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Meethaq supports forum to leverage Waqf for stimulating growth

MUSCAT, 21 February 2017 – Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, in step with its commitment to fulfill the needs of customers with innovative Shari'a based products and service, extended support and participated in the Waqf Forum organised by Al Ghazali Investment under the auspices of H.E Sheikh Khalid bin Omar Al Marhoon, Minister of Civil Service.

The forum held on the theme 'Islamic economics and social investment' highlighted the challenges and potential for leveraging Waqf for stimulating growth and development of the economy and society. Innovative products and services are required to meet the evolving needs of the public, including utilisation of Waqf in compliance with Shari'a laws, the forum noted.

Meethaq participated in a panel discussion on the theme 'Islamic finance in the age of digital and financial innovation' highlighting the growth of Islamic finance in a manner consistent with the principles of Shari'a law and serving the interests of community and business. The participation and support to the forum reiterated Meethaq's commitment to responsible banking aimed at contributing to the country's development.

Sulaiman Al Harthy, Deputy Chief Executive Officer – Islamic Banking, said: “Meethaq is pleased to partner with all stakeholders to support the development of the country and local communities. We appreciate all efforts to improve Islamic banking in Oman through various activities which identify and present Islamic banking potentials and services to society."

Al Harthy complimented the role of the Ministry of Awqaf and Religious Affairs in utilising Waqf for various goodwill projects such as building mosques and Holy Quran schools, printing Holy Quran, supporting families in need and other charity initiatives. Meethaq is committed to promoting the importance of Waqf and utilising it for the development of the country and society, complementing the efforts of the Ministry of Awqaf and Religious Affairs, Al Harthy added.

Meethaq is the leading Islamic financial services provider in the Sultanate with many achievements contributing to the growth and development of the Sultanate's economy.

Meethaq is focused on developing as a benchmark Islamic financial institution in Oman and the region.

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. Presently, Meethaq has 16 branches across the Sultanate and plans to expand the network as well as launch new products and services to complement the unique Islamic banking experience. 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.