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Meethaq to host conference on private education

MUSCAT, 07 January 2015 - Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, as part of its commitment to the national objective of quality education for Omani children is hosting a conference under the auspices of Dr. Madiha bint Ahmed Al Shibaniya, Minister of Education, at the Bank Muscat head office on 14 January.

The conference titled 'Private education with Meethaq finance solutions' will be attended by dignitaries and senior officials from the government, the Royal Oman Police and leading educational institutions. Key topics to be covered include the challenges and opportunities within the private education sector in Oman and safe school transportation system.

Presentations will cover a gamut of issues relevant for private educational institutions, including Shari'a-based financing solutions for development of infrastructure and facilities. Representatives from the ROP and Oman National Transport Company (ONTC) will focus on issues related to safe school transport system. The Ministry of Education will make a presentation on student registration portal for private schools.

Sulaiman Al Harthy, Group General Manager – Islamic Banking, said: “Meethaq is proud to host the conference on private education as part of its commitment to offer world-class Islamic banking service to customers. Ensuring a solid foundation for quality education is key to guaranteeing a bright future for Omani children. In line with the Meethaq brand values of true Partnership, Transparency and Trust, new products and services serving the requirements of private educational institutions are available to complement the unique Islamic banking experience."

Al Harthy added: “Meethaq is focused on redefining Islamic banking operations in Oman with unique products and services benefiting citizens and complementing the economy. 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 offers a full suite of Islamic banking products and services, including savings account, current account, home finance, auto finance, credit card, mobile banking etc. 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.

As the pioneer of Islamic banking in Oman, Meethaq stands out for its independent Shari'a Supervisory Board, separate capital allocation from shareholders' money, unique risk management tools, complete fund segregation, separate books of account, core banking system which supports Islamic banking operations, stand-alone Islamic banking branches and proper profit distribution mechanism among investment account holders/depositors. The adoption of AAOIFI standards (Accounting & Auditing Organisation for Islamic Financial Institutions) distinguishes Meethaq Islamic banking practices in terms of standardisation of products and services.