​MUSCAT, 07 April 2018

Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, in line with the bank’s ‘To serve you better, everyday’ vision, is organising a seminar on ‘Arbitration in Banking Business’ under the auspices of H.E Dr. Abdullah Bin Mohammed Al Saidi, Minister of Legal Affairs, at Crowne Plaza Hotel - Oman Convention & Exhibition Centre on Wednesday 11 April 2018.  

The Shua'a Meethaq initiative aimed at raising awareness and highlighting the role of Islamic finance in the economic development of Oman will be addressed by experts, including judges and ministry officials. The discussions will cover the role of arbitration in developing the economy and attracting investment, basics of arbitration in bank disputes, laws applicable to arbitration procedures and development of a local arbitration centre.

The contributions of Meethaq Islamic Banking are not limited to products and services, but there are many benefits accruing to society and the economy as well, thereby complementing the progress and development of the Sultanate. The objective of Shua’a Meethaq is achieved through seminars, workshops and events which highlight the role of Islamic banking in the Sultanate’s economic development.

Meethaq is contributing significantly to the growth and development of the Omani banking sector which is witnessing an upswing in Islamic finance and investment compatible with the provisions of Shari’a laws. There is a growing interest among retail and corporate clients to take advantage of the new opportunities offered by Islamic banking and finance.

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 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.

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.