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Meethaq Shari’a Board reviews 2017 growth strategy

MUSCAT, 1 February 2017 – The 2017 growth strategy of Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, was reviewed by Meethaq Shari'a Supervisory Board led by Sheikh Dr. Ali Qaradaghi, Chairman, at its first meeting of 2017 held at Bank Muscat head office. The board reviewed new products and services in the pipeline for 2017 as well as finance for corporate projects.

The Meethaq Shari'a Supervisory Board members also participated in a Shua'a awareness event organised at the bank to highlight the role of Islamic banking and finance in the economic development of Oman.

Sulaiman Al Harthy, Deputy Chief Executive Officer – 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 855 million of 31 December 2016 compared to RO 635 million in the same period of 2015. Islamic banking customer deposits amounted to RO 763 million as of 31 December 2016 compared to RO 625 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.