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Meethaq Sharia Supervisory Board reviews growth strategy

MUSCAT, 5 April 2015 - The Meethaq Shari'a Supervisory Board conducted its first meeting of 2015 under the chairmanship of Sheikh Dr. Ali Qaradaghi, and attended by board members Sheikh Essam Muhammad Ishaq, Sheikh Majid Al Kindi, Abdulqader Thomas and Dr. Saeed Al Muharrami. The board reviewed Meethaq strategy for the year, especially Meethaq products in the pipeline as well as contracts and agreements relating to these products.

Sulaiman Al Harthy, Group General Manager – Meethaq Islamic Banking, said: “The Meethaq Shari'a Supervisory Board discussed many important topics such as new product contracts and Meethaq workflow. Meethaq is proud to have on board some of the brightest minds on Islamic finance to chart the way forward. The Shari'a Board has made valuable contributions in establishing Meethaq as the leading Islamic banking service provider in Oman."

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. Presently, Meethaq has 11 branches across the Sultanate and plans to expand the branch network as well as launch new products and services to complement the unique Islamic banking experience

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.