14 May 2017 – Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat,
held the second Meethaq Shari’a Supervisory Board meeting of the year led by
Sheikh Dr. Ali Qaradaghi, Chairman, at Bank Muscat head office. The board
reviewed new products and services in the pipeline as well measures to enhance
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 four
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
Islamic financing receivables rose to RO 902 million of 31 March 2017 compared
to RO 665 million in the same period of 2016. Islamic banking customer deposits
amounted to RO 780 million as of 31 March 2017 compared to RO 678 million
reported for the same period in 2016.
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.
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.
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.