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Meethaq signs agreement with Amjaad for branch development

MUSCAT, 4 May 2013 - Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, and Amjaad Development signed an agreement to design and build branches for Meethaq Islamic Banking across the Sultanate. Sulaiman Al Harthy, Group General Manager – Meethaq Islamic Banking, and Khalid Hilal Al Yahmadi, Chairman of Amjaad Development, signed the agreement on the sidelines of Oman Islamic Economic Forum (OIEF) organised by Amjaad Development. Meethaq also announced a number of new products and services to be launched soon at the 2-day forum.

Sulaiman Al Harthy said: “Meethaq is proud to sign the agreement with Amjaad Development to expand Meethaq branch operations across the Sultanate and thereby offer world-class Islamic banking experience to customers. The new branch design concept is aimed at creating a unique ambience and banking environment in line with the brand values of true Partnership, Transparency and Trust. Meethaq plans to establish 50 branches in the next five years and will also introduce a number of innovative products and services soon to complement the unique Islamic banking experience. The new products and services include innovative credit cards, mobile banking and website.”

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 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 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 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.