Muscat: Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, hosted students of Sultan Qaboos University (SQU) to highlight the role of Islamic finance in the economic development of Oman. Sulaiman Al Harthy, deputy chief executive officer – Islamic Banking, made a presentation covering a wide range of topics linked to Islamic finance benefiting the country and people, including savings account, asset management and project finance, at the Shu’a Meethaq event held at Bank Muscat head office.
The Shu’a Meethaq initiative is aimed at promoting the concept of Islamic economics through seminars and workshops across the Sultanate, highlighting the role of Islamic finance in the country’s economic development.
Meethaq has recorded many achievements contributing to the growth and development of the Sultanate’s economy. Within four years of operations, Meethaq has crossed a milestone of over OMR1 billion in assets and consolidated its leadership position. Meethaq extends support to all key economic sectors in the Sultanate and is focused on developing as a benchmark Islamic financial institution in Oman and the region. Presently, Meethaq accounts for over 33% market share in terms of assets and is the market leader in Islamic banking in Oman.
Meethaq maintains a 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.