Meethaq Sharia Board reviews growth strategy

Roundup Sunday 01/October/2017 17:35 PM
By: Times News Service
Meethaq Sharia Board reviews growth strategy

Muscat: Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, held the third Meethaq Sharia Supervisory Board meeting of the year, attended by the Chairman and Sulaiman Al Harthy, deputy chief executive officer – Islamic Banking, at Bank Muscat head office. The board evaluated the performance and reviewed new products and services in the pipeline as well as measures to enhance performance.
Sulaiman Al Harthy said, “The Meethaq Sharia Supervisory Board discussed many important topics to consolidate the leading position of Meethaq Islamic Banking. Meethaq is focused on developing as a benchmark for Islamic banking and finance in Oman and the region. Within four years of operations, Meethaq has marked the milestone of OMR1 billion in assets. In a relatively short period of four years since its inception in 2013, Meethaq has succeeded in emerging as the leading Islamic banking services provider in Oman, owing to the trust and confidence reposed by the people of Oman. Presently, Meethaq accounts for over 33% market share in terms of assets and is the market leader in Islamic banking in Oman. The Meethaq Sharia Supervisory Board has made valuable contributions in establishing Meethaq as the leading Islamic banking service provider in Oman.”
Meethaq maintains leadership position in the Islamic banking industry in Oman in terms of financing receivables, branch network, products and services, IT infrastructure and human resources. As part of its focus to expand operations across the Sultanate and offer world-class Islamic banking experience to customers, Meethaq has widened its state-of-the-art branch network to 17.
Meethaq offers a full suite of Islamic banking products and services, including savings account, current account, home finance, auto finance, credit card, mobile banking and internet banking. The bank has invested in staff, systems and controls to ensure the service is 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.