MUSCAT, 03 September 2018
Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, in line with the bank’s vision ‘To serve you better, everyday’ and commitment to partnership in promoting a healthy savings habit in Oman, has launched a unique savings prize scheme offering the largest number of prizes in the Islamic banking segment.
The Shari’a compliant Meethaq Hibati Prize Savings Account offers over RO 1 million to be won in attractive weekly, monthly and annual prizes. Keeping in view the market feedback that customers prefer more prizes at shorter frequency, Meethaq Hibati savings scheme is set to reward customers with the largest number of 5340 prizes.
The weekly draw will reward 100 customers every week with RO 100 each. In all, 5200 prizes will be given away in the weekly draws totaling RO 520,000. The monthly prizes include RO 1,000 each for 10 winners. A total of 120 customers will be rewarded in the monthly prize draws. Whipping up excitement, the mega annual prizes range from RO 5,000 each for 10 winners, RO 10,000 each for four winners, RO 25,000 each for three winners, RO 50,000 each for two winners and RO 100,000 for one winner.
Sulaiman Al Harthy, Deputy Chief Executive Officer – Islamic Banking, said: “Meethaq is proud to launch the Hibati Prize Savings Account which encourages a strong savings culture in Oman. In keeping with Meethaq’s leadership position in launching innovative products and services focused on the needs of customers, the savings scheme is the first-of-its-kind aimed at helping customers realise their aspirations and thereby boost the savings culture in Oman. The Shari’a compliant scheme will help mobilise Islamic savings deposits with attractive rewards to customers who will be earning profit as well as chances to win cash prizes as Hiba or gift from the bank.”
The eligibility for the weekly and monthly prize draw is RO 100 minimum weekly / monthly average balance in the Hibati savings account. For the annual prize of RO 5,000, a minimum average balance of RO 500 entitles customers to one chance in the grand annual draw. To win RO 10,000, a minimum average balance of RO 1,000 is to be maintained. The eligibility for the prize of RO 25,000 is a minimum average balance of RO 5,000 and for RO 50,000 prize, a minimum average balance of RO 10,000 is to be maintained. To win the mega prize of RO 100,000, customers are required to maintain a minimum average balance of RO 30,000 in their accounts. The minimum average balance requirement for the grand annual draw has to be maintained for three months before the draw takes place.
Sulaiman Al Harthy added: “The Meethaq Hibati savings scheme is aimed at instilling the discipline of savings among people. Helping customers to remain true to their religious beliefs, Hibati ensures the prize scheme conforms to Shari’a tenets. The cash prizes are a gift from Meethaq to customers who will receive Mudarabah profit plus chances to enter the prize draws based on the average balance maintained in their Hibati Savings Account which is in line with their religious beliefs. Ensuring banking inclusiveness, Hibati stems from Meethaq’s commitment to reciprocate in giving back to the community with a much broader savings scheme with cash prizes shared by the largest number of winners at higher frequency.”
The underlying Shari’a principle of Meethaq Hibati Savings account is unrestricted Mudarabah contract. The prizes are offered as Hiba or gift from Meethaq to customers out of the Mudarib share of Meethaq or paid by the shareholders. The prizes are over and above the profit share of investment account holders in the general Mudarabah pool. Customers will be eligible for the monthly Mudarabah profit as per the declared weightage.
The Hibati account benefits include Mudarabah profit rates, cash prizes through draws, Visa debit card, no minimum balance charges and eBanking facilities.
Meethaq has adopted the best practices in Islamic banking and finance worldwide to combine a robust model which protects customers and complements the Islamic banking industry. Every Meethaq product goes through the process of Shari’a compliance certification by the Shari’a Supervisory Board and is created in line with the guidelines of the Central Bank of Oman.