Meethaq ‘Back to School’ promotes savings habit
The 2-day Meethaq ‘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
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 Shari’a-based children’s savings account in Oman. Parents/guardians on behalf of children can open the ac- count. 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 bookshops, 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.
Meethaq has created a microsite for Baraem account where children can visit to learn more about the concept of savings and good financial habits in a friendly environment and participate in educational games and quiz.
A friendly mascot named ‘ Barum’ is associated with the children’s account to engage and motivate them in a world of fun and learning. During events, Barum, the banking friend of children, interacts with children, guiding them on financial literacy. Barum also keeps company with children at homes in the form of attractive money boxes.