go back

Meethaq Sharia Board reviews branch operations

MUSCAT, 29 December 2013 - The Shari'a Supervisory Board of Meethaq Islamic Banking from Bank Muscat visited the Meethaq branch in Sultan Qaboos University (SQU) as part of the strategy to review branch operations. The Shari'a board members who visited the branch included Sheikh Essam Muhammad Ishaq, Sheikh Majid Al Kindi, Abdulqader Thomas and Dr. Saeed Al Muharrami.

The board members interacted with the branch staff to evaluate important operational aspects and discussed Meethaq activities and strategy for branch operations in the coming period.

The state-of-the-art Meethaq branch network in Oman reflects Bank Muscat's focus to redefine Islamic banking operations in Oman. The Meethaq branches are designed to create a unique ambience and banking environment in line with the Meethaq brand values of true Partnership, Transparency and Trust.

Meethaq strives to fulfill the needs of customers with innovative Shari'a based products and the branch network is yet another proof of its commitment and dedication to meet customer expectations for Islamic banking. Meethaq is well positioned to provide Islamic financial expertise to diverse segments and thereby promote the good of society as a whole.

Meethaq plans to open branches in all major cities and towns across Oman. Bank Muscat is the first commercial bank in Oman to obtain CBO approval and launch Islamic banking window operations. 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 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.

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.