Muscat, 6 February 2018
Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, organised a forum to spotlight emerging opportunities for renewable energy in Oman. The event hosted at Bank Muscat head office was attended by Sulaiman Al Harthy, Deputy Chief Executive Officer – Islamic Banking, key representatives of the Authority for Electricity Regulation (AER), the German Clean Tech Group (GCTG), the German Industry and Commerce of Oman (AHK) and Nafath Renewable Energy (Nafath), who addressed the forum and interacted with business leaders and entrepreneurs keen to tap investment opportunities in the renewable energy sector.
Sulaiman Al Harthy said: “As the pioneer of Islamic banking in Oman, Meethaq recognises the immense prospects and potential Oman offers as an investment destination and is committed to supporting strategic development initiatives in line with Oman's Vision 2040 economic blueprint. Meethaq takes pride in leading the way in promoting renewable sources of energy in the Sultanate. At a time when the role of Islamic finance is increasingly seen in supporting economic and social development, Meethaq considers this a great opportunity for defining benchmarks in conservation of energy."
Highlighting opportunities in the renewable energy sector, the deliberations covered business opportunities in Oman as well as experiences and lessons learned from the German energy transition. Presentations were made by Eng. Hilal Al Ghaithi, Deputy Director of Customer Affairs, Authority for Electricity Regulation, Abdullah Al Saidi, CEO and Co-founder, Nafath Renewable Energy, and board members from German Clean Tech Group. A panel discussion focused on private sector opportunities for energy cost saving projects in Oman.
In regard to green initiatives, Meethaq has made a headstart in the banking sector in Oman with the country's first solar-powered bank branch. Aimed at promoting renewable sources of energy in the Sultanate, the solar-powered branch comes as part of the bank's Imprints CSR initiative. Meethaq is the first bank in the Sultanate to fully operate a branch on renewable green energy. The rooftop solar panel installation at Al Khoud branch has the capacity to produce 50 kw electricity, reducing carbon dioxide emissions by 52.56 tonnes per year. Meethaq partnered with Nafath Renewable Energy, a leading SME player in energy conservation, to implement this project. Meethaq is focused on sustaining green environment and will operate more branches on green energy.
Aimed at promoting energy efficient green buildings in the country, which will contribute to reducing energy costs and greenhouse gas emissions, Meethaq aims to provide special incentives like lower charges on mortgage finance for houses featuring energy efficient design and fixtures.