MUSCAT, 23 July 2017 – Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, signed an agreement to provide Islamic finance for Oman Munition Production Company (OMPC) set up by the Ministry of Defence.

H.E. Mohammed bin Nasser bin Mohammed al Rasbi, Chairman of OMPC, and Sulaiman bin Mohammed Al Yahyai, Vice Chairman of Bank Muscat, signed the agreement at the bank’s head office in the presence of dignitaries, senior government and Bank Muscat officials led by AbdulRazak Ali Essa, Chief Executive.

H.E. Mohammed bin Nasser bin Mohammed al Rasbi said: “OMPC is proud to join hands with Meethaq to establish the ammunition project aimed at making a significant contribution to the country’s defence capabilities. The project will lay a solid foundation for localised ammunition production and contribute to Oman’s GDP by reducing imports and creating employment in the defence equipment production sector in Oman.”

Sulaiman bin Mohammed Al Yahyai said: “As the flagship Islamic banking services provider, Meethaq is proud to launch new initiatives aimed at serving the nation and promoting the concept of Islamic banking in the Sultanate. Since the launch of Islamic banking services in the Sultanate, Meethaq has taken the lead to ensure that its contributions are not limited to products and services, but significantly contribute to the progress and development of the economy. The financing agreement with OMPC further reiterates the bank’s capabilities to handle complex Islamic finance requirements.”

Sulaiman Al Harthy, Deputy Chief Executive Officer – Islamic Banking, said: “Meethaq is delighted to partner with OMPC contributing to the Sultanate’s defence capabilities. The support for the project comes in line with Meethaq vision to bring the benefits of Islamic banking to all segments. Meethaq has been closely involved with important projects contributing to economic diversification and development of the country. Since its inception four years ago, Meethaq has extended financial partnership to a number of projects in various fields, which reflect the Meethaq commitment to support the progress and development of Oman.” 

Meethaq has adopted the best practices in Islamic banking and finance worldwide to combine a robust model which protects customers and compliments 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.