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
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.
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
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.
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.
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.
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.
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.
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.