The unique Meethaq Ramadan auto finance is obtainable at 5 per cent annual profit price, along with life Takaful in the course of the whole finance period. The restricted period provide is valid till August 30.
The Sharia’a-compliant Meethaq auto finance is primarily based on the notion of Murabaha wherein the expense of car and profit is disclosed to the purchaser. Meethaq purchases the car on client request and sells it to them at the expense plus agreed profit.
The exclusive advantages of Meethaq auto finance consist of financing up to 80 per cent of the worth of automobiles, repayment tenure up to eight years and totally free life Takaful coverage in the course of the finance period. Notably, financing is also obtainable for acquiring employed automobiles.
The bank does not charge any processing charge and provides competitive pricing. With minimal documentation and quick processing, the Meethaq vehicle finance is obtainable for citizens and residents at all Meethaq branches.
Adding comfort, pick Meethaq branches will be open with extended functioning hours from 8pm to 11pm in the course of Ramadan. The branches supplying extended functioning hours are Wattayah, Al Khoudh, Barka, Ibri, Nizwa, Sohar and Ibra.
Sulaiman al Harthy, deputy chief executive officer, Islamic Banking, mentioned, “Meethaq is satisfied to provide the appealing Ramadan auto finance as element of efforts to fulfill the requirements of consumers with revolutionary Sharia’a-primarily based items.
“Meethaq remains committed to promoting the good of the 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, below the umbrella of Bank Muscat, is the top Islamic monetary solutions provider in Oman, operating on the principles of Transparency, Trust and Partnership, making certain the comfort of remaining correct to one’s religious tenets and values.
Meethaq has adopted the greatest practices in Islamic banking and finance worldwide to combine a robust model which protects consumers and complements the Islamic banking business.
Every Meethaq solution goes via the method of Sharia’a compliance certification by the Sharia’a Supervisory Board and is produced in line with the recommendations of the Central Bank of Oman.
Information Source: Muscat Daily