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Meethaq Sharia Board reviews operations

MUSCAT, 08 March 2014 - The Shari’a Supervisory Board of Meethaq Islamic Banking from Bank Muscat convened the first meeting for the year 2014 under the chairmanship of Sheikh Dr. Ali Qaradaghi, and in the presence of members - Sheikh Essam Muhammad Ishaq, Sheikh Majid Al Kindi, Abdulqader Thomas and Dr. Saeed Al Muharrami.

The board reviewed and approved the balance sheet for the fiscal year ending in 2013. The board also reviewed Meethaq activities during 2013 and discussed the strategy for the coming period, especially products in the pipeline as well as contracts and agreements relating to these products.

Sulaiman Al Harthy, Group General Manager – Meethaq Islamic Banking, said: “The first Meethaq Shari’a Supervisory Board meeting for 2014 discussed many important topics such as new product contracts and Meethaq workflow. Meethaq is proud to have on board some of the brightest minds on Islamic finance to chart the way forward.”

Al Harthy thanked all board members for their insight and contributions to ensure the Meethaq workflow is fully Shari’a compliant. “The Shari’a Board has made valuable contributions in establishing Meethaq as the leading Islamic banking services provider in Oman,” he added.

Meethaq is well positioned to provide Islamic financial expertise to diverse segments and thereby promote the good of society as a whole. Meethaq plans to open branches in all major cities and towns across Oman and thereby offer world-class Islamic banking experience in line with the brand values of true Partnership, Transparency and Trust.

Bank Muscat is the first commercial bank in Oman to obtain CBO approval and launch Islamic banking window operations. 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 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.