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Bank Muscat and Meethaq hold joint board meeting to review performance

​MUSCAT,  8 July 2019

Bank Muscat Board of Directors and Meethaq Shari’a Supervisory Board led by respective chairmen - Shaikh Khalid bin Mustahail al Mashani and Shaikh Dr Ali Qaradaghi - held a meeting to review the performance of Meethaq Islamic Banking, tools of Shari'a control, framework of the assessment of legal obligation. The meeting held at Bank Muscat Head Office also discussed steps to strengthen the regulatory capital requirements and diversification of investment portfolios.

Coinciding with this meeting, the Meethaq Shari’a Supervisory Board led by Sheikh Dr. Ali Qaradaghi, Chairman, held the third meeting of 2018 at Bank Muscat Head Office, attended by the board members and Sulaiman Al Harthy, Deputy Chief Executive Officer – Islamic Banking. The board reviewed the performance of Meethaq during the current financial year.

The board discussed a number of new products and audit results on Meethaq assets, Sukuk and dividend distribution mechanism. The board also reviewed the Bank's procedures for deferring monthly installments of personal loans for Meethaq customers from Dhofar and Wusta Governorates as per the directive of the Central Bank of Oman following adverse weather conditions in the two governorates.

Sulaiman Al Harthy, Deputy Chief Executive Officer – Islamic Banking, said: “In line with the bank’s dynamic vision ‘To serve you better, everyday’, Meethaq is focused on developing as a benchmark for Islamic banking and finance in Oman and the region. The Meethaq Shari’a Supervisory Board discussed many important topics to consolidate the leading position of Meethaq. Within five years of operations, Meethaq has consolidated its leadership position, recording many achievements contributing to the growth and development of the Sultanate’s economy.”

Meethaq has adopted the best practices in Islamic banking and finance worldwide to create 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.

Meethaq has launched various initiatives to support SME development in Oman. Meethaq’s commitment to fostering national talent and providing support for SMEs is aimed at creating meaningful employment opportunities. Meethaq recognises that the role of SMEs is highly important and remains committed to working hand-in-hand with the government and partners to create a favorable environment for SMEs in Oman.