MUSCAT, 16 June 2013 – Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, has won the ‘Best Islamic Financial Institution in Oman’ award by Global Finance. The award was in recognition of contributions to the growth of Islamic financing and successfully meeting customer needs for Shari’a compliant products, while creating the foundation for continued growth and safety in the future, with modern and efficient delivery channels. In selecting the winners, the criteria included growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products.

Sulaiman Al Harthy, Group General Manager- Meethaq Islamic Banking, said: “Within a short span of launching operations, Meethaq is proud to be ranked the ‘Best Islamic Financial Institution in Oman’. 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.”

“Shari’a compliant finance remains the fastest growing area of finance worldwide. The winning banks were noteworthy in their dedication to satisfying customers’ increasingly sophisticated needs in accordance with the rules of Islamic finance, Global Finance noted.

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. 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 and service goes through a process of Shari’a compliance certification by the Shari’a Supervisory Board in line with the guidelines of the Central Bank of Oman.

Bank Muscat is the first commercial bank in Oman to launch independent 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 is well positioned to provide Islamic financial expertise to diverse segments, and thereby promote the good of society as a whole. 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.