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Meethaq highlights role of Islamic finance in economic development

MUSCAT, 26 January 2019

Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, in collaboration with Oman Chamber of Commerce and Industry – Musandam branch, organised a meeting in Musandam under the auspices of H.E Sayyid Khalifa Al Mardas Al Busaidi, Governor of Musandam Governorate, to highlight the role of Islamic finance in the economic development of Oman. The Shua’a initiative by Meethaq to raise awareness on Islamic economics was attended by senior government and private sector officials, scholars, researchers, entrepreneurs and students.

Abdulwahid Al Murshidi, DGM – Islamic Personal Banking, said: “Meethaq is happy to promote the concept of Islamic economics through the Shua’a initiative. The contributions of Meethaq Islamic Banking are not limited to products and services, but there are many benefits accruing to society and the economy as well, thereby complementing the progress and development of the Sultanate. The objective of Shua’a Meethaq is envisaged to be achieved through a series of seminars, workshops and events to highlight the role of Islamic banking in the Sultanate’s economic development.”

The meeting addressed by senior Meethaq officials covered a wide gamut of areas benefiting the country and the people, including savings account, asset management and project finance.

Al Murshidi added: “Meethaq Islamic Banking is contributing significantly to the growth and development of the Omani banking sector which is witnessing an upswing in Islamic finance and investment compatible with the provisions of Shari’a laws. We see a growing interest among retail and corporate clients to take advantage of the opportunities offered by Islamic banking and finance.”

Meethaq is the leading Islamic financial services provider in the Sultanate with many achievements contributing to the Sultanate’s economy. Meethaq extends support to all key sectors in the Sultanate and is focused on developing as a benchmark Islamic financial services provider in Oman and the region.

Within six years of operations, Meethaq has crossed the milestone of RO 1 billion in assets. Presently, Meethaq accounts for over 33% market share in terms of assets and is the market leader in Islamic banking in Oman.

As the pioneer of Islamic banking in Oman, Meethaq recognises the immense investment prospects and potential that Oman offers and is committed to supporting strategic national development initiatives in line with Oman's Vision 2040 economic blueprint.

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.