(MENAFN - Muscat Daily) Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, hosted an event at Muscat Grand Mall to inculcate savings habit among children.
The fun activities and competitions held at Baraem village evoked strong response from children. Meethaq's Baraem is the first Sharia'a based children's savings account in Oman. The competitions provided a learning experience for children on the basics of financial management, including earning, budgeting, charity, savings and spending.
The winning teams received attractive prizes. Sulaiman al Harthy, group general manager, Islamic Banking, said, ''Meethaq is proud to take the lead in launching a special savings account for children aimed at encouraging the savings culture among them and helping parents prepare for the future of children. Baraem serves as a foundation for guiding children on prudent financial management in general and familiarising them with Islamic banking principles through the attractive savings product.
Baraem offers unique privileges and facilities to children.'' Baraem savings account targeted at children below 12 years can opened by their parents. Baraem encourages children to save pocket money and cash gifts and utilise the same for gainful purposes such as buying books as well as disciplined spending for food and entertainment. Baraem fulfils the desire of children to have their own bank accounts like their parents, encouraging them to make savings a regular habit.
On signing up, children receive a special welcome kit comprising Baraem Recognition Card which entitles them to discounts at favourite outlets and book stores. An interesting story book and educational aids which spark creativity are also presented to account holders. When children save a certain amount of money in Baraem account, Meethaq will deposit additional money in their account. The Baraem savings thus continue to grow. More the saving, more the additional deposit from Meethaq.
Notably, no transaction charges are deducted from the Baraem account. Baraem is committed to a secure future for the account holders. In the event of the unfortunate demise of the parent who has signed up as the joint account holder, the child will be entitled for a monthly allowance of RO200.