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​ Shua’a Meethaq seminar at College of Shari’a Sciences highlights role of Islamic finance in economic development

MUSCAT, 20 June 2019 

Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, organised a Shua’a Meethaq seminar at the College of Shari’a Sciences in cooperation with the Ministry of Awqaf and Religious Affairs. Chairman  and members of the Shari’a Board and senior officials from Meethaq took part in the seminar and spoke on the subject of Islamic finance, economic growth and development.

Sheikh Dr. Ali Qaradaghi, Chairman of the Shari’a Board of Meethaq Islamic Banking, spoke about the role of the Islamic economy in the development of the country. Sheikh Majid Mohammed al Kindi spoke on the topic of how to integrate Islamic economic institutions for enhancing sustainable development of the national economy. Sheikh Issam Eshaq spoke on the topic of Islamic financial instruments and investment options that are available for individuals, associations and institutions. The audience has participated effectively with the topics presented and asked many questions and Shari'a Board members have answered those questions.

The Shua’a Meethaq initiative is aimed at promoting the concept of Islamic economics through seminars, workshops and events across the Sultanate, thereby highlighting the role of Islamic finance in the country’s economic development. The previous Shua’a Meethaq seminar was held in Khasab earlier this year to explain the concept of Islamic banking and finance to people in Musandam.

Meethaq offers a full suite of Islamic banking products and services, including savings accounts, current accounts, home finance, auto finance, credit cards, mobile banking and internet banking. 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 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. Within just seven years of operations, Meethaq has attained the leading position in the Islamic banking industry in Oman in terms of financing receivables, branch network, products and services, IT infrastructure and human resources development.

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.