go back

Meethaq all set to upgrade Islamic core banking system

MUSCAT, 4 August 2015 – Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, as part of its continuous endeavor to provide world class services through the latest technology and innovation, is upgrading its core banking system. The planned upgrade of the core banking system and channels will result in a host of cutting edge and first-of-its-kind Islamic banking services for Meethaq customers.

During the upgrade, Meethaq credit cardholders will continue to have uninterrupted services. Meethaq ATM/CDM, debit card and mobile banking services, however, will not be available throughout Friday 7 August until 12 noon on Saturday 8 August 2015. Meethaq branches will function as normal with the new system from Sunday 9 August 2015.

Sulaiman Al Harthy, Group General Manager - Islamic Banking, said: “Meethaq is delighted to upgrade to a state-of-the-art Islamic core banking solution incorporating the latest technology to meet the bank's requirements of Shari'a compliance, cost-optimisation, improving profitability and serving customers faster and efficiently. With this upgrade the bank would be able to fulfill numerous new business requirements and customer demands."

Al Harthy added: 'The upgrade stems from Meethaq's commitment and focus to take the lead role in offering a suite of Shari'a based banking products and services. 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. The Meethaq strategy is to attract customers through innovative Shari'a based products and services. We thank our customers for their co-operation during the upgrade."

Bank Muscat has already used iMal Islamic core banking system for its subsidiaries in Saudi Arabia and Kuwait. Industry consolidation, increasing compliance and competitive advantage are some of the key elements considered by Meethaq to upgrade its core banking system.