MUSCAT, 26 March 2014 – Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, and Kuwait Finance House – Bahrain, signed a memorandum of understanding (MoU) that aims to support joint business opportunities in the Islamic banking sector. This relates to areas of treasury transactions, trade finance and capital markets, especially sukuk and syndications in Oman. In terms of inter-bank facility, the MoU addresses 'WASI', an overnight liquidity management product launched by KFH-Bahrain.
Sulaiman Al Harthy, Group General Manager – Meethaq Islamic Banking, and Abdulhakeem Alkhayyat, Managing Director & CEO of KFH-Bahrain, signed the MoU in Manama, Bahrain. They expressed delight in signing the MoU as the culmination of mutual desire to work together in various fields of Islamic banking to develop new opportunities.
Sulaiman Al Harthy said: "The Sultanate of Oman is witnessing substantial growth in Islamic banking industry and we consider our partnership with KFH-Bahrain a great advantage to maximise favorable opportunities and thereby expand our coverage. In addition to that, it will support the position of Meethaq Group in the Islamic banking industry."
Sulaiman Al Harthy added: “Meethaq is delighted to sign the MoU with KFH-Bahrain, which is considered to be one of the most reputable Islamic financial institutions. We will work together to offer various Islamic finance products covering treasury, trade finance and capital market in Oman which has a growing Islamic banking industry with sound regulations, laws and transparency. Meethaq is working to strengthen its operations in the Sultanate by expanding the branch network and offering innovative products and services in compliance with the Shari'a law."
Abdulhakeem Alkhayyat said: "We are happy to add Meethaq Islamic Banking to our growing list of partners to offer distinctive services and products. KFH-Bahrain is committed to collaborate with Islamic financial institutions as a key facilitator for the development and growth of the industry to meet future requirements."