MUSCAT: Meethaq Islamic banking from Bank Muscat provides a wide range of Shari’a compliant products and services, which have been specifically designed to meet the financial and banking needs of its wide range of customers. Meethaq’s Neswa Savings Account is specially designed taking into account the requirements of women in the contemporary world. It enhances their privacy and has several features that are tailor-made to meet their needs. 

Neswa account holders have access to a wide range of features, which include a Visa Debit Card with an ATM withdrawal limit of OMR 800, access to the largest network of ATMs and CDMs across Oman, complimentary Takaful life cover up to OMR 10,000, coverage up to OMR 1,000 for loss of wallet or handbag resulting in misuse of cards and coverage up to OMR 100 for loss of ID cards and keys. Account holders can also receive attractive indicative profit rates on their average monthly balance up to 1.50% p.a. and are eligible for up to 50% discount on the first year’s rental charge for safe deposit lockers. All Omani and resident women above the age of 18 are eligible to open a Neswa savings account with a minimum balance amount of OMR 300 or a minimum salary transfer of OMR 500. 

The Neswa customers can also setup a Meethaq Savings Plan transferring an amount from their Neswa account. Meethaq’s Savings Plan allows customers to achieve their financial goals by saving a small amount on a regular basis over a long period of time to meet their financial goals such saving for their child’s education, retirement planning and other personal goals. 

The Meethaq Savings Plan is open for all customers between the ages of 18 and 64 and comes with the option of direct debit/standing order to facilitate one’s contributions. It also has an attractive indicative profit rate of 3% p.a. and inbuilt Takaful cover to protect and quickly grow savings. All contributions are invested in Shariah-compliant investment activities and come with the option of withdrawing up to 10% of the accumulated contributions in case of an emergency. A partial withdrawal may be made once during a calendar year. The full amount can be encashed and withdrawn by a customer subject to the payment of a 1% pre-closure fee applied on the total savings plan value at the time of application.

Every Meethaq product is certified by the bank’s Shari’a Supervisory Board for compliance with Shari’a principles and is created in line with the guidelines of the Central Bank of Oman. Having been recognized as The Best Islamic Bank in Oman by Islamic Finance News in the past, Meethaq plans to further expand its services and products across the Sultanate in the future.