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Meethaq signs MoU with Al Salam Bank, BMI Bank to pool expertise

MUSCAT, 08 June 2014 – Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, Al Salam Bank Bahrain B.S.C. (ASBB) and Bahraini retail and commercial banking institution BMI Bank have announced the signing of a Memorandum of Understanding (MoU) to collectively pool expertise, technologies and resources and work together across a range of Islamic banking activities, including Islamic syndications, particularly those issued in Oman, treasury transactions, liquidity management products and Islamic trade finance transactions.

The MoU was signed at BMI Bank's headquarters by Sulaiman Al Harthy, Group General Manager – Meethaq Islamic Banking, Yousif Taqi, Chief Executive Officer of Al Salam Bank, and Jamal Al Hazeem, Chief Executive Officer of BMI Bank.

Sulaiman Al Harthy said: “Meethaq is delighted to sign the MoU with Al Salam Bank and BMI Bank and we will work together to offer various Islamic finance products covering treasury, trade finance and capital market in Oman. Meethaq is working to strengthen its operations in the Sultanate which is witnessing substantial growth in Islamic banking industry and we consider our partnership with Al Salam Bank and BMI Bank a great advantage to maximise favorable opportunities and thereby expand our coverage."

Jamal Al Hazeem said: “Since its inception in 2013, Meethaq has emerged as a leading Islamic banking service provider in Oman and has enhanced its reputation within the region through its investments in staff, systems and controls along with the timely launch of several world-class Shari'a based products and services. Our organisations share mutual principles, values and expertise and are therefore pleased to sign this MoU and look forward to enhancing this partnership in the coming years."