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.
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.”
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.
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.
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.
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.
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.