MUSCAT, 28 March 2015 - Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, and Zain Developement signed a memorandum of understanding (MoU) to provide attractive Meethaq home finance for Dar Al Zain phase 5 & 6 projects in Sur Al Hadid, Al Seeb. Sulaiman Al Harthy, Group General Manager – Islamic Banking, and Mohammed Moosa, Chairman of Zain Development LLC, signed the MoU at Dar Al Zain project premises.
Sulaiman Al Harthy said: “Meethaq is proud to be associated with Dar Al Zain project and facilitate attractive home finance in line with Shari'a principles. The real estate sector is a major component of the national economy and Meethaq Islamic Banking is committed to extending all support aimed at offering citizens easy access to Shari'a based home finance."
Mohammed Moosa said: “We are happy to join hands with Meethaq Islamic Banking to provide attractive home deals for citizens. The association between the two institutions will give a boost to the real estate sector and benefit citizens across Oman to fulfill their dream homes."
Dar Al Zain is a unique residential project located in Sur Al Hadid in the wilayat of Seeb. The Phase 5 and 6 of the project comprises 129 villas.
Meethaq home finance is designed to help families fulfill their dream homes. Meethaq offers attractive Shari'a based finance to suit everyone's needs with simplified documentation and processing across the network of branches in Oman.
The residential segment of the real estate sector in Oman assumes importance in light of the growth in population as well as the buoyant economy. The deregulation granting property ownership rights to GCC nationals and expatriates has also attracted Oman as an investment destination.
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.
As the pioneer of Islamic banking in Oman, 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.