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Meethaq to host seminar on role of Islamic banking in developing economy

MUSCAT, 02 September 2014 – Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, is hosting a  seminar on the 'Principles of Islamic Economy and Development' on Sunday, 7 September, at Hilton Salalah Hotel. The seminar to be addressed by Meethaq Shari'a Supervisory Board Chairman and members is open to all and will be attended by dignitaries, key private sector representatives and senior officials of higher education institutes.

The Meethaq forum to be addressed by Shari'a experts provides an ideal platform to discuss new possibilities in Islamic banking and finance in Oman. The high profile seminar reiterates Meethaq's commitment to develop a robust Islamic banking industry in Oman.

Presentations on the role of Islamic banking and finance in developing the economy will be made by Sheikh Dr. Ali Qaradaghi, Chairman of Meethaq Shari'a Supervisory Board, Sheikh Essam Muhammad Ishaq, Sheikh Majid Al Kindi, and Abdulqader Thomas, members of the Shari'a Supervisory Board. Dr. Saeed Al Muharrami will lead the discussions as moderator.

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

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.