May 2015 – Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, is
hosting a business forum in Nizwa on 19 May under the auspices of H.E Dr Shaikh
Khalifa bin Hamed al Saadi, Governor of Dakhiliyah, to highlight investment
opportunities from Islamic bonds or sukuk. Innovative Islamic banking products
and services offered by Meethaq will also be spotlighted at the forum to be
addressed by prominent Shari’a experts.
Sulaiman Al Harthy,
Group General Manager – Islamic Banking, said: “Meethaq is proud to host the
business forum as part of initiatives reflecting the bank’s commitment to
responsible banking aimed at contributing to the country’s development. Meethaq
has taken the lead to engage people at all levels in order to familiarise them
with the fundamentals of Islamic banking and finance. Against the backdrop of
Oman’s strategic development initiatives as part of the economic diversification
programme, new possibilities exist for Islamic banking and finance vis-à-vis the
investment opportunities in Oman. The seminar reiterates Meethaq’s commitment to
develop a robust Islamic banking industry in Oman, offering attractive
investment facilities, including sukuk, in a manner consistent with the
principles of Shari’a law and serving the interests of community and
shareholders during the 2014 annual AGM/EGM granted approval for the setting up
of RO 500 million Meethaq Sukuk Programme. The proposed issuance of sukuk,
subject to regulatory approvals, will be in various tranches, either in Omani
Riyal or US dollar, in the domestic and international markets through public
subscription or private placement within 5 years from the approval by
Meethaq strives to
fulfill the needs of customers with innovative Shari’a based products and is
well positioned to provide Islamic financial expertise to diverse segments and
thereby promote the good of society as a whole.
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.