Meethaq signs finance agreement with Ceramica Al-Hae'l

Muscat: Meethaq, the pioneer of Islamic banking in Oman, and Ceramica Al-Hae'l, a joint Omani-Qatari company, which is part of Mohammed Al-Hae'l Group, have signed an agreement on providing financing facilities to construct a factory for producing ceramic and porcelain tiles, and fittings in Willayat Sur.
Mohammed Hae'l Al Omar, Chairman of Ceramica Al-Hae'l and Sulaiman Al Harthy, Deputy Chief Executive Officer, Meethaq, signed the agreement in the presence of Sheikh Salim bin Abdullah Al Wahaibi, Board Member at the company, together with officials from Ceramica Al-Hae'l and Meethaq.
The signing ceremony is evidence of Meethaq’s strategy and commitment to present finance and banking facilities to its clients. Sulaiman Al Harthy commented: “The agreement reflects Meethaq’s capability to support big projects which benefit the local community.”
Commenting on the signing ceremony, Mohammed Hae'l Al Omar, Chairman of Ceramica Al-Hae'l, said, “We look forward to exchanging mutual experience and collaborating with important institutions throughout the region in the near future. The agreement fits within the company's strategy to support cooperation with local partners, and provide added-value to the national economy.”
Mohammed Hae'l Al Omar also commented, “Ceramica Al-Hae'l will benefit from the current financing options that are compatible with the provisions of Islamic Sharia law. This initiative from Meethaq confirms the Oman banking sector's ability to provide financing facilities for large enterprises which help serve the Omani economy, and contribute in the construction and implementation of new projects in various sectors.”
The first-of-its-kind factory will be one of the leading manufacturing ventures in the region in terms of both capability and potential, importing world-class technology with a production capacity of 15 million square metres per annum.
The factory utilises one of the largest compressors in the world (6,500 tonnes) and 85 per cent of the raw materials used can be sourced locally. The factory will rely upon international expertise and provide 500+ production process jobs for Omanis, whilst offering them training opportunities in Italy. The factory will export to all countries in the region and is expected to make an effective contribution to the Sultanate’s industrial sectors and markets.
Sulaiman Al Harthy, Deputy Chief Executive Officer, Meethaq, thanked the company’s officials for their trust, by commenting: “We are proud to announce this remarkable collaboration with Ceramica Al-Hae'l. Financing the project will greatly enhance industry in the region.” The agreement represents Meethaq’s commitment to diversifying its assets, demonstrated by the bank’s dynamic history of financing projects with leading government and private institutions.”
Al Harthy also commented, “Meethaq continues to work closely with both local and international companies in support of national project development through diversification of the Sultanate’s revenues.”
Meethaq, the Islamic window of Bank Muscat, offers a wide variety of finance services and facilities options; seeking new strategic business opportunities within the framework of Oman’s sustainable resources.