Bank Muscat’s pioneering Islamic Banking service Meethaq yesterday signed an agreement with Takaful Oman, a leading insurance provider, to launch Motor Takaful that is exclusively designed to meet the motor insurance needs of all its customers.

Shamzani Hussain, General Manager – Meethaq, and O.G. Ravishankar, General Manager –Takaful Oman, signed the pact at the Bank Muscat Head office. All customers of Meethaq can now avail either Comprehensive Motor Takaful or Third Party Motor Takaful.

Comprehensive Motor Takaful
It covers the loss or damage of the covered vehicle and also offers compensation for the covered and/or the driver’s legal liability to third parties arising from the use of the covered vehicle. It can be tailor-made to suit your needs and includes benefits like free Personal Accident Cover for up to 7 passengers, free UAE Cover, free dealer repair during the first year of registration, dealer repairs for up to 3 years from the vehicle’s first registration at a nominal additional cost as well as comprehensive cover for vehicles that are up to 7 years old.

According to a press release, apart from being eligible for a back-up car service for up to 15 days without any extra cost, customers can also avail the car ‘pick-up and drop’ service to the authorised dealer for routine maintenance once a year.

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Third Party Motor Takaful
The policy covers third party persons and medical expenses as well as damage to third party property and offers free UAE cover for Meethaq customers.

Meethaq already offers to its customer Shari’a compliant auto finance, which is based on the concept of Murabaha wherein the cost of vehicle and profit is disclosed to the buyer. Meethaq purchases the vehicle on the customer’s request and sells it to them at the cost plus agreed profit. The bank does not charge any processing fee and offers competitive pricing.