As a parent, it’s your ultimate goal to ensure a safe, secure and progressive future for your child. With a Kids Wakala account from Muzn Islamic Banking, achieving that ambition has never been easier. We offer you an attractive savings option with a healthy return on investment in combination with Takaful cover designed for your peace of mind . We ensure that your child’s financial future is protected against unforeseen circumstances.
High Takaful Cover
With Takaful cover from the Muzn Kids Wakala account, your child is financially protected against the death or permanent disability of their parent or guardian. They receive a sum equal to the average deposit amount in their account in the month before the death or disability, up to a maximum of OMR 75,000.
If the average deposit in the month prior to death was OMR 10,000, your child would receive the OMR 10,000 held in their account, as well as a further OMR 10,000 in Takaful benefits. The more you save, the greater your security and the higher your Takaful cover.
Key Fact Statement (KFS)
Please find that we have designed the
Key Fact Statement that summarizes the main characteristics of the product. It is brief and limited to critical information that will support your understanding of the product.
Please find that we have designed the Key Fact Statement that summarizes the main characteristics of the product. It is brief and limited to critical information that will support your understanding of the product.
You will receive an SMS confirmation once your account is opened.
Required DocumentsTo open your Muzn Kids Wakala account, you will need:
- Your child’s passport and birth certificate
- A copy of your Oman ID (for Omani nationals) or a copy of your passport and resident card (for expats)
If you are your child’s guardian, rather than their parent, you will also need to show the court order confirming your guardianship, or your Ministry of Social Affairs adoption certificate.
Key Features
- No withdrawal limits on the money in the child’s account.
- No requirement to open your own (parent’s/guardian’s) Muzn account to open a Muzn Kids Wakala account.
- Open to children up to 18 years old.
- The Muzn Kids Wakala account is a minor account and opened in the name of the child.
- Minimum opening balance of OMR 50
- Minimum monthly recurring deposit of OMR 10.
- Available in OMR only
- No standing order charges are placed for recurring deposits from within Muzn.
- No cheque book or ATM card is issued for the account.
- High expected profit rate.
- Double Deposit Takaful Cover
- Takaful Benefit will have a cap of OMR 75,000.
- Minimum deposit amount for Takaful Benefit OMR 1,500/=
- Parents / Guardians should not be more than 60 years of age at the time of account opening.
- Takaful Benefits will not be available once the Parent / Guardian reaches 65 years of age.
Apply now
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Branches
Athaibah
South Athaibah Way No: 244 Al Sahwa Towers Building No: 2, Ground Floor, Phone: 24527198
Mabellah
Al-Janobiah Way no: 6901, Building no: 15 Phone: 24452387
Sur
Near Sanaya Roundabout Opposite Badr AlSamaa Poly Clinic Phone: 25540726
Sohar
Al Waqaibah Way No: 4803 Building No: 24 Block No: 2248 Phone: 26846692, 26846044, 26846118
Nizwa
Nizwa city Firq area Hay Alain Junction Near Aldiyar Hotel Phone: 25411241, 25411681
Salalah
Al Zaky Building Opposite Souk AlMarkazi Phone: 23291310
Terms & conditions apply.
Disclaimer: All Muzn Islamic Banking products and services are approved by the Muzn Shari’a Supervisory Board and are subject to Muzn Islamic Banking’s terms and conditions and submission of acceptable documentation.
