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Meethaq Sharia Board Approves Certificates for Sukuk and New Products

MUSCAT,13 July 2015 - The Meethaq Shari'a Supervisory Board conducted its second meeting of 2015 under the chairmanship of Sheikh Dr. Ali Qaradaghi in presence of all Board members and Sulaiman Al Harthy, Group General Manager – Islamic Banking in Bank Muscat. The meeting was held in Jeddah in Saudi Arabia as all Board members participated in Al Baraka Banking Group thirty-fourth Symposium for Islamic Economy.

During the meeting, the board reviewed Meethaq financial performance in early 2015, Takaful insurance products, and approving certificates for Sukuk & new products. In addition,  Shari'a Board reviewed Meethaq banking policies, and approved certificates for some products and audit report.   

Sulaiman Al Harthy, Group General Manager – Meethaq Islamic Banking, said that the second meeting of Meethaq Shari'a Supervisory Board was a success as the members discussed important topics such as Meethaq banking policies and workflow. Meethaq is proud to have on board some of the brightest minds on Islamic finance to chart the way forward. The Shari'a Board has made valuable contributions in establishing Meethaq as the leading Islamic banking service provider in Oman."

Meethaq offers a full suite of Islamic banking products. The Shari'a compliant products and services include savings account, current account, home finance, auto finance, credit card, mobile banking etc. Presently, Meethaq has 11 branches across the Sultanate and plans to expand the branch network as well as launch new products and services to complement the unique Islamic banking experience

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. 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.