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Meethaq Sharia Supervisory Board approves new products and services

Muscat:  12 July 2016 The Shari'a Supervisory Board of Meethaq, the pioneer of Islamic banking in Oman, conducted its third meeting of 2016 in Bank Muscat's Head Office under the Chairmanship of Sheikh Dr. Ali Qaradaghi and in the presence of members as well as Mr. Sulaiman Al Harthy, Deputy Chief Executive Officer – Meethaq Islamic Banking along with other officials from Meethaq. The board approved reports of Sharia audit and commitment units, distribution of the amount of the charity fund account, contracts on real estate development projects in addition to new products and services. Also, the board discussed investments in the secondary market sukuk.

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."

Also, 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.

In 2016 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 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.

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 launched many products and initiatives as well as signing agreements with key partners in the region. The bank and Hayil for Ceramic, an Omani Qatari company, have recently signed an agreement on 18 million OR financing facilities provision to build the largest factory for the production of ceramic and porcelain tiles and fittings in Willayat Sur. The signing ceremony translates Meethaq's strategy and commitment to present finance and banking facilities for its clients, pertaining Islamic principles and regulations in various areas. The agreement plays an essential role to strengthen the relationship between the Sultanate and Qatar Government.

In addition, Meethaq has launched a first-of-its-kind salary bonus scheme for customers who can get five per cent of salary as cash bonus when they transfer their salary to Meethaq savings account. The maximum salary bonus will be RO 500 and the cash bonus will be paid once to customers after the first salary credit to the account. Also, Meethaq functions with the new iMal core banking system. The bank upgraded its core banking system, resulting in a host of cutting edge Islamic banking services covering ATM/CDM, debit card and mobile banking for Meethaq customers. With this upgrade, the bank is able to fulfill numerous new business requirements and customer demands.