Meethaq Sharia Supervisory Board members discuss future plans for better delivery of services

Muscat: Meethaq Islamic Banking from Bank Muscat convened its first Shari'a Supervisory Board meeting of 2024 at the bank's head office.

The meeting was attended by esteemed members of the Sharia Supervisory Board (SSB), including Sheikh Dr. Abdullah bin Mubarak Al Abri, the Board Chairman, alongside Shamzani Mohammed Hussain, General Manager of Meethaq Islamic Banking, and the Sharia Supervisory and Audit management members.

The session commenced with a comprehensive presentation delivered by Meethaq’s team, covering Meethaq’s performance in the preceding year and outlining its strategic initiatives for 2024. During the meeting, the SSB also discussed and scrutinized into various details and reports pertaining to Meethaq’s transactions. 

The Sharia Supervisory Board also deliberated on various topics, including the implementation of a structured mechanism for seeking the SSB’s guidance and resolutions effectively. In addition to this, the SSB reviewed and accredited the financial data of the financial year ended 31st December 2023, the Sharia annual certificate of separating Meethaq’s capital, the consolidated annual Sharia -based audit report, and the amendments made within a number of legal documents and restructured financing transactions. During the meeting, the SSB also discussed effectiveness of the Temenos Islamic Core Banking system (T24) which Meethaq has recently launched. The SSB regular meetings play a pivotal role in deliberating on topics pertaining to Islamic transactions, business contracts and practices, thereby facilitating the formulation of requisite recommendation and resolutions.

The Sharia Supervisory Board is composed of scholars renowned for their expertise in Islamic jurisprudence, particularly in Islamic transaction processing and contemporary economy. Their primary scope of duties encompasses the review and approval of products, services, activities, investments, operations, and transactions before implementing them for business practices. Additionally, the SSB oversees these aspects through the internal Sharia audit department to ensure their conformity with the legal aspects outlined in the decisions and fatwas issued by the board.