(MENAFN - Muscat Daily) Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, and Daleel Petroleum signed an agreement to provide an attractive Meethaq car finance deal for Daleel employees.
Meethaq car finance is a Sharia'a compliant finance based on the Islamic financing concept of Murabaha. Sulaiman al Harthy, group general manager - Islamic Banking, and Moza al Adawi, chief operating officer of Daleel Petroleum, signed the agreement at the bank's head office. Sulaiman al Harthy said, ''Meethaq is proud to join hands with Daleel Petroleum to offer the innovative car finance as part of its focus to take the lead in offering a suite of banking products which combine traditional values with modernity.
''Meethaq has adopted the best practices in Islamic banking and finance worldwide to combine a robut model which will protect customers and complement the Islamic banking industry. The Meethaq strategy is to attract customers through innovative Sharia'a based products and services.''
The benefits of Meethaq car finance include on-the-spot approval, financing up to 80 per cent of the car value and financing tenure up to eight years. The bank does not charge any processing fee and offers competitive pricing. With minimal documentation and fast processing, the car finance is available for Omanis and expatriates holding valid resident card and a minimum monthly income of RO250.
Meethaq car finance is based on Murabaha - a form of sale; vastly used to fulfill financing needs of customers. Meethaq, instead of giving a loan, purchases the car as per customer's description and sells it to him at a cost plus agreed profit.