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Meethaq hosts workshop on financial planning

MUSCAT, 29 March 2014 – Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, hosted a workshop on financial planning at the bank’s head office. The workshop addressed by Aisha Al Harthy, family and educational expert, covered topics such as financial planning and money management, personal budgeting and planning, consumerism and the relationship between financial and emotional well-being. Nominated staff from the Ministry of Awqaf and Religious Affairs attended the workshop.

Sulaiman Al Harthy, Group General Manager – Islamic Banking, said: “Meethaq is proud to host this workshop as part of CSR initiatives reflecting the bank’s commitment to responsible banking aimed at contributing to the country’s development. Prudent financial management is the key to laying a strong foundation for success in life. The financial management skills acquired in the workshop will be helpful for people to judiciously manage their finance.”

The workshop focused on defining financial goals, planning a budget and saving money, thereby equipping the participants to spend within one’s means, save appropriately and budget responsibly.

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 offers a full suite of Islamic banking products. The Shari’a compliant products and services include savings account, current account, home finance, auto finance, credit card, mobile banking etc.

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.