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Meethaq extends home finance for Al Hamra project in Ras Al Hamra

MUSCAT, 22 February 2016 – Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, and Oman Property Development company signed a memorandum of understanding (MoU) to facilitate attractive Meethaq home finance for Al Hamra Classic Home project in Ras Al Hamra. Sulaiman Al Harthy, Deputy Chief Executive Officer – Islamic Banking, and Abbas bin Abdullah Al Ajmi, Chairman of Oman Property Development company, signed the MoU at the bank's head office.

Sulaiman Al Harthy said: “Committed to sustainable social and economic development, Meethaq is happy to be associated with Al Hamra project to provide innovative home finance in line with Shari'a principles. The real estate sector is a major component of the national economy and Meethaq Islamic Banking is committed to extending a helping hand for easy access to Shari'a based home finance."

Abbas bin Abdullah Al Ajmi said: “Oman Property Development company is proud to join hands with Meethaq Islamic Banking in extending attractive home deals. The co-operation between the two institutions will benefit citizens to fulfill their dream homes in Al Hamra project comprising 15 residential units."

Meethaq offers Shari'a based home finance to suit everyone's needs with simplified documentation and processing across the network of branches in Oman. The residential segment of the real estate sector in Oman is witnessing buoyant trends in light of the growth in population as well as the developing economy. The deregulation granting property ownership rights to GCC nationals and expatriates has also attracted Oman as an investment destination.

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. 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 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.