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Meethaq offers key support for SME development

MUSCAT, 21 September 2013 – Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, hosted a seminar on Islamic finance for small and medium enterprise (SME) sector, coinciding with the inauguration of Meethaq branch in Nizwa. H.E Dr Shaikh Khalifa bin Hamed al Saadi, Governor of Dakhiliyah, was the guest of honour at the seminar attended by dignitaries and senior bank officials.

Sulaiman Al Harthy, Group General Manager - Islamic Banking, said: “In line with the progressive policies pursued by the government, Meethaq is proud to take the lead in offering key support to SME development in Oman. Meethaq is well positioned to provide Islamic financial expertise to diverse segments and thereby promote the good of society as a whole. Meethaq is committed to supporting the creation of an efficient and effective private sector capable of participating in the economical and social development process and able to compete globally. The Islamic finance industry is growing in Oman and this is a great opportunity to contribute to the overall development of Oman.”

Sheikh Majid Al Kindi, member of Meethaq Shari’a Supervisory Board, highlighted important aspects of Islamic banking from the Shari’a perspective. He spotlighted the importance of Islam in the socio-economic development of Oman and the wider Muslim world and the new era of Islamic financial intelligence in the growing field of alternative banking and finance.

Sheikh Majid Al Kindi said: “The SME seminar assumes significance in the context of Oman addressing the requirements of youth representing more than 50 per cent of the country’s population, and ensuring development benefiting communities in all parts of the country. Meethaq is committed to supporting SMEs which have a big role to play in Oman’s economy as the country is witnessing a gradual shift towards SMEs.”

Meethaq strives to fulfill the needs of customers with innovative Shari’a based products and the extension of the branch network is yet another proof of its commitment and dedication to meet customer expectations for Islamic banking. The branches create a unique ambience and banking environment in line with the Meethaq brand values of true Partnership, Transparency and Trust. Meethaq plans to open branches in all major cities and towns across Oman.

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. As the pioneer of Islamic banking 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. 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.