Meethaq has launched the first Shari'ah based children's savings account in
Baraem savings account targeted at children below 12 years can be opened by their parents. Baraem encourages children to save pocket money and cash gifts received from parents and relatives 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. While the children grow up, the Baraem savings account contributes to a secure future by 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 favorite 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. The more saved, the 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
Meethaq has created a micro site for Baraem where children can log on to learn more about their account in a friendly environment and also play some educational games.
Aimed at motivating children, a friendly mascot named Barum is associated with the children's account to engage them in a world of fun and learning. Barum, the banking friend of children, will interact with children at popular hypermarkets and malls, guiding them on the importance of inculcating a savings habit. Barum will also keep company with children in their homes in the form of attractive coin boxes.
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