MUSCAT, 11 May 2014 – Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, and Badr Qurum company signed a memorandum of understanding (MoU) to provide attractive Meethaq home finance for Badr Al Hamra project in Al Qurum and Links project in Muscat Hills. Sulaiman Al Harthy, Group General Manager – Islamic Banking, and Yasir Sulaiman, Director of Badr Qurum company, signed the MoU at the bank's head office.
Sulaiman Al Harthy said: “Meethaq is proud to be associated with Badr Al Hamra project and the Links project in Muscat Hills to 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 and residents easy access to Shari'a based home finance."
Yasir Sulaiman said: “Badr Qurum company is happy to join hands with Meethaq Islamic Banking in extending attractive home deals for citizens and residents. The co-operation between the two institutions will benefit citizens across Oman to fulfill their dream homes, especially at Badr Al Hamra project in Al Qurum comprising 80 prime residential units and the Links project."
The Links project offers freehold ownership and residency for all investors. Muscat Hills is a prime integrated tourism project close to the airport. The Links project is expected to be completed by September 2017.
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.