Bank Muscat’s Meethaq Islamic finance receivables increase to OMR902m

Bank Muscat’s Meethaq Islamic financing receivables rose to OMR902 million, as of March 31, 2017, compared with the OMR665 million in the same period last year. Islamic banking customer deposits reached OMR780 million as of March 31, 2017, compared with OMR678 million reported for the same period in 2016.

The Meethaq network has grown to 16 branches across the Sultanate, since it started operating in 2013. The banking sector in Oman is witnessing the consolidation of Islamic banking, and the state-of-the-art branch network reflects Meethaq’s focus to redefine Islamic banking operations in Oman. Meethaq plans to expand the branch network, as well as launch new products and services to complement the unique Islamic banking experience. 

Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, held the second Meethaq Sharia Supervisory Board meeting of the year, led by its Chairman Sheikh Dr. Ali Qaradaghi at Bank Muscat's head office. The board reviewed new products and services being planned, as well measures to improve customer service.

“The Meethaq Sharia Supervisory Board discussed many important topics to consolidate the leading position of Meethaq Islamic Banking. Meethaq is focussed on developing a benchmark for Islamic banking and finance in Oman, as well as the region. Within four years of operations, Meethaq has attained the leading position in the Islamic banking industry in Oman, in terms of financing receivables, branch network, products and services, IT infrastructure, and development of human resources. The Meethaq Sharia Supervisory Board has made valuable contributions in establishing Meethaq as the leading Islamic banking service provider in Oman,” said Sulaiman Al Harthy, Deputy Chief Executive Officer, Islamic Banking at Bank Muscat.

Meethaq offers a full suite of Islamic banking products and services, including savings accounts, current accounts, home finance, auto finance, credit cards, mobile banking and internet banking. The bank has invested in staff, systems and controls to ensure their services are delivered in a professional, segregated and fully Sharia-compliant manner.

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 Sharia compliance certification by the Sharia Supervisory Board and is created in line with the guidelines of the Central Bank of Oman.

Source: Timesofoman