Putting you in control of your drive for profits in accordance with your beliefs
Muzn’s Flexi Wakala Account provides Shari’a-compliant profits while providing excellent banking services. It offers flexibility that allows you to terminate the agreement and withdraw funds at any time without any notice or charges.
How the Flexi Wakala Account works
Muzn’s Flexi Wakala Account is based on the Islamic concept of Wakala Bil Istithmar.
Under this concept, you become the Principal (Muwakkil) and Muzn becomes the Investment Agent (Wakeel) of your funds. These funds are invested in Shari’a compliant businesses.
The profit earned from the businesses is distributed to the customers on a monthly basis as per the terms of the Wakala agreement. Muzn (as Wakeel) deducts its agreed agency fee (Wakala fee) and pays the profit amount to the customers as per the terms of the Wakala agreement.
Feature
Currency of your choice
The Muzn Flexi Wakala Account is available in local and foreign currencies.
Benefits
- Account comes with Cheque book facility..
- Make unlimited deposits and withdrawals from any Muzn Islamic Banking branch.
- Access to your funds 24 hours a day through the OmanNet, GCC and MasterCard networks worldwide through your ATM/Debit Card with free withdrawal from Muzn and National Bank of Oman ATMs.
How to Apply
You can open Muzn Islamic Flexi Wakala Account with the minimum balance requirement of OMR 1,000. To complete the account opening process, please visit the following branches with your national ID Card/Passport and the rest will be taken care of by your Relationship Manager at the bank*.
Branches
Azaiba
South Azaiba 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.
