Meethaq ‘Back to school with Baraem’ promotes savings habit among children

MUSCAT: Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, hosted an event at Muscat Grand Mall to promote financial literacy and savings habit among children. The 2-day ‘Back to School with Baraem’ event, which imparted financial literacy with fun activities and competitions, attracted a large turnout of children who were presented with gift kits comprising school stationery.

Targeted at children below 12 years of age, Meethaq Baraem Account is the first Sharia based children’s savings account in Oman. The account can be opened by parents/ guardians on behalf of children. Baraem encourages children to save from a young age and utilise savings for gainful purposes and disciplined spending.

Baraem helps parents to save on behalf of children and at the same time inculcate the savings habit among children. On opening the account, a special welcome kit comprising Baraem Recognition Card entitles cardholders to discounts at various outlets, including book shops, restaurants and children’s clothing stores. Activity books and educational aids which spark creativity are also gifted to account holders.

The Baraem account comes with attractive profit rates so the savings grow with time. Moreover, the profit is credited on a monthly basis to the Baraem account. More the saving in Baraem account, more the Mudarabah profit from Meethaq. Notably, no transaction charges are deducted from the Baraem account.