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​Meethaq to provide financing options for CBFS students

MUSCAT, 22 March 2020

Meethaq Islamic Banking from Bank Muscat, in line with its commitment to Omani youth and the development of the country, has signed an agreement with the College of Banking and Financial Studies to provide financing options to students enrolled for various banking and financial courses at its Bausher campus. The agreement was signed recently by Shamzani Mohammed Hussain, General Manager - Meethaq Islamic Banking and Dr. Nasser Al Mawali, Dean, College of Banking and Financial Studies in the presence of a number of officials.

Since its launch in 2012, Meethaq has adopted a series of measures to develop the potential of Omani youth. Meethaq is particularly proud to be engaged in collaborative partnership with premier educational institutions in Oman and provides a range of products and services to the educational sector in Oman to ensure the development of young Omani nationals. It is particularly keen on enhancing cooperation and partnership with various governmental and private institutions in the Sultanate and has launched a number of initiatives and sustainable programmes in this regard.

Meethaq Education Finance works under the principle of Service Ijarah (ijarah tul khidmat) wherein Meethaq leases the education services through an operator service provider and shall sub-lease the required service. Unlike conventional education finance, Meethaq Islamic banking does not provide cash for availing educational services. The bank will arrange education services according to its customers’ requirements and shall provide the same to its customers through education service providers against deferred payments by concluding a Service Ijarah contract.

Meethaq's Education Finance has some of the best features in education financing products in the country including 100% financing facility for the entire education cost, easy installment plans, competitive pricing and free life Takaful coverage. Omani nationals with a minimum monthly salary of RO 250 and expatriates with a minimum monthly salary of RO 300 can avail of Meethaq Education Finance provided they meet the other eligibility conditions. Further details regarding Education Finance can be found at https://www.meethaq.om/en/consumerfinancing/Pages/details.aspx#education or by calling the Meethaq Call Centre on 24656666.

Meethaq maintains a leadership position in the Islamic banking industry in Oman in terms of financing receivables, branch network, products and services, IT infrastructure and human resources. As part of its focus to expand operations across the Sultanate and offer a world-class Islamic banking experience to customers, Meethaq currently has 20 state-of-the-art branches spread across different governorates of the sultanate. The adoption of Accounting & Auditing Organisation for Islamic Financial Institutions (AAOIFI) standards) distinguishes Meethaq Islamic banking practices in terms of standardisation of products and services. 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.​

The College of Banking and Financial Studies (CBFS) was established by a Royal Decree in 1983 with the objectives of education, training and encouraging research in banking and financial subjects. It is under the juristic supervision of the Central Bank of Oman (CBO) and is supported by all banks operating in the Sultanate. The College offers academic and training courses, which are tailor-made to the emerging needs of Oman and has been an active partner in the country’s thrust towards Omanisation of the banking sector. Presently, it has over 1,800 students pursuing various academic and professional courses. It also conducts corporate training and sponsors the local Chapters of four eminent professional bodies - ISACA (Information Systems Audit and Control Association), ICAI (Institute of Chartered Accountants of India), IIA (Institute of Internal Auditors) and ACFE (Association of Certified Fraud Examiners).