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Meethaq highlights role of Islamic finance in economic development

​MUSCAT, 13 March 2016 – Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, organised a series of meetings to highlight the role of Islamic finance in the economic development of Oman. The Shua'a initiative by Meethaq to raise awareness on Islamic economics was attended by members of the Majlis Ash'shura Economic Committee. A similar meeting held in the Higher Judicial Institute in Nizwa was attended by scholars, researchers, entrepreneurs and students.

Sulaiman Al Harthy, Deputy Chief Executive Officer – Islamic Banking, said: “Meethaq is happy to promote the concept of Islamic economics through the Shua'a initiative. The contributions of Meethaq Islamic Banking are not limited to products and services, but there are many benefits accruing to society and the economy as well, thereby complementing the progress and development of the Sultanate. The objective of Shua'a is envisaged to be achieved through a series of seminars, workshops and events to highlight the role of Islamic banking in the Sultanate's economic development."

The meetings addressed by senior Meethaq officials covered a wide gamut of areas benefiting the country and the people, including savings account, asset management and project finance.  

Al Harthy added: “Meethaq Islamic Banking is contributing significantly to the growth and development of the Omani banking sector which is 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."

Meethaq is the leading Islamic financial services provider in the Sultanate with many achievements contributing to the growth and development of the Sultanate's economy. Meethaq extends support to all key economic sectors in the Sultanate. 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 the only Shari'a based aircraft finance to the national carrier Oman Air for acquiring its second Boeing 787 Dreamliner.

Meethaq is focused on developing as a benchmark Islamic financial institution in Oman and the region. Within just three 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. Meethaq not only provides benchmark Islamic financial solutions to support the country's development but also plays a key role in raising awareness and educating people on important aspects of Islamic banking and finance.

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 18 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.