Meethaq auto finance gains popularity

08/08/2016 07:55 AST

Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, has gained popularity on its auto finance available with a host of features, including life Takaful for customers during the entire finance period. The Sharia compliant Meethaq auto finance is based on the concept of Murabaha wherein the cost of vehicle and profit is disclosed to the buyer. Meethaq purchases the vehicle on customer request and sells it to them at a cost plus agreed profit. The exclusive benefits of Meethaq auto finance include financing up to 80 per cent of the value of vehicles, repayment tenure up to 8 years and free life Takaful coverage during the finance period.

Notably, financing is also available for purchasing used vehicles.

The bank does not charge any processing fee and offers competitive pricing. With minimal documentation and fast processing, the Meethaq car finance is available for citizens and residents at all Meethaq branches.

Sulaiman al Harthy, (pictured) Deputy Chief Executive Officer — Islamic Banking, said: “Meethaq strives to fulfil the needs of customers with innovative Sharia based products and is well positioned to provide Islamic financial expertise to diverse segments and thereby promote the good of society as a whole.

Oman is home to the world’s best known auto brands and Meethaq remains committed to helping people to own their dream vehicles. By encouraging people to buy top quality vehicles, Meethaq reiterates its commitment to road safety, thereby spreading safety and happiness in Oman.”

Meethaq, under the umbrella of Bank Muscat, is the centre for Islamic financial service in Oman, operating on the principles of Transparency, Trust and Partnership, ensuring the comfort of remaining true to one’s religious tenets and values.

Within just three years of operations, Meethaq has attained the leading position in the Islamic banking industry in Oman in terms of financing receivables, branch network, products and services, IT infrastructure and human resources development.

Meethaq offers a full suite of Islamic banking products and services, including savings account, current account, home finance, auto finance, credit card, mobile banking and Internet banking. The bank has invested in staff, systems and controls to ensure the service is delivered in a professional, segregated and fully Sharia compliant manner.

Meethaq has adopted the best practices in Islamic banking and finance worldwide to combine a robust model which protects customers and complements the Islamic banking industry.

Every Meethaq product goes through the process of Sharia compliance certification by the Sharia Supervisory Board and is created in line with the guidelines of the Central Bank of Oman.

Oman Observer