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Meethaq Shari’a Board reviews 2016 growth strategy

MUSCAT,  6 February 2016 – The Meethaq Shari'a Supervisory Board led by Sheikh Dr. Ali Qaradaghi, Chairman, held the first meeting of 2016 in which the members approved the 2015 results and reviewed the Meethaq strategy for 2016.

The board reviewed new products and services to be introduced in 2016, especially electronic banking services aimed at further adding value and convenience to Meethaq customers. The meeting also reviewed corporate finance.

Sulaiman Al Harthy, Deputy Chief Executive Officer – Meethaq Islamic Banking, said: “The Meethaq Shari'a Supervisory Board discussed many important topics to consolidate the leading position of Meethaq Islamic Banking in terms of financing receivables, branch network, products and services, IT infrastructure and human resources. Meethaq is proud to have on board some of the brightest minds on Islamic finance to chart the way forward. The Shari'a Board has made valuable contributions in establishing Meethaq as the leading Islamic banking service provider in Oman."

In 2015 Meethaq recorded many achievements relating to financing major projects in various fields, thereby contributing to the growth and development of the Sultanate's economy. The notable finance facilities offered by Meethaq include the refinancing facility of RO 78 million signed with Oman Shipping Company for its three very large crude carriers (VLCCs).  Meethaq also extended Oman's first and only Shari'a based aircraft finance to the national carrier Oman Air for acquiring its second Boeing 787 Dreamliner.

Islamic financing receivables amounted to RO 635 million in 2015 compared to RO 400 million in 2014. Islamic banking customer deposits amounted to RO 625 million in 2015 compared to RO 283 million in 2014.

Presently, Meethaq has 17 branches across the Sultanate and plans to expand the network as well as launch new products and services to complement the unique Islamic banking experience. 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 and services, including savings account, current account, home finance, auto finance, credit card and mobile banking.

Redefining exclusive and relationship based Islamic banking experience, Meethaq launched Hafawa Priority Banking service for high saving Meethaq customers in 2015. Presently, the Hafawa network includes eight centres in Meethaq branches in Qurm, Al Khoud, Seeb, Saham, Ibra, Nizwa, Buraimi and Salalah. Meethaq plans to further expand the Hafawa network.

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.