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Meethaq Shari’a Board reviews performance, growth strategy

MUSCAT, 24 December 2016 – The Bank Muscat Board of Directors and Meethaq Shari'a Supervisory Board led by respective chairmen Shaikh Khalid bin Mustahail Al Mashani and Sheikh Dr. Ali Qaradaghi held a meeting to review the 2016 performance and growth strategy for 2017 of Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat.

The Meethaq Shari'a Supervisory Board also held the fifth meeting of 2016 to review the fourth quarter performance and growth strategy for 2017. The two meetings were held at Bank Muscat Head Office in the presence of board members and top Management Team members.

The Meethaq Shari'a Supervisory Board meeting reviewed 2016 performance and new products and services in the pipeline for 2017, finance for corporate projects as well as audit report for the fourth quarter of 2016.

Sulaiman Al Harthy, Deputy Chief Executive Officer – Meethaq Islamic Banking, said: “The Meethaq Shari'a Supervisory Board discussed many important topics to consolidate the leading position of Meethaq Islamic Banking. Meethaq is focused on developing as a benchmark for Islamic banking and finance in Oman and the region. Within just three 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. The Meethaq Shari'a Supervisory Board has made valuable contributions in establishing Meethaq as the leading Islamic banking service provider in Oman."

Meethaq Islamic financing receivables rose to RO 782 million as of 30 September 2016 compared to RO 482 million in the same period of 2015. Islamic customer deposits touched RO 746 million as of 30 September 2016 compared to RO 549 million reported for the same period in 2015.

The Meethaq network has grown to 16 branches across the Sultanate since inception of operations in 2013. The banking sector in Oman is witnessing the consolidation of Islamic banking and the state-of-the-art branch network reflects Meethaq's focus to redefine Islamic banking operations in Oman. Meethaq plans to expand the branch network as well as launch new products and services to complement the unique Islamic banking experience.

Meethaq offers a full suite of Islamic banking products and services, including savings account, current account, home finance, auto finance, credit card, 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 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.