Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, has launched a vehicle finance promotion coinciding with Ramadhan. The Meethaq Ramadhan auto finance campaign is available at a 5% annual profit rate inclusive of life takaful during the full finance period. The limited period offer is valid till 31 July 2016.
The shari’ah-compliant Meethaq auto finance programme is based on the concept of murabahah, under which the cost of the vehicle and the profit is disclosed to the buyer. Meethaq purchases the vehicle on customer request, and sells it to them at a cost plus agreed profit.
The exclusive benefits of Meethaq auto finance include financing of up to 80% of the value of the vehicle, repayment tenure up to eight years and free life takaful coverage during the finance period. 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, Meethaq car finance is available for citizens and residents at all Meethaq branches.
Eleven Meethaq branches will be open with extended working hours, from 8.30pm to 11.30pm, during Ramadhan: Wattayah, Al Khoud, Barka, Saham, Sohar, Sur, Salalah, Buraimi, Ibri, Ibra and Nizwa.
Meethaq offers a full suite of Islamic banking products and services, including savings account, current account, home finance, auto finance, credit card, mobile banking and Internet banking. Meethaq has 18 branches across the Sultanate of Oman and plans to expand the network as well as launch new products and services to complement the Islamic banking experience.