Muzn Islamic Banking launches Kids’ Wakala account for children

Muscat: Muzn Islamic Banking, the Islamic Banking window of National Bank of Oman has launched a new account designed for kids. Called the Kids’ Wakala account, it can be conveniently opened in a child’s name with just OMR 50 and a minimum recurring deposit of OMR 10. Children’s savings then grow with Muzn’s competitive rates ensuring them a brighter future. “The security of a child’s financial future is near and dear to the heart of every parent and at Muzn, we want to help lift that burden off their shoulders,” said Salima Obaid Issa Al Marzouqi, Acting Head of Muzn Islamic Banking. "Starting at a young age, this is an ideal way to give the children a sense of control over their own money, and teach them important lessons about responsible saving for a more promising tomorrow.” The account is open to Muzn customers and non-customers alike, and is available for children up to 18 years of age. The account comes with Life and permanent disability risks coverage with a double deposit benefit up to OMR 75,000. This means that in case of a claim, Takaful Oman Insurance shall pay an extra amount equal to the deposit as a benefit for the child. Hence, the more is deposited the more security children will enjoy, providing peace of mind in case the unexpected happens.