MUSCAT, 13 August 2014 – Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, opened a state-of-the-art branch in Al Khuwair, consolidating Islamic banking services in the capital region. Sheikh Salim Al Ghazali presided as guest of honour at the ceremony attended by AbdulRazak Ali Issa, Chief Executive of Bank Muscat, dignitaries and senior bank officials.
Sheikh Salim congratulated Meethaq for extending the branch network to all parts of Oman and setting a benchmark for Islamic banking operations in the country.
AbdulRazak Ali Issa said: “The banking sector in Oman is witnessing the consolidation of Islamic banking and the state-of-the-art Meethaq branch network reflects Bank Muscat's focus to redefine Islamic banking operations in Oman. With unique products and services, Meethaq Islamic banking will benefit citizens and complement the economy."
Sulaiman Al Harthy, Group General Manager – Islamic Banking, said: “Meethaq is proud to open the new branch in Al Khuwair as part of its focus to expand branch operations across the Sultanate and thereby offer world-class Islamic banking experience to customers. The new branch is designed to create a unique ambience and banking environment in line with the Meethaq brand values of true Partnership, Transparency and Trust. Meethaq plans to expand the branch network as well as launch new products and services to complement the unique Islamic banking experience."
Sulaiman Al Harthy added: “Meethaq strives to fulfill the needs of customers with innovative Shari'a based products and the extension of the branch network is yet another proof of its commitment and dedication to meet customer expectations for Islamic banking. Meethaq is well positioned to provide Islamic financial expertise to diverse segments and thereby promote the good of society as a whole."
Meethaq plans to open branches in all major cities and towns across Oman. Bank Muscat is the first commercial bank in Oman to obtain CBO approval and launch Islamic banking window operations. The bank has invested in staff, systems and controls to ensure the service is delivered in a professional, segregated and fully Shari'a compliant manner.
Meethaq offers a full suite of Islamic banking products. The Shari'a compliant products and services include savings account, current account, home finance, auto finance, credit card, mobile banking etc.
Meethaq has adopted the best practices in Islamic banking and finance worldwide to combine a robust model which protects customers and complements the Islamic banking industry. Every Meethaq product goes through the process of Shari'a compliance certification by the Shari'a Supervisory Board and is created in line with the guidelines of the Central Bank of Oman.
As the pioneer of Islamic banking in Oman, Meethaq stands out for its independent Shari'a Supervisory Board, separate capital allocation from shareholders' money, unique risk management tools, complete fund segregation, separate books of account, core banking system which supports Islamic banking operations, stand-alone Islamic banking branches and proper profit distribution mechanism among investment account holders/depositors. The adoption of AAOIFI standards (Accounting & Auditing Organisation for Islamic Financial Institutions) distinguishes Meethaq Islamic banking practices in terms of standardisation of products and services.