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Meethaq Shari’a Board reviews 2019 performance

​MUSCAT, 6 January 2020 

The Shari’a Supervisory Board of Meethaq recently held its fourth meeting for 2019 under the leadership of Sheikh Dr. Ali Mohiuddin Qaradaghi, Chairman of the Board. It was attended by the board members as well as senior officials from Meethaq, legal and internal audit teams, and reviewed the performance of the Islamic banking window as well as new Meethaq investment products.

The Meethaq Shari’a Supervisory Board discussed several compliance and Shari’a audit-related matters and approved the annual training plans for 2020. The board reviewed compliance in the fourth quarter of 2019 and updated some work policies. It also reviewed the products and services offered by Meethaq in order to align it closely with current best practices in the Islamic banking sector.

Meethaq thanked the Board’s chairman Sheikh Dr. Ali Qaradaghi and the board members for all their efforts and contributions. Meethaq noted that organising these meetings are very important as it provides sound legal opinion for the transactions, agreements and contracts made by the Islamic banking window.

Meethaq maintains a leadership position in the Islamic banking industry in Oman in terms of financing receivables, branch network, products and services, IT infrastructure and human resources. As part of its focus to expand operations across the Sultanate and offer a world-class Islamic banking experience to customers, Meethaq currently has 20 state-of-the-art branches spread across different governorates of the sultanate.

To add more value to its customers, Meethaq has announced the countdown to the mega end of year draw for all its Hibati customers. The exciting annual prizes range from RO 5,000 each for 10 winners who will be drawn from among customers having a minimum average balance of RO 500 and RO 10,000 each for four winners for customers having a minimum average balance of RO 1,000. Higher prizes of RO 25,000 each are available for three winners, RO 50,000 each for two winners and a mega-prize of RO 100,000 for one winner who will be drawn from customers having minimum average balances of RO 5,000, RO10,000 and RO 30,000 respectively. As much as RO 365,000 has been reserved for the year-end prizes for Hibati customers.

Meethaq has adopted best practices in Islamic banking and finance from around the world so to combine a robust Islamic banking model, which protects customers and complements the 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.