Saving Plan

Securing a financially stable future starts today. Worry-free about the future as tomorrows’ needs will be satisfied by saving today bit by bit. Start saving now with Sohar Islamic Saving Plan.

It is based on the Shari’a principle of Wakalah where you are the capital provider “Muwakkil” and the Bank is the investment manager “Wakeel” for an agreed period of time.

Saving Plan Features:

• Safe and secure saving compared to local group saving practices
• Ability to open multiple plans for different purposes like: retirement, Haj, marriage, kid’s higher education and others
• Fixed monthly contributions as low as RO.5/-
• Partial withdrawal up to 10% of plan balance
• Attractive profit rates
• Profit is reinvested in the plan to meet target faster

Terms & Conditions

• The Saving Plan is based on the Shari’a principle of Unrestricted Wakala, where the customer is the capital provider (“Muwakkil”) and Sohar Islamic is the investment manager (“Wakeel”).
• The Saving Plan is available in Omani Riyal. The Bank may accept other currencies at its discretion.
• The minimum saving period is 6 months, and the maximum period is 18 years.
• There is no minimum or maximum target amount for the Saving Plan.
• The minimum monthly contribution is OMR 5. There is no maximum monthly contribution.
• Customers may open more than one Saving Plan for different purposes such as education, marriage, Hajj, retirement or other future needs.
• The expected profit rate is indicative only and is not guaranteed. Actual profit may vary depending on the performance of the investment portfolio.
• Profit earned will be automatically reinvested into the Saving Plan unless otherwise specified by the Bank.
• Partial withdrawal is allowed up to 10% of the total plan balance once during a Gregorian year.
• A fee of 1% of the withdrawn amount will apply for any partial withdrawal.
• Early closure of the Saving Plan before maturity may result in lower profit or no profit for the current period, as determined by the Bank.
• If the monthly contribution is not paid, the Saving Plan will remain active, but the target amount and maturity date may be affected.
• The customer may amend the monthly contribution amount or standing instruction subject to the Bank’s approval.
• The Bank reserves the right to amend the expected profit rates, fees, features or terms of the Saving Plan with prior notice to the customer.
• The Saving Plan is subject to Sohar Islamic’s General Terms & Conditions and the applicable regulations of the Central Bank of Oman.

Expected profit rates are currently as follows:

• 6 Months: 1.25%
• 1 Year: 2.25%
• 2 Years: 2.50%
• 3 Years: 2.75%
• 4 Years: 3.25%
• 5 Years: 3.40%
• 6 Years: 3.50%
• 7 Years: 3.60%
• 8 Years: 3.70%
• 9 Years: 3.80%
• 10–18 Years: 4.05%