Meethaq current account is based on Qardh Hassan (interest free loan). All Meethaq products have been designed according to the Central Bank of Oman Islamic Banking Services laws and regulations as well as revision of sharia compliancy by the our Sharia Supervisory Board.

Meethaq current account is based on Qardh Hassan contract which is an interest free loan where by the principal amount is guaranteed to be repaid by the bank on demand

• 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, interest, profit and/or penalty.
  
  

Institutions and Individuals falling under the segment of Corporate & SME will be able to open a Call deposit account. Account may be opened in the name of persons and bodies mentioned below upon being properly introduced in a manner approved by the Bank.

• Individuals
• Partnership Firms
• L.L.C (Limited Liability Companies)
• S.A.O.C (S.A.O.C Companies)
• S.A.O.G (S.A.O.G Companies)
• Funds
• Trusts

Resident Companies

• Corporate documents such as certificate of incorporation.
• Memorandum and Articles of Association.
• Shareholders Resolution / Board Resolution / Minutes of the Board Meeting, as per the Articles of Association.
• Request letter printed on the company's letterhead signed by the company's authorized signatories and stamped.
• Valid passport copies of all of the shareholders.
• Embassy's original seen stamp maintained.

Non-Resident Companies

• Request letter printed on the company's letterhead signed by the company's authorized signatories and stamped.
• Recent commercial registration certificate (CR) (Dated a maximum of one week before submission of the Account Opening Form).
• Oman Chamber of Commerce and Industry Membership Certificate.
• Copies of ID/Passports for shareholders, directors, authorized signatories (ID for Omanis/passport & resident card for non-Omanis).
• Memorandum and Articles of Association for Joint Stock Companies (SAOG and SAOC companies).
• Constitutive contract for Limited Liability Companies and Sole Proprietor Company.
• LLC - Written shareholders' resolution / full meeting minutes.
• SAOG - Circular (written) board resolution, extract of meeting minutes, full meeting minutes.
• SAOC - Circular (written) board resolution, extract of meeting minutes, full meeting minutes.
• Sole proprietor - resolution signed by the sole proprietor + request letter signed by the authorized signatory.
• Proof of physical address (rental agreement/municipality authority certificate/deed/krooki).

Call Deposit Account is based on Islamic concept of Mudarabah and like every product from Meethaq has been vetted by Shariah Supervisory Board (SSB); Mudarabah is a contract between two parties one is the fund provider (Rabb al Mal) and the other is the manager of funds (Mudarib the Bank). The profit is shared between the two parties based on a pre-agreed profit sharing ratio and in case of loss only the Rabb al Mal shall bear it based on their investment proportion if no negligence has been proven on part of the Mudarib. For the purpose of managing the fund in general the contract used shall be Mudarabah Mutalaqah (Un-restricted Mudarabah).

Institutions and Individuals falling under the segment of Corporate & SME will be able to open a Call deposit account. Account may be opened in the name of persons and bodies mentioned below upon being properly introduced in a manner approved by the Bank.

• Individuals
• Partnership Firms
• L.L.C
• S.A.O.C
• S.A.O.G
• Funds
• Trusts

For Call Deposit Account holders profit sharing and weightages are published on a monthly basis. Profit is calculated based on the monthly average balance and paid to the account holders on a monthly basis. For historical profit rates please click here.

Call Account provides active cash management for account holders. Customers can keep funds in the Call Account to earn profit through Mudarabah investment until the need arises to transfer it over to a current account based on maximum or minimum balance standing order sweeping facility.

Customer can deposit or withdraw funds without time restrictions, however a notice has to be provided to the Bank to withdraw funds of minimum 1 day before withdrawal.

Customer can withdraw the funds from a Call Account whenever required through any of the following means:

• Over the counter at the Branch
• Online Transfer to/from account
• Standing instructions
• Remittances

No, Cheque book is not available with the Call Account.

Yes, the Call Account can be accessed (deposit / withdrawal) from any branch of Meethaq all over the Sultanate. Meethaq has the largest branch network among all Islamic Banks in Oman.

Please refer to the account opening form.

Meethaq term deposit is based on the concept of mudarabah 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), based on this relationship, the depositors and Meethaq will share the profit earned from the Mudarabah investment. based on the pre-agreed profit sharing.

No, there is no penalty charged. However, the bank and the customer agree that the applicable indicative profit rate can be revised and accordingly the Bank may deduct any amounts extra profit amount from the deposit or profit payable thereon based on such revised rate upon early termination in accordance with the Mudaraba agreement.

Fixed / Term Deposit account opening form signed by authorized signatories or Request letter on company letter head signed by the authorized signatories operating the current account of the company.

Meethaq Term Deposits provide you convenience and flexibility. Now you can plan your investments; choosing from a range of tenors and profit payment options being offered

In case the customer is not completing the original agreement to keep the funds as per the agreed period / tenor the Bank and the customer agree that the applicable indicative profit rate can be revised and accordingly the Bank may deduct any amounts extra profit amount from the deposit or profit payable thereon based on such revised rate upon early termination in accordance with the Mudaraba agreement approved by the Bank’s Shari’a Supervisory Board. So in case a Term Deposit booked for 1 Year is en-cashed or withdrawn after 6 months, the profit subject to the actual profit generated through the Mudaraba investment- will be recalculated based on the 6 months profit rate and paid to the customer, if the customer has already received the profit such as in the monthly profit payment option then the differential amount will be adjusted from the principal amount of Term Deposit.