Wednesday 28, December 2016 by Isla MacFarlane

Meethaq launches new savings plan

Meethaq has launched a new savings plan designed to help its customers reach long-term financial goals such as marriage, education and retirement. The plan is the first of its kind in Oman.

“Aimed at promoting a savings culture and helping people realise a number of objectives, the savings plan helps customers develop prudent financial habits,” said Sulaiman Al Harthy, Deputy Chief Executive Officer – Meethaq Islamic Banking. “Sometimes people do not realise future needs and therefore do not plan for them well in time. Meethaq savings plan helps people realise these needs and plan ahead with a small contribution every month to avoid regretting in the future.”

Meethaq invests customers’ savings in its financing and investment products and adds the profit generated to the customers’ accounts on a monthly basis. The plan is based on a recurring deposit account.

The plan is aimed at any individual over the age of 18 with a regular income. The minimum deposit if OMR 50. The accountholder can withdraw up to 10 per cent of the savings plan in an emergency. Customers can only do this once a year.

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