Meethaq Current Account

With Meethaq Current Account you can safely deposit your funds and have unlimited access to them to conduct your daily personal or business transactions. The most preferred Islamic Current Account in Oman is based on the Shari’a principle of Qardh Hassan (interest free loan). The funds in Meethaq Current Account are used only for Shari’a compliant activities by the Bank.

Shari’a Basis

Meethaq Current Account is based on the Islamic contract of Qardh Hassan (interest free loan). You as a depositor will be the lender and Meethaq will be the borrower. The deposited funds shall be used by Meethaq in its Sharia’ compliant business activities. Irrespective of the profit or loss generated by the bank from such business activities, the funds deposited in current account by the customers are payable on demand without any interest, profit or penalty.

Benefits:
  • Debit Card (for individuals only) with daily cash withdrawal limit of Omani Riyals 600 from the ATM
  • Online Banking facility with the largest Islamic banking branch network in the Sultanate, access your account from anywhere.
  • No charges on ATM withdrawal on any Bank ATM in Oman (Baiza 100 withdrawal charges are waived)
  • Withdrawal and deposit facility through nationwide ATM/CDM network and Meethaq Branches.
  • Cheque book facility available – 10/25/50/100 leaves.
  • Manage the account on the move with free 24x7 Electronic Banking services including Internet Banking, ATMs, Cash/Cheque Deposit Machines and Mobile Banking.
  • Flexibility to make purchases at more than 32 million Visa endorsed shopping outlets worldwide through the Visa Debit Card.
  • Visa Debit Card enabled for secure OTP based transactions.
  • Pay your bills for Electricity, Water, Telephone, Internet and Schools, etc.
  • Hassle free account opening process with minimum documentation.

FAQs:

Visit your nearest branch or contact us at smemeethaq[a]bankmuscat.com for further details.​​​​​


Meethaq Call Account

Meethaq Call Deposit Account is based on the Islamic contract of Mudarabah. It works as a secondary account linked to the main/primary account. Amount from primary account gets transferred to Call Deposit account on request of customer or through a standing order and being invested in Meethaq’s General Mudarabah. The profit generated from the Mudarabah investment will then be distributed among the Call deposit account holders and Meethaq based on predetermined profit sharing ratio and weightages on monthly basis. The account can be opened by any individual or company falling in the category of Corporate and SME.

Shari’a Basis

Meethaq Call Deposit Account is based on Islamic concept of Mudarabah; 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 profit generated from the Mudarabah activities shall be shared based on an agreed profit sharing ratio between the two parties 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). The customer is Rabb al Mal and the bank is the Mudarib.

Benefits:
  • Online Banking facility with the largest Islamic banking branch network in the Sultanate, access your account from anywhere.
  • Flexible cash management - a link to customer current account. Customer can keep funds in a call deposit account and earn profit until the need arises to transfer it over to a current account based on maximum or minimum balance standing order facility.
  • Earn Profit - calculated on monthly average balance and payable on monthly basis, in line with the predetermined / announced monthly weightages.
  • Manage the account on the move with free 24x7 Electronic Banking services including Internet Banking, ATMs, Cash/Cheque Deposit Machines
  • Customer can deposit or withdraw funds without volume restrictions, however a notice has to be provided to the Bank to withdraw funds of minimum 1 day before withdrawal.
  • Customer can withdraw the money whenever required through any of the following means:
    • a) Withdrawals slip (in person by account holder)
    • b) Transfer to accounts
    • c) Standing instructions
    • d) Remittances
  • Deposits can be made in cash, cheque or incoming remittances.
  • Remittances is available in OMR.

FAQs:

Visit your nearest branch or contact us at smemeethaq[a]bankmuscat.com for further details.​​​​​


Meethaq Fixed Deposit

Earn healthy and halal returns on your investment without compromising on your beliefs by depositing your funds for specific periods in Meethaq Term Deposit. We help you to make your hard earned money grow through the Shari’a compliant Term Deposit product. As your investment partner, we ensure that you get the most attractive indicative profit rates on your Term Deposits. Your investment is in safe hands at Meethaq and we make sure that you get the best out of your savings and what’s more you can start with an investment as low as RO 1,000 (also available in USD).

Shari’a Basis

Meethaq Term Deposit is based on the concept of Mudarabah where the customer enters into a relationship based on Mudarabah with the Bank. Under this relationship, the customer is an Investor (Rabb-ul-Maal) and the Bank is the Manager (Mudarib) of the funds deposited by the customers, the profit generated (if any) from the business activities of the Bank will be distributed based on pre-agreed profit sharing ratio. In case of loss it will be distributed among the Rabb-ul-Maal or depositors based on their investment proportion in the Mudarabah in case no negligence is proven on part of the Mudarib. For the purpose of managing the fund in general the contract used shall be Mudarabah Mutlaqah (Un-restricted Mudarabah). The Bank allocates the funds received from the customers to a Mudarabah deposit pool. Funds from the pool are utilized for various Shari’a-compliant business or investment activities of the bank as approved by Sharia Supervisory Board (SSB).

Benefits:
  • Option to choose the period of your investment from 1 month to 6 years.
  • Minimum amount of deposit is Omani Riyals 1,000/- only or equivalent USD.
  • Profit at competitive rates credited to your account at the chosen profit payment frequency (Maturity, Annual, Semi Annual, Quarterly, Monthly) of the Deposit.
  • Profit rates announcement at the beginning of each month for the month completed.
  • Pre-mature breaking or encashment of the deposit is allowed with no penalty.
  • Automatic renewal of investment option available, no need to track the Maturity dates.
  • Acceptance as collateral for other banking facilities.
  • Free account opening process with minimum documentation.

FAQs:

Visit your nearest branch or contact us at smemeethaq[a]bankmuscat.com for further details.​​​​​