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Meethaq business forum in Nizwa to highlight Sukuk

MUSCAT, 13 May 2015 – Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, is hosting a business forum in Nizwa on 19 May under the auspices of H.E Dr Shaikh Khalifa bin Hamed al Saadi, Governor of Dakhiliyah, to highlight investment opportunities from Islamic bonds or sukuk. Innovative Islamic banking products and services offered by Meethaq will also be spotlighted at the forum to be addressed by prominent Shari’a experts.

Sulaiman Al Harthy, Group General Manager – Islamic Banking, said: “Meethaq is proud to host the business forum as part of initiatives reflecting the bank’s commitment to responsible banking aimed at contributing to the country’s development. Meethaq has taken the lead to engage people at all levels in order to familiarise them with the fundamentals of Islamic banking and finance. Against the backdrop of Oman’s strategic development initiatives as part of the economic diversification programme, new possibilities exist for Islamic banking and finance vis-à-vis the investment opportunities in Oman. The seminar reiterates Meethaq’s commitment to develop a robust Islamic banking industry in Oman, offering attractive investment facilities, including sukuk, in a manner consistent with the principles of Shari’a law and serving the interests of community and business.”

Bank Muscat shareholders during the 2014 annual AGM/EGM granted approval for the setting up of RO 500 million Meethaq Sukuk Programme. The proposed issuance of sukuk, subject to regulatory approvals, will be in various tranches, either in Omani Riyal or US dollar, in the domestic and international markets through public subscription or private placement within 5 years from the approval by shareholders.

Meethaq strives to fulfill the needs of customers with innovative Shari’a based products and is well positioned to provide Islamic financial expertise to diverse segments and thereby promote the good of society as a whole.

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.