Meethaq attains leading position in Islamic banking service
In about three years of operations, Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, has attained the leading position in Islamic banking industry in the Sultanate in terms of financing receivables, branch network, products and services, IT infrastructure development and human resources.
Meethaq extends support to all key economic sectors with innovative Shari’a based products and is well positioned to sustain Islamic financial expertise and thereby promote the good of society as a whole.
Meethaq recognises the immense investment prospects and potential that Oman offers and is committed to supporting strategic national initiatives aimed at attracting investments in line with Oman’s Vision 2040 economic blueprint.
The notable finance facilities offered by Meethaq include the refinancing facility of RO78mn signed with Oman Shipping Company for its three very large crude carriers (VLCCs). Meethaq also took another major stride in supporting the Sultanate’s economic development as Oman’s first and only Shari’a based aircraft finance was extended to the national carrier Oman Air for acquiring its second Boeing 787 Dreamliner.
Meethaq Islamic financing receivables amounted to RO782mn as of 30 September 2016 compared to RO482mn in the same period of 2015. Islamic customer deposits amounted to RO746mn as of 30 September 2016 compared to RO549mn reported for the same period in 2015.
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 Shari’a compliant manner.
The banking sector in Oman is witnessing the consolidation of Islamic banking and the state-of-the-art Meethaq branch network reflects its focus to redefine Islamic banking operations in Oman. Presently, Meethaq has 16 branches and plans to expand the network as well as launch new products and services to complement the unique Islamic banking experience.
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 Shari’a compliance certification by the Shari’a Supervisory Board and is created in line with the guidelines of the Central Bank of Oman.