March 2014 – Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat,
hosted a workshop on financial planning at the bank’s head office. The workshop
addressed by Aisha Al Harthy, family and educational expert, covered topics such
as financial planning and money management, personal budgeting and planning,
consumerism and the relationship between financial and emotional well-being.
Nominated staff from the Ministry of Awqaf and Religious Affairs attended the
Sulaiman Al Harthy,
Group General Manager – Islamic Banking, said: “Meethaq is proud to host this
workshop as part of CSR initiatives reflecting the bank’s commitment to
responsible banking aimed at contributing to the country’s development. Prudent
financial management is the key to laying a strong foundation for success in
life. The financial management skills acquired in the workshop will be helpful
for people to judiciously manage their finance.”
The workshop focused
on defining financial goals, planning a budget and saving money, thereby
equipping the participants to spend within one’s means, save appropriately and
Meethaq strives to
fulfill the needs of customers with innovative Shari’a based products and is
well positioned to provide Islamic financial expertise to diverse segments and
thereby promote the good of society as a whole.
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.