MUSCAT : Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, has launched the 2021 edition of its Hibati Savings scheme based on Shari’a rules and principles. In line with its vision ‘To serve you better, everyday’ and commitment to partnership in promoting a healthy savings habit in Oman, the bank’s 2021 Hibati savings scheme will give away over OMR 1.5 million in cash prizes throughout the year. Since its launch in 2018, the Hibati Savings Scheme has grown rapidly to become one of the top Islamic savings schemes in Oman.

Speaking on the occasion, Amor Said Al Amri, Meethaq Head of Retail Branches, said: “We are delighted to launch the Hibati Savings programme for 2021. The bank has been constantly updating the prize scheme taking into account customer feedback from across the Sultanate. The total cash prize amount has been increased substantially this year and the scheme will now give more chances for customers to win valuable prizes.” He thanked all customers for their confidence in the scheme and in the various products and services of Meethaq.

Based on the unrestricted Mudarabah contract, the cash prizes offered under Hibati’s 2021 prize draw scheme are ‘Hiba’ (gift) from Meethaq to its customers and are paid out of Mudarib’s (shareholders’) own sources. The cash prizes are in addition to the profit share of Investment Account Holders (IAHs) in the General Mudarabah Pool as per the declared profit sharing weightages.

The 2021 Hibati scheme includes 100 weekly prizes of OMR 100 each. All customers maintaining a minimum weekly average balance of OMR 100 will be entered into the draws. This year’s scheme will also feature 2 quarterly draws with each draw having two sub draws offering 10 prizes of OMR 5,000 and OMR 10,000 each. Customers maintaining a quarterly minimum average balance of OMR 1,000 will be entered into the draw for 10 prizes of OMR 5,000 each, while customers maintaining a minimum quarterly average balance of OMR 5,000 will be automatically entered into the draw for 10 prizes of OMR 10,000 each. These draws will take place in April and October for the first and third quarters of 2021 respectively. 

In addition, the 2021 Hibati scheme offers two Grand draws; a Mid-year and an End of Year draw. For every OMR 30,000 in quarterly average balance maintained in the preceding quarter, the customer shall be entitled to one entry to the Grand draws. Four grand prizes of OMR 50,000 each and one grand prize of OMR 100,000 will be given away during the Mid-year draw as well as the End of Year draw. Other special prizes to be given away during the year include 51 National Day prizes of OMR 1,000 each and 30 Omani Women’s Day prizes of OMR 1,000 each.  Prizes totaling over OMR 1.5 million will be given away to a record number of 5,331 winners in 2021.

The Hibati savings scheme is the first-of-its-kind aimed at helping customers realise their aspirations and thereby boost the savings culture in Oman. The Hibati Savings Scheme, which is a broad savings scheme with multiple cash prizes shared by the largest number of winners at a regular frequencies, stems from Meethaq’s commitment to reciprocate in giving back to the community. 

Customers with Hibati Savings Accounts enjoy one of the largest number of benefits in Oman which includes attractive Mudarabah profit rates, cash prizes through draws, Visa Debit Card, no minimum balance charges and e-banking facilities. Very importantly, 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.

For more details about Meethaq Hibati Savings Accounts, please visit https://www.meethaq.om/en/depositproducts/Pages/details.aspx#hibati or call on 24656666.