MUSCAT, 19 December 2016 - Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, has won the Best Islamic banking in Oman award by Islamic Business & Finance. In recognition of vital contributions to Islamic banking and finance in Oman, Meethaq was honoured at the Islamic Business & Finance 2016 awards ceremony held in Dubai.
Sulaiman Al Harthy, Deputy Chief Executive Officer – Islamic Banking, said: “Meethaq is honoured to be chosen for the important award in recognition of vital contributions to Islamic banking and finance in Oman. The success of Meethaq stems from its commitment to offer world-class Islamic banking service to customers. Meethaq is contributing significantly to the growth and development of the Omani banking sector and we are witnessing an upswing in Islamic finance and investment compatible with the provisions of Shari'a laws. We see a growing interest among retail and corporate clients to take advantage of the new opportunities offered by Islamic banking and finance."
In about three years, Meethaq has attained the leading position in Islamic banking industry in the Sultanate in terms of financing receivables, branch network, products and services, IT infrastructure development and human resources. Meethaq extends support to all key economic sectors with innovative Shari'a based products and is well positioned to sustain Islamic financial expertise and thereby promote the good of society as a whole.
As the leading Islamic financial services provider in the Sultanate, Meethaq has many achievements relating to financing major projects in various fields, thereby contributing to the growth and development of the Sultanate's economy. Meethaq Islamic financing receivables amounted to RO 782 million as of 30 September 2016 compared to RO 482 million in the same period of 2015. Islamic customer deposits touched RO 746 million as of 30 September 2016 compared to RO 549 million reported for the same period in 2015.
The Meethaq branch network has grown to 16 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.
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. 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.
Meethaq has won prestigious local, regional and global awards for outstanding achievements in Islamic banking, including Global Finance, Global Islamic Finance and Islamic Finance News (IFN).