Muscat: Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, has enlivened Muscat Festival with its Baraem Village to promote the habit of saving among children.
Baraem, the children’s savings account by Meethaq, has lined up fun activities and competitions at Amerat Park evoking strong response from children visiting the festival.
Meethaq’s Baraem is the first Shari’a based children’s savings account in Oman, a release stated.
The Baraem Village activities are aimed at providing a learning experience for children on the basics of financial management, including earning, budgeting, charity, savings and spending. The special savings account is aimed at encouraging savings culture among children and helping parents to prepare for the future of their 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.
The Baraem savings account targets children below 12 years and can be opened by their parents. Baraem encourages children to save their 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 fulfills the desire of children to have their own bank accounts like their parents, encouraging them to make savings a regular habit.
SOURCE: MUSCAT DAILY