Muscat: Meethaq Islamic Banking from Bank Muscat, in line with its commitment to Omani youth and the development of the country, has signed an agreement with ABQ Education Group (Al Omania Education Services Company) to provide financing options to parents for paying their children’s school fees.
The agreement was signed by Shamzani Mohammed Hussain, General Manager - Meethaq Islamic Banking and Humayun Kabir, CEO, ABQ Education Group, in the presence of a number of officials.
The agreement comes within the strategy of Meethaq Islamic Bank to provide banking and financial services complying with Islamic Sharia principles to individuals and institutions across various fields and sectors. Meethaq has had many achievements since its launch in 2012 and has been contributing majorly to the growth and development of the Sultanate’s economy. It extends support to all key economic sectors with innovative Sharia-based products and is today well-positioned to sustain Islamic financial expertise.
Meethaq Education Finance works under the principle of Service Ijarah (ijarah tul khidmat) wherein Meethaq leases the education services through an operator service provider and shall sub-lease the required service. Unlike conventional education finance, Meethaq Islamic banking does not provide cash for availing educational services.
The bank will arrange education services according to its customers’ requirements and shall provide the same to its customers through education service providers against deferred payments by concluding a Service Ijarah contract.
Meethaq's Education Finance has some of the best features in education financing products in the country including 100 per cent financing facility for the entire education cost, easy instalment plans, competitive pricing and free life Takaful coverage. Omani nationals with a minimum monthly salary of OMR250 and expatriates with a minimum monthly salary of OMR300 can avail of Meethaq Education Finance provided they meet the other eligibility conditions.