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Meethaq workshop reiterates commitment to SME development

MUSCAT, 12 October 2013 – Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, orgnaised a workshop to spotlight the experience of young Omani entrepreneurs who have benefited from Islamic finance for the small and medium enterprise (SME) sector. The workshop held at the bank's head office was attended by a large turn-out of established and prospective young entrepreneurs.

Khalid Hilal Al Yahmadi, Chairman of Amjaad Consultants, addressed the workshop and shared his experience in developing successful SME business ventures in Oman. Al Yahmadi is a civil engineer with wide experience at top firms in the region. He presently runs one of Oman's prestigious development consultancies.

Sulaiman Al Harthy, Group General Manager – Islamic Banking, said: “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 SMEs which have a big role to play in Oman's economy as the country is witnessing a gradual shift towards SMEs. The SME workshop 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 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.

Al Yahmadi thanked Bank Muscat for hosting the SME workshop aimed at familiarising the youth with opportunities for launching self-employment projects.  “In light of the Sultanate's focus on diversification of the economy, ample opportunities exist for SMEs in various sectors, including infrastructure, tourism, education and health. The opportunities for local firms to grow and prove their abilities have been great as evidenced in the growth of Amjaad Consultants," Al Yahmadi added.

Aimed at familiarising people with Islamic finance, Meethaq has hosted a series of high profile conferences, including Oman Islamic Economic Forum, workshop on 'Islamic Liquidity Management and Capital Market' in association with International Islamic Financial Market (IIFM), 'Women in Business' forum and seminar on 'In-Country Value Addition'  addressed by H.E Dr. Mahathir Mohamad, former Prime Minister of Malaysia, besides a series of seminars across Oman to raise awareness on various aspects of Islamic banking.