Meethaq unveils special Ramadan vehicle finance
Meethaq Ramadan auto finance is available at 5 per cent annual profit rate, along with life Takaful during the entire finance period
MUSCAT: Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, in step with the bank’s vision ‘To serve you better, everyday’ has launched an attractive vehicle finance coinciding with the holy month of Ramadan.
The special Meethaq Ramadan auto finance is available at 5 per cent annual profit rate, along with life Takaful during the entire finance period. The limited period offer is valid until August 30.
The Sharia-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, repayment tenure up to 8 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 will be open with extended working hours from 8pm to 11pm during the holy month of Ramadan. The branches offering extended working hours are Wattayah, Al Khoud, Barka, Ibri, Nizwa, Sohar and Ibra.
Sulaiman Al Harthy, deputy chief executive officer – Islamic Banking, said: “Meethaq is happy to offer the attractive Ramadan auto finance as part of efforts to fulfil the needs of customers with innovative Sharia-based products. Meethaq remains committed to promoting the good of society as a whole. 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 leading Islamic financial services provider 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.