Dhofar Islamic unveils Sharia-compliant Basic WPS Savings Account for low-income earners
Dhofar Islamic has launched a Basic Wage Protection System (WPS) Savings Account, a Sharia-compliant financial product designed to expand access to essential banking services for citizens and residents with limited income.
The new account reflects Dhofar Islamic’s commitment to financial inclusion by offering a simplified and accessible savings solution tailored to individuals earning monthly salaries of OMR 350 or below. Account holders can maintain balances of up to OMR 3,000, with no minimum balance requirement, making it easier for workers to participate in the formal banking system while managing their wages securely.
Commenting on the launch, Bilal Faiz Muhammad Al Raiisi, AGM and Head of Retail Banking at Dhofar Islamic, said: “Dhofar Islamic remains committed to supporting Oman’s financial inclusion agenda by providing accessible and Sharia-compliant banking solutions for all segments of society. The Basic WPS Savings Account is specifically designed to empower low-income earners by giving them a secure, convenient and transparent platform to receive and manage their wages while also benefiting from profit-sharing opportunities in line with Islamic banking principles.”
He added that the product reinforces the bank’s broader strategy of aligning innovative financial solutions with national initiatives aimed at strengthening economic participation and enhancing financial accessibility across the Sultanate.
The account is structured on the Islamic banking concept of Mudarabah, under which customers provide funds for the bank’s investment activities and receive a share of the profits based on the monthly balance maintained in their account. The arrangement ensures full compliance with Islamic banking principles while enabling customers to benefit from profit-sharing opportunities.
Eligible applicants include citizens and residents aged 18 years and above whose monthly salary does not exceed OMR 350. Customers opening the Basic WPS Savings Account will receive a “MAAL” debit card, which can be used for transactions within the Sultanate of Oman. The account also provides access to 24/7 digital banking services, including mobile and internet banking platforms, enabling customers to manage their finances conveniently.
Among its key features are instant debit card issuance, quick and easy account opening, monthly profit payouts based on average balance, and seamless access to essential banking services. By removing minimum balance requirements and simplifying the onboarding process, the product aims to lower the barriers that often prevent low-income workers from accessing formal financial services.
The initiative aligns with Oman’s Wage Protection System, an electronic salary-transfer mechanism introduced in July 2023 and implemented by the Ministry of Labour in coordination with the Central Bank of Oman. The system requires employers to pay workers’ wages through licensed banks and financial institutions, ensuring timely and transparent salary payments.
By promoting digital wage transfers and bank account usage, the WPS framework seeks to strengthen labour protections, improve transparency, and expand financial inclusion across Oman’s workforce.
