Dhofar Islamic’s Minor Savings Account: Securing the next generation’s future
Dhofar Islamic’s Minor Savings Account is designed to help the next generation achieve financial stability through a comprehensive set of benefits that provide a strong foundation for a secure financial future. The initiative underscores Dhofar Islamic’s commitment to raising financial literacy awareness among young people and fostering responsible money management from an early age.
“The Minor Savings Account provides young people with the tools and resources they need to make informed financial decisions, helping them achieve their goals and dreams and ultimately enabling them to attain financial independence,” said Amer bin Said Mohammed Al Amri, DGM & Head of Retail Banking at Dhofar Islamic.
A fully Shari’a-compliant solution based on Mudarabah principles, the Minor Savings Account is specifically tailored to meet the financial needs of minors aged between 13 and 18 years. It offers a safe and accessible platform for young individuals to manage their funds while learning key principles of financial responsibility. With no minimum balance requirement and competitive profit payments calculated on the monthly average balance, the account ensures steady financial growth for young savers. Additionally, it provides flexibility in adjusting withdrawal limits upon the request of the father or legal guardian, along with a customized debit card to facilitate secure transactions.
Beyond financial security, the Minor Savings Account also aligns with the social protection program, ensuring eligible minors receive monthly financial assistance. The role of the father or legal guardian is integral, allowing them to actively participate in their child’s financial journey. Guardians can monitor account activities and transactions, reinforcing transparency and promoting responsible financial habits.
As an added feature, a supplementary debit card will be issued in the minor’s name, granting unrestricted access for the father or guardian to deposit or withdraw funds at any time. The account also includes free standing instructions, making regular transactions seamless and efficient.
Since its inception, Dhofar Islamic, the Islamic banking window of BankDhofar, has played a key role in expanding access to Shari’a-compliant financial services in Oman. The bank has responded to the growing demand for Islamic banking solutions by steadily expanding its network to 25 branches across multiple regions and governorates.
Dhofar Islamic continues to strengthen its position in Oman’s Islamic banking sector by expanding its asset portfolio, financing capabilities, and customer deposits. Known for its modern and innovative services, the bank remains committed to delivering cutting-edge, Shari’a-compliant financial solutions that cater to the evolving needs of its customers.
Opening a Minor Savings Account is a simple and straightforward process. The father or legal guardian can open the account by providing a copy of the minor’s passport or national ID, birth certificate, and proof of address (such as an electricity or water bill). The guardian will also need to present a valid Omani ID, while expatriates must provide a Resident Card and a copy of their passport visa page.
