Meethaq Auto Financing

Cruise ahead with meethaq auto financing solutions, the most popular shari'a-compliant car financing solution in Oman

Features:

Based on the concept of murabaha
Finance of up to 80% of the auto’s value
Lower payments and longer financing tenure of up to 10 years
Less processing fee
Easy, convenient and quick approval process with minimal documentatio
Takaful Coverage for Life (where the finance amount/outstanding is cover in event of death or total disability )
Flexibility to avail and service the finance through the largest integrated branch network offered by meethaq in Oman
The eligibility for the Finance is based on the age, salary, employer type, indebtedness of the applicant
Pensioners can also avail Auto Finance by assigning Pension to the Bank
All fees and charges will be applicable for Pensioners unless stated otherwise
Pensioners do not have to pay pre-payment fees
The customer may obtain the life and property takaful policy as required under this Finance independently or, through the Bank, via the Bank’s takaful partner
The Bank reserves its right to treat all sub-accounts held under the name of the customer at the Bank as one single combined account for the purpose of setting-off outstanding debits and credits
In case of default, the Bank reserves the right to recover the outstanding amount by the measures permitted by law and the terms and conditions are laid out in the Finance Agreement

The Bank shall endeavor to pre-notify the customer of any amendments to the Terms and Conditions by way of SMS to the customer’s registered mobile number or e-mail to the customer’s registered e-mail address or upload to the Bank’s website.

Eligibility:

Any Omani national or resident expatriate, with a minimum monthly salary of RO 250 and RO 300, respectively, can avail meethaq car finance solution.

Documents Required:

Copy of national identity card for Omanis and copies of resident card & passport with visa page, for resident expatriates.
Valid Omani driving license.
Salary transfer letter in favor of Meethaq Islamic banking - Bank Muscat.
Declaration of other liability (if any).
Address proof (water bill, electricity bill or mulkiya copy).
Quotation of the car, in joint name of meethaq and the customer.

Key Terms & Conditions:

In case of pre-payment, Prepayment charges will apply.
In case of late payment, late payment charges will apply.

FAQs:

How is meethaq car finance product shari’a compliant?

Meethaq’s car finance works under the principle of murabaha. All products of meethaq are designed according to the guidelines set down by the central bank of Oman for Islamic banks and they also undergo a thorough process of shari'a compliance certification by our shari'a supervisory board.

How does meethaq car finance work?

Meethaq car finance product is based on the concept of murabaha. murabaha is a kind of sale, where the seller discloses the cost of the assets along with the profit. meethaq, instead of giving a loan to the customers, purchases the car as per customers’ request and sells to them at a cost plus agreed profit.

How is meethaq car finance product different from conventional auto financing?

Under meethaq car finance, the subject matter of the contract is the car, and not money against money
The bank buys the car according to the customer's specification and sells the same to the customer against deferred repayments by concluding a murabaha sale contract

What documents are required to apply for meethaq car financing?

Copy of national identity card for Omanis and copies of resident card & passport with visa page, for resident expatriates
Valid Omani driving license

Salary transfer letter in favor of Meethaq Islamic banking - Bank Muscat
Declaration of other liability (if any)
Address proof (water bill, electricity bill or mulkiya copy)
Quotation of the car, in joint name of meethaq and the customer

Fees & Charges