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Meethaq Sharia Board reviews new products

MUSCAT, 17 August 2013 - The Shari'a Supervisory Board of Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, conducted its third meeting of 2013 in Jeddah, Saudi Arabia under the chairmanship of Sheikh Dr. Ali Qaradaghi, and in the presence of members - Sheikh Essam Muhammad Ishaq, Sheikh Majid Al Kindi, Abdulqader Thomas and Dr. Saeed Al Muharrami. The board reviewed Meethaq activities during the first half of 2013 and discussed the strategy for the coming period, especially Meethaq products in the pipeline as well as contracts and agreements relating to these products.

Sulaiman Al Harthy, Group General Manager – Meethaq Islamic Banking, said: “The third meeting of Meethaq Shari'a Supervisory Board discussed many important topics such as new product contracts and Meethaq workflow. Meethaq is proud to have on board some of the brightest minds on Islamic finance to chart the way forward."

Al Harthy thanked all board members for their insight and tireless efforts to ensure Meethaq workflow is fully Shari'a compliant. “The Shari'a Board has made valuable contributions in establishing Meethaq as the leading Islamic banking services provider in Oman," he added.

Sheikh Dr. Ali Qaradaghi, Chairman of Meethaq Shari'a board, holds a PhD in contracts and financial transactions. Currently he heads the department of Islamic Jurisprudence in the College of Sharia and Islamic Studies in the University of Qatar and serves on the Shari'a boards of many Islamic financial institutions in Qatar, the UAE, Bahrain and Kuwait.

Sheikh Essam Muhammad Ishaq is a member of the Shariah board of FTSE Global Islamic Index Series and Accounting & Auditing Organisation for Islamic Financial Institutions (AAOIFI).

Sheikh Majid Al Kindi is the author of 'Financial Transactions and Contemporary Application' and 'Securities Markets within the Sharia Guidelines'.

Abdulqader Thomas is a frequent speaker, trainer and author on Islamic finance and banking with over 25 years of experience in diversified financial services.

Dr. Saeed Al Muharrami is Associate Professor of Banking & Finance in the College of Commerce & Economics, Sultan Qaboos University.

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. The operations are managed by an experienced team, separate from conventional banking.

Every Meethaq product and service goes through a process of Shari'a compliance certification by the Shari'a Supervisory Board in line with the guidelines of the Central Bank of Oman.

Bank Muscat is the first commercial bank in Oman to launch independent Islamic banking window operations. 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 stands out for its independent Shari'a Supervisory Board, separate capital allocation from shareholders' money, unique risk management tools, complete fund segregation, separate books of account, core banking system which supports Islamic banking operations, stand-alone Islamic banking branches and proper profit distribution mechanism among investment account holders/depositors. The adoption of AAOIFI standards (Accounting & Auditing Organisation for Islamic Financial Institutions) distinguishes Meethaq Islamic banking practices in terms of standardisation of products and services.