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Meethaq forum highlights investment of Zakat funds, inheritance wealth

MUSCAT, 27 April 2014 – Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, hosted a business forum, which highlighted the investment opportunities for Zakat funds and inheritance wealth. The forum addressed by prominent Shari'a experts and businessmen discussed how to utilise Zakat funds and inheritance wealth through innovative Islamic banking products and services.

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. The Islamic banking offers investment facilities for Zakat funds and inheritance wealth in a manner consistent with the principles of Shari'a law, serving the interests of community and business. The entry of Islamic banking in the Sultanate has contributed significantly to the growth and development of the banking sector and the initial indicators confirm that innovative products and services are required to meet various needs of the public, such as the utilisation of Zakat funds and inheritance wealth, in compliance with Shari'a laws."

Presentations were made by Sheikh Khalfan bin Mohammed Al Esri, Co-Founder of Prosper and Management Consulting; Dr. Saeed al Muharrami, Meethaq Shari'a Board Member; Sheikh Abu Bakr Muhammad Musa, Sharia Advisor and Consultant- SHAPE Knowledge Services & Sterling Bank Plc; Sheikh Majid Al Kindi, Secretary of Fatwa office and Meethaq Shari'a Board Member; and Khalid bin Hilal Al Yahamdi, Chairman of Amjaad Development Group of Companies.

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.