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Meethaq extends support to Islamic Banking & Finance Conference

MUSCAT, 19 March 2013 - Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, extended support and participated in the second Islamic Banking and Finance conference held under the patronage of His Highness Sayyid Shihab Bin Tariq Al Said, Advisor to His Majesty the Sultan. Meethaq products and services were highlighted at the conference which brought together high-level participants, including governors of central banks, regulators, Sharia and legal experts and renowned consultants who explored the opportunities and challenges facing Islamic banking in the Sultanate.  

Bank Muscat is the first commercial bank in Oman to receive CBO’s approval and begin independent Islamic banking window operations as per the requirements of Islamic banking regulatory framework of CBO. 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 delivers products and services to meet all financial needs of customers by ensuring true Partnership, Transparency and Trust.

Meethaq has taken the lead in launching a suite of banking products which combine traditional values with modernity. Meethaq has adopted the best practices in Islamic banking and finance worldwide to combine a robust model which will protect customers and complement the Islamic banking industry. The Meethaq strategy is to attract customers through innovative Shari’a based products and services. The operations are managed by an experienced team, separate from conventional banking.

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.