Sulaiman al Harthy said: "Meethaq's Al Bait home finance provides the right financial tool to fulfil the aspirations of a dream home. The innovati (more)
Sulaiman al Harthy said: "Meethaq's Al Bait home finance provides the right financial tool to fulfil the aspirations of a dream home. The innovative Sharia based product has evoked good response. The real estate sector is a major component of the national economy and Meethaq Islamic Banking is committed to extending all support aimed at offering citizens easy access to Sharia based home finance."
Alwaleed al Kindi said: "The objective of Zawaya Development Company is to provide quality homes at affordable prices. We are happy to join hands with Meethaq Islamic Banking in extending attractive home deals for Omanis. The synergy between the two institutions will benefit citizens across Oman to fulfil their dream homes." Al Bait home finance is offered for up to 80 per cent of property value with tenure up to 25 years. Competitive financing rates as well as multi-purpose financing are offered for residential units. The 8-storeyed Al Hilal project comprises 42 apartments and commercial space.
Al Bait home finance facilitates easy and convenient approval process. Omani individuals, single or jointly, with monthly salary income above RO 249 from the government sector or above RO 499 from approved private sector companies are eligible to apply for Al Bait home finance wherein Meethaq and the customer are treated as co-owners of the property and not as lender-borrower.
Al Bait home finance is based on diminishing 'Musharkah' and rental payment agreement between Meethaq and the customer. The initial financing provided by Meethaq is applied to acquire a share in the property and not to provide a loan. The customer's periodic payment is for acquiring Meethaq's share in the property, whereas the rental portion is towards the customer's use of the property.
Al Harthy added: "Meethaq is proud to take the lead in launching a suite of banking products which combine traditional values with modernity and ensure the choice of staying true to one's values. Meethaq has adopted the best practices in Islamic banking and finance worldwide to combine a robust model which will protect customers and complement the Islamic banking industry. The Meethaq strategy is to attract customers through innovative Sharia based products and services. The operations are managed by an experienced team, separate from conventional banking."
Bank Muscat is the first commercial bank in Oman to receive CBO's approval and begin independent Islamic banking window operations as per the requirements of Islamic banking regulatory framework of CBO. The bank has invested in staff, systems and controls to ensure the service is delivered in a professional, segregated and fully Shari'a compliant manner. Meethaq delivers products and services to meet all financial needs of customers by ensuring true Partnership, Transparency and Trust.
Every Meethaq product goes through a process of Shari'a compliance certification by the Shari'a Supervisory Board and Al Bait home finance has been created in line with the guidelines of the Central Bank of Oman. Meethaq stands out for its independent Shari'a Supervisory Board, separate capital allocation from shareholders' money, unique risk management tools, complete fund segregation, separate books of account, core banking system which supports Islamic banking operations, stand-alone Islamic banking branches and proper profit distribution mechanism among investment account holders/depositors. The adoption of AAOIFI standards (Accounting & Auditing Organisation for Islamic Financial Institutions) distinguishes Meethaq Islamic banking practices in terms of standardisation of products and services.
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