Meethaq Ramadan auto finance evokes strong customer response
Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, has evoked a strong response to an attractive vehicle finance coinciding with Ramadan.
The special Meethaq Ramadan auto finance is available at a 5 per cent annual profit rate on the reducing balance method, along with life Takaful during the entire finance period. The limited period offer is valid till August 15.
The Sharia’a-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 the cost plus agreed profit.
The exclusive benefits of Meethaq auto finance include financing up to 80 per cent of the value of vehicles, a repayment tenure of up to eight 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. Adding convenience, select Meethaq branches were open with extended working hours from 8pm to 11pm during Ramadan. Meethaq strives to fulfill the needs of customers with innovative Sharia’a-based products and is well positioned to provide Islamic financial expertise to diverse segments and thereby promote the good of the 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.
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’a compliance certification by the Sharia’a Supervisory Board and is created in line with the guidelines of the Central Bank of Oman.