MUSCAT: Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, in step with the bank’s vision ‘To serve you better, everyday’ has signed an agreement with leading insurance company Takaful Oman to launch Motor Takaful that is exclusively designed to meet the motor insurance needs of all its customers. The agreement was signed at the Bank Muscat Head Office by Shamzani Hussain, General Manager, Meethaq, and O.G. Ravishankar, General Manager, Takaful Oman. 

All Meethaq customers can now enjoy the benefit of Comprehensive Motor Takaful or Third Party Motor Takaful according to their needs. Comprehensive Motor Takaful covers the loss or damage of the covered vehicle and also offers compensation for the covered and/or the driver’s legal liability to third parties arising from the use of the covered vehicle. An advantage is that the policy can be tailor-made as per the needs of different customers. The plan offers a cost-effective and convenient way to protect vehicles against various unforeseen risks. 

The Comprehensive Motor Takaful is available to all Meethaq customers at competitive rates and offers several value-added benefits like free Personal Accident Cover for up to 7 passengers, free UAE Cover, free dealer repair during the first year of registration, dealer repairs for up to 3 years from the vehicle’s first registration at a nominal additional cost as well as comprehensive cover for vehicles that are up to 7 years old. Customers can also get a backup car for up to 15 days without any extra cost in case of accidents. Meethaq customers who opt for Comprehensive Motor Takaful will be eligible for car ‘pick-up and drop’ service to the authorised dealer for routine maintenance once a year. 

As an added benefit customers can also avail of annual Travel Takaful Cover. Meethaq Hafawa customers will be delighted with the special repair option at the authorised dealer for up to 5 years that is exclusively available only to them.

Meethaq customers can also purchase Third Party Motor Takaful if they so desire. In such cases, the policy covers third party persons and medical expenses as well as damage to third party property. Meethaq customers benefit from the fact that even the Third Party Motor Takaful offers free UAE cover.

Meethaq already offers to its customer Shari’a compliant auto finance, which is based on the concept of Murabaha wherein the cost of vehicle and profit is disclosed to the buyer. Meethaq purchases the vehicle on the customer’s request and sells it to them at the cost plus agreed profit.  The bank does not charge any processing fee and offers competitive pricing. 

With minimal documentation and fast processing, Meethaq car finance is available for citizens and residents at all Meethaq branches. Meethaq offers auto financing up to 80% of the vehicle cost and a repayment period up to 8 years. Customers can call on 24656666 or visit the nearest branch for more details. 

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 Shari’a compliance certification by the Shari’a Supervisory Board and is created in line with the guidelines of the Central Bank of Oman.

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