Bank Muscat’s Meethaq signs finance deal with Drug Manufacturing Company

Business Monday 27/February/2017 14:42 PM
By: Times News Service
Bank Muscat’s Meethaq signs finance deal with Drug Manufacturing Company

Muscat: Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, has signed a financing agreement with the Drug Manufacturing Company (DMC) for setting up a state-of-the-art manufacturing unit in Sohar industrial area.
Sulaiman Al Harthy, deputy chief executive officer, Islamic Banking, and Ali Musa Al Balushi, chief executive officer of the Drug Manufacturing Company, signed the finance agreement at the bank’s head office, in the presence of the bank’s management team members and senior executives of the company.
“Against the backdrop of Oman’s strategic economic diversification programme and the emergence of Islamic financial services industry, Meethaq is proud to join hands with the DMC as part of its commitment to facilitate attractive investment opportunities for local and foreign investors. Meethaq recognises the immense investment prospects and potential that Oman offers and is committed to supporting the strategic national initiative aimed at attracting investments in line with Oman's Vision 2040 economic blueprint. Meethaq is confident that the finance agreement with the DMC will further contribute to sustainable economic development in Oman,” said Sulaiman Al Harthy.
Ali Musa Al Balushi thanked and expressed pleasure at signing the finance agreement with Meethaq. He said the partnership will contribute to complement the private sector’s role in the country’s progress and development. The company, with an installed capacity of 420 tonnes annually, will manufacture pharmaceutical products, including active pharmaceutical ingredients (APIs), intermediates and formulations. The promoters of DMC have the expertise and experience in setting up and running similar pharmaceuticals projects in Oman and India, he added.
In about four years of operations, Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, has attained a leading position in the Islamic banking industry in the Sultanate. Meethaq Islamic financing receivables rose to OMR855 million as of December 31, 2016, compared to OMR635 million in the same period of 2015. Islamic banking customer deposits amounted to OMR763 million as of December 31, 2016, compared to OMR625 million reported for the same period in 2015.
Meethaq has scored many achievements that have contributed to the growth and development of the Sultanate’s economy. Meethaq extends support to all key economic sectors with innovative Sharia based products and is well positioned to sustain the Islamic financial expertise 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 Sharia compliance certification by the Sharia Supervisory Board and is created in line with the guidelines of the Central Bank of Oman.