Friday 19 / April / 2024
MUSCAT: Since its inception, Meethaq Islamic Banking from Bank Muscat, has always been at the forefront in actively supporting the Sultanate’s economic development, especially in line with the strategic goals of the ambitious Oman Vision 2040. Through rapid innovation, Meethaq’s ever-growing suite of Islamic finance products and services is today catering successfully to the varied and sophisticated needs of its different customer segments. The bank offers a wide range of products and services for corporates and small and medium-sized enterprises (SMEs). Meethaq has been progressing from strength to strength over the years and enjoys the tremendous confidence of its ever growing family of customers.
Highlighting Meethaq’s strategic importance on the occasion of the Omani Industry Day, Ali Ahmed Al Lawati, Assistant General Manager, Meethaq - Corporate Banking, said: “Meethaq recognizes the immense potential offered by the Sultanate. Our comprehensive suite of Corporate Banking solutions support corporate customers at every stage of their business evolution, and in growing to their full potential. Hence, it is no surprise that Meethaq has been playing a key role in the development of key sectors in the Sultanate including, Manufacturing, Logistics, Telecommunication, Fisheries, Mining & Energy. For example, in support of Oman’s strategic food security, Meethaq has financed several local food producers in the past. Similarly, Meethaq has been providing financing facilities to some of the leading companies in the transport and logistics sectors in the country. This is part of Meethaq's endeavors to help achieve the national goals of strong economic growth, sustainable development and ensuring prosperity for all. Meethaq is highly supportive of Oman’s overall strategic development goals and also the feedback from its customers. We would like to take this opportunity to thank all our valued customers for the tremendous confidence they have placed in Meethaq, and promise to continue developing our portfolio of products and services so as to serve them better, every day.”
Ali Al Lawati further pointed out that Meethaq’s large suite of cutting-edge Islamic banking offerings include project financing, working capital facilities, trade financing, access to the largest Islamic banking branch network in the Sultanate, and digital banking facilities. Throughout the past, Meethaq has been continuously working on improving its services and supporting the corporate sector in enhancing its competitiveness by providing a variety of banking facilities. Meethaq’s services include capital finance, term and project finance, contract finance, trade services, currency exchange services and tailored financing solutions for corporates based on their business needs. Other essential solutions offered by Meethaq include bank guarantees to third parties as well as Letters of Credit. These solutions facilitate the import and export of goods and the completion of various contracts for large entities. The services also cover accounts like current accounts, deposits and call accounts and corporate purchase cards. Moreover, it offers special services related to transfers, collection of cheques, digital services, payment and currency services. All of these are designed in accordance with Islamic Sharia-compliant contracts such as Murabaha, Musharaka, Ijarah and Wakala amongst others. The products and services are available through the extended network of 24 Meethaq branches across the Sultanate.
Digital Solutions
Meethaq is strongly committed towards investing in state-of-the-art technology to further increase efficiency and improve customer service across customer segment including both personal and corporate banking. It is focused on maintaining its clear leadership in hi-tech products and services, including electronic payments and Online Banking, which are powered by state-of-the-art banking technology. Meethaq is continuously developing its digital services to cater to the future needs of SMEs and large corporates.
Customised SME solutions
Meethaq’s Shariah-compliant SME solutions are well designed by keeping in mind the essential role that SMEs play in supporting the Sultanate’s economy and Oman’s 2040 vision. From this point of view, Meethaq’s SME solutions, products and services are highly innovative helping its customers to grow their businesses through various initiatives like providing dedicated Relationship Managers. Meethaq’s customers have also been able to benefit from CSR programmes like Al Wathbah, Irshad, Maliyat as well as free VAT registration and advisory services for SMEs.
Meethaq Islamic Banking also offers a variety of banking solutions including the Ijarah financing solution and Diminishing Musharaka. Other essential solutions offered by Meethaq include bank guarantees to third parties as well as Letters of Credit, liquidity management solutions and Foreign Exchange services.
Supporting the Industrial Sector
Meethaq is playing an essential role in supporting the economic sector in general and the industrial sector in particular, as it is the preferred choice for companies whether in the investment side or benefiting from the banking facilities.
Meethaq is continuously improving its services provided to companies to enhance their competitiveness, through providing different banking facilities, which include, for example, working capital financing which can be financed up to 80% and includes the purchase of goods and the fulfillment of short term commitments. It includes payment of salaries, rent and bills at competitive prices and a financing period of up to 5 years in addition to Takaful life insurance. Meethaq also provides project financing and term financing. Under the framework of this service, financing of lease is available for real estate, project financing and sukuk, in addition to commercial services provided with a high credit limit.
Awards and recognition
As the pioneering financial institution to launch Islamic banking offerings, which adheres to the principles and provisions of Islamic Shariah, Meethaq’s products and services are highly popular in Oman. The financing of economically vital projects come within Meethaq’s strategy of promoting the Sultanate’s national goals of supporting key sectors and developing a competitive economy. This has been well recognised by both local and international media with Meethaq winning many prestigious awards including multiple awards from IFN. Meethaq was also recently crowned as Oman’s Most Trusted Brand in Islamic Banking, testifying to its incredible reach and popularity with customers.
Every Meethaq product goes through Shari’a compliance certification by the bank’s Shari’a Supervisory Board and is created in line with the guidelines of the Central Bank of Oman.
Please go to https://www.meethaq.om/en/Pages/default.aspx for more details on Meethaq.
