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Meethaq Shari’a Board reviews Q1 performance, growth strategy

​MUSCAT, 18 April 2018

The Meethaq Shari’a Supervisory Board led by Sheikh Dr. Ali Qaradaghi, Chairman, held the second meeting of 2018 at Bank Muscat Head Office, attended by the board members. The meeting reviewed the 2018 Q1 financial results, new products and contracts related to treasury and liquidity management as well as agreement for co-operation with Takaful insurance companies.

Sulaiman Al Harthy, Deputy Chief Executive Officer – Islamic Banking, said: “In line with the bank’s dynamic vision ‘To serve you better, everyday’, Meethaq is focused on developing as a benchmark for Islamic banking and finance in Oman and the region. The Meethaq Shari’a Supervisory Board discussed many important topics to consolidate the leading position of Meethaq. Within five years of operations, Meethaq has consolidated its leadership position, recording many achievements contributing to the growth and development of the Sultanate’s economy.”

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 19.

As the pioneer of Islamic banking in Oman, Meethaq recognises the immense investment prospects and potential that Oman offers and is committed to supporting strategic national development initiatives in line with Oman's Vision 2040 economic blueprint. Meethaq financing receivables rose to RO 970 million in 2017 compared to RO 855 million in 2016, recording an increase of 13.5 per cent.

Meethaq has launched various initiatives to support SME development in Oman. Meethaq’s commitment to fostering national talent and providing support for SMEs is aimed at creating meaningful employment opportunities. Meethaq recognises that the role of SMEs is highly important and remains committed to working hand-in-hand with the government and partners to create a favorable environment for SMEs in Oman.

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.