Monday 08 / July / 2024
Muscat: Meethaq Islamic Banking from Bank Muscat continues to enhance its partnership with the community by encouraging people to develop healthy savings habits and enhance financial literacy. Throughout the past years, Meethaq has been keen to customize its services and products to meet the needs of different segment in society. Children are one of the most important segments as they can learn through the customized account to build a foundation to grow enhancing their financial management practices, which are bound to assist them later in life.
Meethaq Children Savings Account includes two age groups. For children under the age of 14, Meethaq offers Baraem Children savings account, and for minors in the age range of 14 to 17, they can benefit from a regular savings account. Children can enjoy profit at competitive rates credited to the account on monthly basis and with no minimum balance requirement for profit eligibility. It offers Tiered/Slab based profit-rates, so the higher the average balance the higher the profit. Profit rates vary each month based on Mudarabah pool calculation. Any parent or legal guardian can open the account for his/her children under the age of 18 years, from any Meethaq branch with a hassle-free process and minimum documentation. They can enjoy as well from cash withdrawal services through any Meethaq branch.
Sami Bait Rashid, Assistant General Manager - Meethaq Personal Banking, said: “Meethaq has been keen to provide services that cater to the need of different age groups in society. The children account was developed to enhance savings habit concept for the younger generation and help parents prepare future plans for their children, guide them to learn financial management skills and introduce them to some banking concepts and concepts of Shari’a in this regard in an exciting manner. We are really pleased to see the positive feedback the account is receiving. We will continue Meethaq’s journey to further develop its products to meet customers’ needs and aspirations.”
In addition to the benefits mentioned, Meethaq offers as well Baraem complimentary Takaful cover. Parents can insure their children’s future education with Meethaq's complimentary child education Takaful cover by maintaining RO. 5,000 and above in the child's Baraem savings account (max up to 4 kids with 4 separate Baraem accounts). To open the account, parents or legal guardians can visit any Meethaq branch and bring with them their ID card, Birth Certificate if child is younger than 14 years, and ID card for minor in the age range of 14 to 17 years, childrenminor account opening form, in addition to Omani minor account opening form and savings and deposit terms and conditions form for new Meethaq customers.
Meethaq announced recently that some of its branches’ working hours have been extended until 6 p.m. to enhance the service for customers who wish to open a children savings account. The list of branches includes Al Ghubrah Branch, Saham Branch, Ibri Branch, Al Khoud Branch, Al Suwaiq Branch, Salalah Branch, Al Amerat Branch, Barka Branch, Ibra Branch, Maabela Branch, Al Buraimi Branch, Sinaw Branch, Al Khuwair Branch, Nizwa Branch, Sur Branch, Sohar Branch, Bahla Branch and Jalan Bani Bu Ali Branch.
Meethaq children Savings Account is based on the concept of Mudarabah which is a kind of partnership under Islamic Sharia. 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. Meethaq’s adoption of AAOIFI standards (Accounting & Auditing Organisation for Islamic Financial Institutions) further distinguishes Meethaq Islamic banking practices in terms of standardisation of its products and services complementing its world-class Islamic banking experience.
For more details about Meethaq Children Savings Account, please visit: https://www.meethaq.om/en/depositproducts/Pages/details.aspx#baraem.
