclusion criteria built into the prize draw management system (PDMS) whereby a winner in one particular draw will not be eligible to participate in the upcoming ‘three’ (3) draws. This will be applicable for weekly draws only.
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Quarterly Draws - The quarterly draw is based on quarterly average balance and it will take place twice in 2021, April and October. For the period 1st of January to 31st March – Q1 and 1st July to 30th September – Q3. In each Quarterly draw there are two sub draws one for RO 5,000 cash prize and second for RO 10,000 cash prize. For every RO 1,000, the customershall be entitled for one entry to the RO 5,000 draw. For every RO 5,000, the customer shall be entitled for one entry to theRO 10,000 draw..
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Med-Year & End of Year Grand Draws - There will be two grand draws one to take place in July 2021 and the other in January 2022. The mid-year draw will be based on quarterly average balance from 1st April to 30th June 2021. The End of Year draw will be based on quarterly average balance from 1st October 2021 to 31st December 2021. For every RO 30,000 the customer shall be entitled for one entry to these draws.
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Special Draws - The special draws are planned for Omani Women’s Day on 20th October and National Day on 18th November 2021. The Omani Women’s Day draw will be based on the weekly average balance from Sunday 10th October to Saturday 16th October 2021. The National Day draw will be based on weekly average balance from Sunday 7th November to Saturday 13th November 2021. For every RO 100, the customer shall be entitled for one entry to the special draw.
Frequency/Draw Category |
Min avg. Balance (weekly/monthly/quarterly balance) |
Prize Amount |
No of Winners |
Times |
Total Prize Money |
Total Prizes |
1. Weekly |
100 |
100 |
100 |
52 |
520,000 |
5,200 |
2. Quarterly |
1,000 |
5,000 |
10 |
2 |
100,000 |
20 |
|
5,000 |
10,000 |
10 |
2 |
200,000 |
20 |
3. Mid-Year |
30,000 |
50,000 |
4 |
1 |
200,000 |
4 |
|
30,000 |
100,000 |
1 |
1 |
100,000 |
1 |
4. End of Year |
30,000 |
50,000 |
4 |
1 |
200,000 |
4 |
|
30,000 |
100,000 |
1 |
1 |
100,000 |
1 |
5. Special Draws |
|
|
|
|
|
|
a. Women's Day |
100 |
1,000 |
30 |
1 |
30,000 |
30 |
b. 51st National Day |
100 |
1,000 |
51 |
1 |
51,000 |
51 |
TOTAL |
|
|
|
|
1,501,000 |
5,331 |
FAQs:
How Meethaq Hibati Saving Account Product is Shari’a Complaint?
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.
What is the relationship between a Hibati Savings Account Holder and Meethaq?
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.
How is the customer's profit calculated in Hibati Savings Account?
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.
How are the prizes awarded to Hibati Account Holders?
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).
Will my Mudarabah profit get affected due to cash prizes?
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.
How will I get to know that I have won a prize?
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.
What is the minimum balance required to enter the draw?
For the weekly 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. Please refer to scheme details above to know more about the draws and eligibility.
What if I am no more interested to enter the 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.
What if I deposit an amount in my Hibati Savings Account and then withdraw some amount at the end of the month?
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.
How can I apply for Hibati Saving Account?
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.
Apply online now
Terms & Conditions
Shariah Pronouncement
Hibati Winners