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Meethaq wins award for outstanding achievements in Islamic banking

MUSCAT, 18 January 2014 – Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, won a special award for Outstanding Achievements in Islamic Banking for the year 2013. Sulaiman Al Harthy, Group General Manager, Islamic Banking, received the award from HE Abdullah al Salmi, Executive President, Capital Market Authority, in the presence of HH Sayyid Tarik bin Shabib al Said, Editor-in-Chief of Oman Economic Review (OER). The special award was presented to Meethaq alongside the OER Top 20 awards to Oman's best companies listed on Muscat Securities Market (MSM)

Sulaiman Al Harthy said: “Meethaq is proud to win yet another award in recognition of its innovative banking services. As the pioneer of Islamic banking in Oman, Meethaq is committed to providing a fulfilling banking experience to customers and complementing Islamic banking in Oman."

In 2013, Meethaq won the 'Best Islamic Financial Institution in Oman' award by Global Finance, in recognition of contributions to the growth of Islamic finance and creating the foundation for continued growth of Islamic banking with modern and efficient delivery channels.  Within a short span of launching operations, Meethaq also won the Pioneer of Islamic Banking in Oman award from Global Islamic Finance.

Meethaq is well positioned to provide Islamic financial expertise to diverse segments and thereby promote the good of society as a whole. 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.

The state-of-the-art Meethaq branch network in Oman reflects Bank Muscat's focus to redefine Islamic banking operations in Oman. The Meethaq branches are designed to create a unique ambience and banking environment in line with the Meethaq brand values of true Partnership, Transparency and Trust. The Meethaq branch network is yet another proof of its commitment and dedication to meet customer expectations for Islamic banking.

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 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.